in case you thought Dallas Fed Pres Fisher understands monetary operations and banking

Fisher Speech

Summary from MNS:
FED: Dallas Fed Pres Fisher (votes on FOMC in ’11) is a hawk on QE2.
Says “it is not clear that the benefits of further quantitative
easing outweigh the costs,” especially if U.S. has “anemic recovery, but
not one that slips into reverse gear.” Barring further shock, he has
“concerns about the efficacy of further expanding the Fed’s balance
sheet until our political authorities better align fiscal and regulatory
initiatives with the needs of job creators. Otherwise, further
quantitative easing might be pushing on a string. In the worst case, it
could flood the engine of the economy with gas that might later ignite