Dallas Federal Reserve President Richard Fisher said Monday that he urged his colleagues at the central bank's policy-meeting last week to slow down the bond-buying pace because a failure to act would increase uncertainty and sow confusion. "I believe that is exactly what has occurred, though I take no pleasure in it," Fisher said in a speech before the Independent Bankers Association of Texas. Many investors are upset that the Fed chose to stand pat rather than slow the pace of the $85 billion-a-month asset-purchase plan. Fisher has never supported the Fed's third round of asset purchases, known as quantitative easing, or QE3. In other remarks, Fisher called the largest U.S. banks "a dagger pointed at the heart of our economy." The Dallas Fed president has been advocating a return of the Glass-Steagall law that had separated U.S. commercial banks from investment banking from 1933 until it was repealed in 1997. Fisher is not a voting member of the Fed's policy-making committee this yea...
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Former SEC chairman Harvey Pitt explains how bringing back Glass - Steagall could lead to big problems.
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Syria fiasco: Fumbling the ball to Putin. Plus - GOP can't decide what to do about the budget, Obamacare and a government shutdown
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