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:
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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.