Fed Haters

Richard W. Fisher, president of the Federal Reserve Bank of Dallas and voting member on the Fed's policy-setting committee, almost sounds like a typical Fed hater when he says:

"The answer, to be curt, is not to compound the bad by repeating the oft-prescribed remedy of inflating our way out of our predicament with a wing-and-a-prayer promise that it can always be reined in later" (as reported today by Dow Jones).

He was one of two dissenting members at the most recent FOMC meeting, preferring a 50 basis point cut to the actual 75 basis point reduction.

Now a real Fed hater (or at least a real Fed doubter) who also happened to be a conspiracy theorist (they usually are) would tell you that this is all for show. Nothing like a make-believe dissenter to show the world that the Fed hasn't totally given up on its inflation-fighting mandate.