We're All Out Of Ammo Says Worried Former Fed President
We have quite an admission here. The Fed is out of magic tricks, as they go reaching into their hat only to find an unloaded gun in there, they’re all out of ammo. The economic doom is getting ready to start bubbling over?!
Zero Hedge reports: “We Frontloaded A Tremendous Market Rally” Former Fed President Admits, Warns “No Ammo Left”
In perhaps the most shocking of mea culpas seen in modern financial history, former Dallas Fed head Richard Fisher unleashed some seriously uncomfortable truthiness during a 5-minute confessional interview on CNBC. While talking heads attempt to blame China for recent US market volatility, Fisher explains “It is not China,” it is The Fed that is at fault: “What The Fed did, and I was part of it, was front-loaded an enormous rally market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.”Simply put he concludes, there can’t be much more accomodation, “The Fed is a giant weapon that has no ammunition left.”
Must watch, when a shocked Simon Hobbs (at 5:10) is unforgettable: “Will The Fed come on and say ‘we’re sorry, we over-inflated the market’ when it crashes?” We doubt it.
Federal Reserve Vice Chairman Stanley Fischer sounds concerned that the central bank may lack some key tools needed both to prevent another financial crisis and to contain the fallout should one occur.
He told the American Economic Association on Sunday that the Fed is not as well-equipped with regulatory powers to rein in housing and other asset bubbles as some other central banks. And he questioned whether Congress had gone too far in limiting the Fed’s ability to intervene if a crisis erupted and threatened the financial system.
“We won’t know until it’s very late” whether the Fed has been constrained too much, Fischer said at the AEA’s annual meeting in San Francisco. That’s something “we have to worry about a great deal.” More Here
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