Friday, October 07, 2005

Why has Fisher Been in the Spotlight All Week?

NEW YORK -- Federal Reserve Bank of Dallas President Richard Fisher said Friday a stalled free trade agreement for the Americas is being tied up because of a lack of political leadership.

"Unless there is political willpower" coming from "economic necessity" and a "moral imperative," no free trade agreements will come to pass, Fisher told a conference at Baylor University in Waco, Texas. And that's what's stalled the Free Trade Area of the Americas agreement, Fisher said. "It's just not on the table right now," he said, explaining "we are not getting ... leadership from the very highest," both in the U.S. and in other countries involved in the process.

Fisher made no comments on monetary policy in his speech. In addresses earlier this week, he warned of his concerns about growing inflation pressures in the U.S. economy..."

By Michael S. Derby, Dow Jones Newswires

These comments eliminate him from consideration for Greenspan's job, so he must be looking for a book deal (see prior post). While I would love as many free-trade pacts as possible, the loony left and their Democrat friends in Congress are stalling this one. Fisher should reserve his ire for them.


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