Dallas Fed President Richard W. Fisher gave his opinion on a number of subjects during a recent meeting with Dallas Morning News business staff:
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Q: Are there inflation risks from abroad? How does globalization affect the inflation rate here?
A: .......
I do expect that after the Olympics, by the way ... inflationary forces will be increasing, not decreasing, in China. And I suspect we might feel the impact of that here.
Q: What are your views on the economic platforms of Barack Obama and John McCain?
A: ......
First of all, whatever they say during the campaign is not going to pertain when they become president. It doesn't work that way. All I can say from my own experience is that the campaign is show biz, and when you're in office, it becomes policy.
Q: What risks do you see for the U.S. economy in the long term?
A: There is one issue I am outspoken about, and that is the unfunded liabilities of Medicare. And I have not heard any discussion of what is the largest liability ever incurred by any country in history, relative to their GDP. Just to give you the number, it is $85.6 trillion that is currently unfunded. ... That's a lot. Our total output as a country is roughly $14 trillion.
This prescription drug benefit alone - which was created 30-some odd months ago by a Republican, Harvard MBA from my state of Texas [President Bush] - is a larger liability now than all of Social Security. ...
Q: Do you expect Texas to continue to outperform the nation in economic performance?
A: I do. This is sort of our moment. We're an enormous risk-taking society. We reward entrepreneurialism. ... And very importantly, our housing stock didn't get overpriced.
[But] it worries me terribly that the University of Texas at Austin ranks [at or] below six of the University of California campuses in terms of excellence.
Q: How does that affect the economy?
A: We don't have a major, highly regarded higher education institution in Dallas. We're the only major city in America that does not.
......
If you look at Massachusetts, why is it [highly ranked] in income? Because of Harvard, MIT, Boston University, Boston College, yak, yak, yak. That's the future.
......
And I don't doubt we'll be able to compete, even against the kind of splendor we saw in those Olympic ceremonies. You saw splendor, but you also saw something interesting when they raised that Olympic flag - ... goose-stepping, powerful-looking troops. That's something China's going to have to figure out how to deal with.
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I keep wondering - What did he mean? What does China have to figure out?
- Re: What does China have to figure out?posted on 08/19/2008
Looks like he's talking about China having to figure out how to deal with its own totalitarian silliness. - Re: What does China have to figure out?posted on 08/21/2008
If we, the Chinese people, can¡¯t even figure out there is a totalitarian problem, how can you expect us to deal with it?
The government enjoys the totalitarian silliness. Some civilians seem very proud of it too. China is having a sort of perceptual illusion because of the Olympic and the gold medals.
touche wrote:
Looks like he's talking about China having to figure out how to deal with its own totalitarian silliness. - posted on 08/21/2008
I figure totolitarianism with fun is better than totolitarianism without fun. So people might just as well enjoy the big party, the euphoria and delirium while they last. ;)
Connie wrote:
If we, the Chinese people, can¡¯t even figure out there is a totalitarian problem, how can you expect us to deal with it?
The government enjoys the totalitarian silliness. Some civilians seem very proud of it too. China is having a sort of perceptual illusion because of the Olympic and the gold medals. - Re: What does China have to figure out?posted on 08/21/2008
I prefer totolitarianism with fun, wealth AND harmony. - Re: What does China have to figure out?posted on 08/22/2008
I prefer fun too and was amazed by the beautiful opening ceremony. But when you think about those earthquake victims, those children in shabby school buildings, the mood has turned sour. China is far from being rich. I wish they had not spent that much money just for fun or for showing off.
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