could even be room for the market to stomach this in its current condition. but in my opinion, this might be too radical a departure from the exit principles we announced and would risk undermining confidence in the fomc. this is my personal view. i realize it represents thinking “ outside the box ”. but in my final four months at the fed, i plan to urge my colleagues to think more outside the box in this and other ways in the interest of securing sound money, a sound economy and sound markets. and now to some texas brag. bis central bankers ’ speeches texas brag allow me to walk you through some charts and comment on each on them. thank you. and now in the great tradition of central bankers, i would be happy to avoid answering any questions you and your colleagues might have. bis central bankers ’ speeches

debt, combined with the fomc ’ s commitment to hold short - term rates near zero until mid - year 2013, some cynical observers might interpret such a policy action as a “ bernanke put. ” my long - standing belief is that the federal reserve should never enact such asymmetric policies to protect stock market traders and investors. i believe my fomc colleagues share this view. connecting the dots now, how do you connect the dots between texas ’ record of economic growth and my dissenting vote? despite the fact that texas has severely limited social services and an education system that faces great challenges, people and businesses have been picking up stakes and moving to texas in significant numbers over a prolonged period. 3 it should be noted that in the last census, texas gained population and congressional seats, while california ’ s population growth and congressional representation was static and new york ’ s was diminished. jobs have been created for american workers in texas in several different sectors, not just in the oil and gas and mining sectors. people have taken those jobs of their own free will, even though the jobs may not measure up to the compensation levels everyone would like. and yet texas, like all states, is subject to the same monetary policy as all the rest : we have the same interest rates and access to capital as the residents of any of the other 49 states, for the federal reserve conducts monetary policy and regulates financial institutions under its the code of the woosters, by p. g. wodehouse, new york : doubleday, doran, 1938. see “ texas : what makes us exceptional? where are we vulnerable?, ” speech by richard w. fisher before the 2010 pre - session legislative conference, dec. 2, 2010. bis central bankers ’ speeches purview for the nation at large. from this, i draw the conclusion that private sector capital and jobs will go to where taxes and spending and regulatory policy are most conducive to growth. therein lies a lesson for our fiscal policy makers as they grapple with their monumental task of reconfiguring fiscal policy and eliminating the prevailing uncertainty about their remedy. we live in a world that, through steadfast sacrifice of the american treasure and with blood and capable diplomacy, won the cold war, induced the chinese to pull back the bamboo curtain and opened up the majority of the world to once unimaginable economic opportunity. china, the rest of southeast asia, eastern europe, india, most