Tuesday, August 05, 2008

Fisher Gets My Vote for Fed Chairman

Just as expected, the Fed left the rates alone while making reference to inflation and the poor economic outlook--once again, trying to be all things to all people.

Today's Wall Street Journal tells us who the lone dissenter was.

[Thanks to Dallas Fed for the picture.]

This guy has got a lot of guts, as did Jeffrey Lacker in the past, always voting to raise rates to counter inflationary tendencies. (See my cartoon with Lacker at the back of the boat.)

Here's a little bio information on this inflation hawk.

What a strange mixture he is of government service and private entrepreneurship.

Can't hold his Carter service against him, I guess. More power to him.

We can conclude that the Fed is putting inflation worries on a back burner. We may all have to pay for their decision down the road.

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