Last week, in advance of the Federal Open Market Committee's two-day get-together, we learned a few things about Dallas Fed president Richard Fisher -- like, oh, he's a big Robert Earl Keen fan. Today, courtesy Dow Jones' Marketwatch, we learn why he was the only person on the committee to vote last week against the half-percentage-point cut in U.S. interest rates.
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Something about how "he was worried the Federal Reserve was putting too much tequila in the punchbowl." Followed by something about how "monetary policy acts with a lag, much like 'good single malt whisky or perhaps truly great tequila,' Fisher told an audience in Mexico City." That is the kind of economics talk I can understand, but just barely. --Robert Wilonsky