The head of the Federal Reserve Bank of Dallas says low interest rates have provided the American private sector with "the financial means to grow employment" but not the incentive to do so. He says that reluctance to hire people and buy equipment is driven by uncertainty over taxes and the national deficit. The Dallas bank is one of twelve regional banks that are part of the Federal Reserve system.
"I personally don't care what party is in the White House," Richard Fisher said during a luncheon hosted by the Austin Chamber of Commerce. "I don't care what party controls the Congress. All I know is that the so-called 'honorable' members of Congress and presidents past, Republicans and Democrats alike, have conspired over time, however unwittingly, to drive fiscal policy and this nation into a ditch."
Fisher's speech contains much of the impenetrable technocratic jargon you might expect from a Fed official, but it's punctuated with short bursts of clarity, and makes for an informative watch if you have 20 minutes to spare. Thanks to our friends at the Texas Tribune for posting the video online.