Lindsay Lohan Angry Over Comparison to Congress
A regional Federal Reserve president has warned of politicians who have a Lindsay Lohan style addiction to spending, which if continues, will lead us to insolvency.
The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday.
"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point."
He added that he does not support the Fed embarking on an additional round of quantitative easing.
"Barring some extraordinary circumstance I cannot forsee...I would vote against a QE3," Fisher told CNBC. "I don't think it's necessary. Again, we have a self-sustaining recovery."
When asked for reaction, Lohan seemed insulted.
"I may have a bit of a problem, but to compare me to Washington is unconscionable!"