Federal Reserve Bank of Dallas President Richard
Fisher speaks at a community forum in Waco, Texas, about Federal Reserve
monetary policy, the outlook for the U.S. and regional economies and the
financial industry. (Source: Bloomberg)
click for video
Fisher of Fed Sees U.S. Economy in `Prolonged’ Slowdown
Video
Bloomberg, March 26 2008
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vUXa3KNGoP.0.asf
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You mean there is a channel that gives us a chance to form our own opinion of the FED, and doesn’t give us the Liesman version.
“we are thinking about this for you, so you don’t have to”
The FED’s Duo mandate is the problem. It implicitly favors only Supply-side, and Keynesian, economics. Which as we all know will only produce, bubble after bubble after bubble…
Barry, I was just over at the Bloomberg site because, well, I think it’d be just spiffy to watch the presentation.
…Except that I can’t. At all. For technical reasons. Long story short, they’re alienating a wide swath of their potential audience because of the software requirements they place on their users. More importantly, there are alternative implementations what would avoid this problem entirely without any increase in longterm hassle.
Why am I telling you this? Because you m i g h t j u s t know how to get a bug into somebody’s ear. And because the section of the FAQ that deals with this gently tells dissatisfied visitors to f— off (so that I know what I, as a Joe Random Visitor, would get for a response if I approached them with this directly).
My background in Web development makes me equal parts understanding and furious at how I see them dealing with the challenge of putting video online.
I was pleasantly surprised to find him far more straight-shooting than B.B. Pardon my prejudices, but I loudly and clearly heard that our major problems are coming from Big Oil and Big Pharma.
Big Oil has actively worked against the open development of alternative energy and from the beginning long ago has worked towards oil dependence and monopoly. This includes influencing urban planning to favor the use of private automobiles and to make every other mode of transportation either nonexistent (rail) or infeasible (walking, bicycling). Now at the top of the oil peak, we find ourselves with a source of inflation that we can do nothing about and which forces us to pay through the nose–to the oil companies. Remember those congressional hearings about whether Big Oil was engaging in price-gouging? They couldn’t pin anything on the oil companies–because the present pricing situation was incorporated into the foundations of our economy long ago. Nevertheless, what is happening is in its essence a systemic form of price-gouging.
I had another nice comment but the antispam filter has blocked it. Surprising! You must have rather creative filtering rules. Perhaps you can let us know in vague terms some of the more basic ones: post too long? keywords? I used “Hawaii” and “XYZ” as metaphors but removing them didn’t help… in short I have no idea why my post was blocked. It doesn’t remotely resemble any spam I’ve ever seen.
Hey Egg,
You wrote … “Big Oil has actively worked against the open development of alternative energy and from the beginning long ago has worked towards oil dependence and monopoly. … what is happening is in its essence a systemic form of price-gouging.”
When exploration and development companies can routinely lease minerals and drill wells for 10% of the well’s production value and when production pays back the investment in about a year, why should they use shareholder equity to set up alternative energy processes that will take five years or more to payback the related investment. Maybe you think they should be stupid for your perceived “greater good,” but I doubt investors would stand for it.
The market works fairly well so if profits are so egregious, why don’t you and a few of your smart buddies quit griping and start competing. The world would love renewable energy if it is really more cost effective and rewarding than fossil options. Let me know if you have a real plan … I’ll help you.
Ben:
Did you not read any of BR’s posts yesterday? He actually talked about the CNBC/Bloomberg problem that you describe.
BizLinks | 3.28.08
New labor rules make some fear decline in work force Houston economy leads nation, but it’s slowing a bit Chase mortgage memo pushes ‘Cheats Tricks’ Fisher of Fed Sees U.S. Economy in `Prolonged’ Slowdown Clear Channel: Texas hold…
Texas GDP is 20% larger then all of India…
lol
Texas major industry is health care, agriculture for the entire US of A is 1% of the economy,,, I forget the rest… I do better with transcripts.. He didn’t seem to negative except for the “normal” fears… SS & Medicare
Fisher is wearing a white collar on a blue shirt. Is that a banker’s standard? It looks way silly. Little boy blue, should I trust you with my money?
time to haul out my pitchfork and torch. someone should just walk up and slug that banker in the effing face.
Too bad I can’t watch it! Despite these archaic media giants actions to remain in the past, I WILL NOT GO BACK TO A WINDOWS BASED PC!
Just-One
I’m not necessarily all-in with Egg’s thoughts on Big Oil & Big Pharma, however if you think our “free-market” system is simply about competition on a level playing field, you are obviously asleep. It is not hard for the powers that be to shut down good ideas, good people, good businesses that could greatly benefit society- it happens all the time, all in the name of “competition.”
I always have Dwight D Eisenhower’s parting words as President ringing in the back of my head… beware the military industrial complex. The US spends over $1 trillion a year on defense related items, and that is “out of whack” big time. If things get bad enough, people will start to question. The post-WWII industrial/consumer era needs to evolve into the next stage of cultural/societal evolution or we implode. This shift is happening, but why is all this money and influence poured into the pockets of our leaders? For the sake of what?