PrefBlog

Fisher says that central banks are pushing on a string:

Federal Reserve Bank of Dallas President Richard Fisher said adequate economic stimulus is in place and that global central banks may not have the capacity to undertake additional measures.

“We’re at the risk of overburdening the central banks,” Fisher said in an interview today on “Bloomberg Surveillance” with Tom Keene and Sara Eisen. “We keep applying what I call monetary Ritalin to the system. We all know there’s a risk of over-prescribing.”

Fisher said the largest banks have $1.5 trillion in excess reserves that they would like to put to work and that the private sector now must take the next steps to boost growth. Lawmakers also must act to eliminate uncertainty about government spending and tax rates, Fisher said.

“We have done our job,” Fisher said of the Fed. “We have done enough. Just doing more doesn’t solve the problem. The problem is engaging the transmission. We provided the gas, the gas tank is full.”

Today’s report will be late. Today’s nightmare is a router upgrade at the server farm that hosts HIMIPref™ (and all my websites) – I get an intermittent and randomly timed error caused by the host programme’s being “Unable to connect to the remote server” when performing one of the myriad Web Service accesses in the course of its run.

I am working to make the programme more robust by repeating attempts to contact the server when this error is reported and confidently expect to complete the process at about the same time as the server farm management fixes the routing problem.

Update:

This entry was posted on Wednesday, August 8th, 2012 at 11:20 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.