Thursday, January 07, 2016

The Fed's Unraveling: Fisher's Reverse Wimpy Factor

While it should come as no surprise that former Federal Reserve Bank President (and former voting member of the FOMC) Richard Fisher speaks directly about Fed activities and his dissent of the committee's support of QE3, the level of candor of yesterday's CNBC interview appears pretty shocking.

Given that one of the main accomplishments outlined by former Federal Reserve Chair Ben Benrnanke was the creating of a "wealth effect" by working to boost the stock market, Fisher's assertion that market is now due for a correction appears to indicate that he has completely broken ranks and further, is looking to distance himself from the Fed policy decisions made during the Great Recession.

The below video quality is very poor but well worth the watch given that the clip currently posted at CNBC edited out most of the interesting commentary.