Not Business As Usual at SMU Today As Obama Officials and Dallas Fed Head Chat Up Journos
|Dallas Federal Reserve Bank President Richard Fisher|
My German interlocutors asked why I am encouraged that we would now finally get on with the business of cleaning up our fiscal house. Central bankers are, after all, genetically programmed to be sourpusses; we are inherently wary of the capacity of politicians to be serious and discipline themselves.
My answer is admittedly emotional. I am the son of immigrants; my parents came to this country because it is the land of promise. Moreover, I am a naturalized Texan, and Texans are a persistent people who have always pressed on against the odds. The great historian of Texas, T.R. Fehrenbach, wrote that Texans understand that "men who exist get overrun by men who act." I believe deep in my heart that this is not unique to Texans -- it is a quintessential American trait. I believe that the people of this great country will reward those members of Congress who act and will overrun those who exist only to encumber us with unsustainable debt and an imbalance of taxes and spending that threatens our prosperity rather than advances it. So, yes, I am hopeful that our elected leaders will get on the stick.
Besides, I believe Winston Churchill had it right: "Americans can always be counted on to do the right thing ... after they have exhausted all other possibilities."