This morning, the Federal Reserve Bank of Dallas -- those bloodsuckers! -- released the latest Texas Manufacturing Outlook Survey. In a word: Oy. In two: "Plunged sharply." Or, as the Associated Press puts it: "Texas manufacturers are painting a bleak picture of current and future factory activity in the nation's No. 2 state for production." But perhaps we'd do well to heed the advice of Dallas Fed head Richard Fisher, whose name appears in this morning's USA Today profile of New York Federal Reserve President Tim Geithner, who, moments ago, officially became President-elect Barack Obama's pick as Treasury secretary. --Robert Wilonsky
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In April, Geithner was grilled by the Senate Banking Committee about the Bear Stearns rescue. Geithner defended the decision as necessary to protect the stability of the financial system, while admitting it was a "very damaging blow" to the credibility of the financial system. As the brickbats flew, Dallas Fed President Richard Fisher sent Geithner an e-mail reading: "Illigitimum non carborundum," Latin for "Don't let the bastards get you down."