In a speech titled "Lessons Learned, Convictions Confirmed," delivered today to the Council of Foreign Relations at the Harold Pratt House in NYC, Federal Reserve Bank of Dallas president and CEO Richard Fisher outlined and expanded on the "four fundamental beliefs" he's picked up during his career "contemplating the nature of money." At least one of them is making Big Headlines this morning. Here, then, What Richard Fisher Believes:
I am more convinced than ever that financial markets require a healthy dose of regulation to function efficiently. I am more convinced than ever of the importance of regulatory and supervisory authority to the proper conduct of monetary policy. I am more convinced than ever that too-big-to-fail banks are dangerous and should be contained, if not broken up. And I am more convinced than ever that central banks operate most effectively when insulated from political passions.
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.