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Should-Read: Charles Plosser and Richard Fisher are really bad economists, and were really bad central bankers: Charles Plosser (2008): Meeting of the Federal Open Market Committee on March 18, 2008: "We have talked a lot about taking out insurance around this table...

...I believe the time has come to buy some insurance against our waning credibility about restraining inflation. That does not mean that we couldn’t choose to continue to make rate cuts at some future date, should that be called for. Ultimately, if we wish inflation expectations to be well anchored, we must act in a way that is consistent with such an outcome. Words are simply not enough. Reputational capital, whether it be for a central bank, an academic institution, or the brand capital of a firm, is very hard to build. But most of us know, in the private sector and in other sectors, that capital can be easily squandered. We must not let that happen...


Richard Fisher (2008): Meeting of the Federal Open Market Committee on March 18, 2008: "I think it is pretty clear that I am not going to vote for further cuts...

...Look, Tim, we cut rates 50 basis points last time. I was in a minority of one, and I respect the group around this table more than I respect myself. Here is the point: Everything that we wanted to go down went up, and everything that we wanted to go up went down. So I just wonder about the efficacy of the cuts as opposed to the measures that we have undertaken...