Fisher headlines:

DJ Fed’s Fisher: Continued QE2 Buying Creating ‘Significant Risks’

The risks they envision do not exist.

DJ Fisher: Possible Fed Should Stop Short On QE2 Buying Goal

This would be the case only if they thought mortgage rates should be higher than otherwise.

DJ Fisher: Absolutely Opposed To Expanding QE2 Beyond Current Plan

Only if he is concerned mortgage rates are too low.

DJ Fisher: Firms May Soon Pass On Input Price Increases

This is about what’s called cost push inflation, vs demand pull inflation, and represents shifts in relative value.

DJ Fisher: See ‘Unpleasant’ Inflation Data On Horizon
DJ Fisher: More Fed Liquidity May Exacerbate Inflation Problem

What he calls inflation is not a function of what he calls Fed liquidity.

*DJ Fisher: See Signs Fed Bond Buying Creating Market Imbalances

Fed bond buying can cause financial market alterations but not imbalances.
There could in theory be real imbalances, for example a Fed induced housing shortage due to too low mortgage rates, but this is not the point he’s making.

DJ Fisher: US Government Must Get Fiscal House In Order

Here’s the big one. The FOMC seems to be on complete agreement that there is at least a long term deficit problem

They don’t seem to understand it’s about aggregate demand and not finance per se.

*DJ Fisher: Failure To Fix Deficit May Wound Economy’s Prospects

The make these kinds of statements without identifying the specific channels from deficit spending to the economy’s prospects. Nor are they ever questioned on this and pressed to identify said channels.
(The only one I’ve heard is the interest rate channel which always fails the test of close examination.)

This rhetoric from the FOMC is supportive of the position of both sides of the debate that the federal deficit is an immediate problem, with fears that the US could be the next Greece as proclaimed by Congressman Ryan appearing daily in the popular media, which elevates the real risk of proactive deficit reduction that could undermine the current modest levels of GDP growth and employment growth.