{"id":5741,"date":"2012-10-11T02:10:00","date_gmt":"2012-10-11T06:10:00","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5741"},"modified":"2012-10-11T02:10:00","modified_gmt":"2012-10-11T06:10:00","slug":"the-united-states-is-not-europe-and-texas-aint-france","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/11\/the-united-states-is-not-europe-and-texas-aint-france\/","title":{"rendered":"The United States Is Not Europe and Texas Ain&#039;t France"},"content":{"rendered":"<p>Extract from remarks by Richard W. Fisher, President of the Dallas Fed, before the Cato Institute:<\/p>\n<blockquote><p>&#8230;.Under both Republican and Democratic leadership, we did what was economically sensible. The result was a long-lived expansion. But it ended in tears. Success led to complacency; complacency led to a tolerance and even encouragement of excess. We spent more than we could afford; our government\u2014Republicans and Democrats alike\u2014continued, at an accelerated pace, down the path of promising more in social programs and other spending programs than we could sustain. And on the regulatory front, we turned a collective blind eye to economic malpractice, resulting in the spectacular failure of Enron and culminating with the collapse of megabanks for which even a cursory glance at their balance sheets would have revealed, in the words of one of my colleagues, \u201cnothing on the right was right and nothing on the left was left.\u201d&#8230;&#8230;.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/dallasfed.org\/news\/speeches\/fisher\/2012\/fs121010.cfm\">The United States Is Not Europe and Texas Ain&#8217;t France: America as the Thoroughbred Economy &#8211; Dallas Fed<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Extract from remarks by Richard W. Fisher, President of the Dallas Fed, before the Cato Institute: &#8230;.Under both Republican and Democratic leadership, we did what was economically sensible. The result was a long-lived expansion. But it ended in tears. Success led to complacency; complacency led to a tolerance and even encouragement of excess. We spent &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/11\/the-united-states-is-not-europe-and-texas-aint-france\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The United States Is Not Europe and Texas Ain&#039;t France&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[1549,2279,3276],"class_list":["post-5741","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-gfc","tag-megabanks","tag-sub-prime-crisis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The United States Is Not Europe and Texas Ain&#039;t France - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The United States Is Not Europe and Texas Ain&#039;t France - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Extract from remarks by Richard W. Fisher, President of the Dallas Fed, before the Cato Institute: &#8230;.Under both Republican and Democratic leadership, we did what was economically sensible. The result was a long-lived expansion. But it ended in tears. Success led to complacency; complacency led to a tolerance and even encouragement of excess. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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The combined assets of the 6 largest US banks is bigger now than in 2008. Simon Johnson, Professor of Entrepreneurship at M.I.T. Sloan School of Management, writes: A growing number of serious-minded politicians are starting to support the point made by Jon\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2367,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/ny-fed-issues-mea-culpa-that-nobody-saw-at-6pm-on-black-friday-zerohedge\/","url_meta":{"origin":5741,"position":1},"title":"NY Fed Issues Mea Culpa That Nobody Saw at 6PM on Black Friday | ZeroHedge","author":"ColinTwiggs","date":"November 26, 2011","format":false,"excerpt":"The 3 big reasons the Fed had gotten it wrong: Misunderstanding of the housing boom. Staff analysis of the increase in house prices did not find convincing evidence of overvaluation (see, for example, McCarthy and Peach [2004] and Himmelberg, Mayer, and Sinai [2005]). Thus, we downplayed the risk of a\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23240,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/15\/china-trade-tensions-and-the-australian-dollar\/","url_meta":{"origin":5741,"position":2},"title":"China trade tensions and the Australian Dollar","author":"Colin Twiggs","date":"December 15, 2020","format":false,"excerpt":"Tensions between Australia and China are growing increasingly strained. It started with Australia banning Huawei from supplying equipment for its 5G communication network but spiraled downwards after Australia led the call for an international investigation into the COVID-19 outbreak. More than 50 ships carrying Australian coal have been stranded off\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50890,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/04\/09\/gold-and-bitcoin-rally-while-stocks-lag\/","url_meta":{"origin":5741,"position":3},"title":"Gold and Bitcoin rally while stocks lag","author":"Colin Twiggs","date":"April 9, 2024","format":false,"excerpt":"The S&P 500 continues to test support at 5200, while lower Trend Index peaks warn of selling pressure. Breach of 5100 is now as likely and would warn of a strong correction. From Jim Grant at Grant's Almost Daily: A rise in ill omens helps usher in first quarter earnings\u2026","rel":"","context":"In &quot;Crude Oil &amp; Natural Gas&quot;","block_context":{"text":"Crude Oil &amp; Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-08-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-08-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-08-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6594,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/28\/for-stocks-are-record-highs-warranted-wsj\/","url_meta":{"origin":5741,"position":4},"title":"For Stocks, Are Record Highs Warranted? &#124; WSJ","author":"Colin Twiggs","date":"January 28, 2013","format":false,"excerpt":"Steven Russolillo at WSJ writes on the latest morning note from Nicholas Colas, chief market strategist at ConvergEx Group: Colas says he believe stocks are \u201cclearly setup for a pullback\u201d over the next month, given the strong complacency that has engulfed investors of all stripes. That said, he says stocks\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42658,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/17\/how-long-will-this-last\/","url_meta":{"origin":5741,"position":5},"title":"How long will this last?","author":"Colin Twiggs","date":"June 17, 2023","format":false,"excerpt":"The S&P 500 retreated slightly on Friday, suggesting a retracement to test the new support level at 4300. Respect would confirm the breakout. The Equal-Weighted S&P 500 Index is also being dragged above its recent range as optimism grows. Real retail sales are holding steady, above their pre-pandemic up-trend. Penetration\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-16-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-16-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-16-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5741"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5741\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}