New York (CNN) – “The ships of job creating investment remain, for the most part, tied to the docks, or worse, choose to sail for foreign ports.”
That's just one of the many analogies used by Dallas Federal Reserve President Richard Fisher, to describe the current U.S. employment picture. Not a particularly pretty one, but Fisher says the U.S. central bank has pretty much done enough:
“The key to correcting the underperformance of the American economy and American job creation does not rest with the Federal Reserve. It is in the hands of those who make fiscal and regulatory policy,” Fisher said.
The Fed’s controversial decision, known as QE2, to inject more cash into the economy through the buying of bonds is moving ahead at a $75 billion clip each month. But Fisher believes "the engines are full but the car isn't moving forward. There is something wrong with the transmission.”
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