Dallas Federal Reserve Bank President Richard Fisher does a terrific job in this speech talking about the strong economy that Gov. Rick Perry put in place. From creating jobs to fostering growth in many sectors, Fisher underscores that Governor Perry's policies deserve credit for the ongoing strength of the Texas economy.
(With Reference to Gen. Sheridan and John Steinbeck)
Remarks before the Dallas Breakfast Group
Dallas, Texas · December 19, 2013
Thank you, Margaret [Keliher].
Today I am going to talk about one subject only: the Texas economy. As you know, just yesterday I was in Washington for the meeting of the Federal Open Market Committee (FOMC). At the end of the meeting, a statement was issued as to what that committee consisting of the 12 Federal Reserve Bank presidents and six members of the Fed’s Board of Governors decided regarding the course of monetary policy; Chairman Bernanke followed with a press conference. In keeping with our tradition, this morning I will refrain from commenting on the decisions made. We are under a self-imposed “communication blackout” regarding our views about macroeconomic developments or monetary policy issues until after midnight tonight. So if you wish, call me at home at 12:01 tomorrow morning and … incur the eternal wrath of my wife, Nancy!
Some of you have undoubtedly heard Gen. Philip Sheridan’s notable expression, “If I owned Texas and hell, I would rent out Texas and live in hell.” Although he reportedly recanted his statement, even a man as renowned for his cruelty as Gen. Sheridan would certainly have changed his opinion if he were around today. It wouldn’t have taken him long after crossing the river Styx to realize that rather than renting out Texas he would have been better off purchasing every bit of it. His return on investment would have been astronomical. My hunch is that Sheridan would want to live in Texas with you and me and would seek to rent out hell—perhaps to the U.S. Congress, though it would have to be free of charge given their fiscal predicament!