Last night, Richard Fisher, president and chief executive officer of the Federal Reserve Bank of Dallas, spoke in New York City. The subject of his speech: "Responding to Turbulence," which, surprisingly, was not subtitled, "Everybody must get stoned." If nothing else, Fisher once more proves he's the hippest guy in the room -- or perhaps he just has a better record collection than Ben Bernanke:
As I was preparing this speech against the background of recent fast-moving events in the financial markets, I couldn’t help but think of Bob Dylan’s song “It’s Alright, Ma (I’m Only Bleeding).” One of my favorite lyrics in that song is: “Money doesn’t talk, it swears.” Financial institutions have been bleeding, and the markets have been cussing up a blue streak lately. So I thought I would share with you tonight some perspectives on where we have been, what we have done, where we are now and where this might lead us.