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Richard Fisher’s plan.

‘The system is biased towards Goldman Sachs and JPMorgan.’

Excellent Bloomberg interview.  Dallas Federal Reserve President Richard Fisher details his plan to break up the banks.  Here’s a quick summary:

  • There are 12 banks that meet the criteria for too big to fail.
  • Dodd-Frank is killing small community banks.
  • Fed is constantly reassessing stimulus.
  • QEternity is false.  Will not last forever.
  • Voted against latest round of QE.
  • Worried about Treasury bubble bursting.
  • Worried about Fed’s exit strategy.
  • Biggest inflation hawk on the Fed and he sees little inflation.