Wed, 28 May 2008
[Part 3 of the full 35 minute speech and 25 minute Q&A session]
Richard Fisher, President and CEO of the Federal Reserve Bank of Dallas, speaks at The Commonwealth Club of California about the nation's immense fiscal challenges as well as the threat of severe inflation due to monetization of the nation's debt by the Federal Reserve.
* Note that Fisher dissented multiple times with the rest of board of the Federal Reserve regarding their interest rate cuts in 2008.
@hozelda Salvage the system....The System IS the problem. There was a time when people didn't have to pay massive amounts to doctors for every-day care. I am Old and lived waayyyy back then. The the insurance companies began their experiments and the government became involved. The government gained another point of control over the citizen & all sorts of folks got rich as hell. What this man is telling you is "You" must submit to the New Socialist State of America..run by the banking elite.
SovereignBlade 1 year ago
"Pinch our belts" and implement price controls (which always results in shortages) as a way to salvage this mess? The chickens from FDR and LBJ's follies are coming home soon, so goodbye to these socialist wet dreams. BTW, do you know what's in the SSI lock box? The cash has been spent by politicos long ago, and there's nothing left but a stack of IOUs for future generations.
flickrsurfr 2 years ago
Medicare...
If we don't salvage it, medical care will really stink 20-50 years from now when our (grand)kids need it.
Also, a part of the solution is finding ways to limit the profits hospital and pharm companies make.
No, we can't have affordable health care AND pay specialists, pharmaceutical researchers, and stockholders a bundle.
And the situation is bad but not as bad as mentioned in the speech since he was dealing with forecasts.
hozelda 2 years ago
Medicare...
The gov made a miscalculation by promising to pay with few restrictions. The effect is that health care costs have gone up a lot over the years.
The system has helped a bunch of people, but, to move forward, we all need to pinch our belts a little. This means putting downward pricing pressure on the health care industry and workers/insured paying a little more per paycheck.
With controls in place and more people (eg, younger folks) paying a little more, we can salvage the system.
hozelda 2 years ago