Financial Expert Richard Fisher Predicts Minimal Economic Improvement

The topics of economic growth and inflation tend to evoke a wide range of emotions from those who find themselves in the midst of suffering from our nation's inadequate economic state. Reports broke last week that our nation's unemployment rate reached its highest percentage in 26 years and President of the Federal Reserve Bank of Dallas, Richard Fisher, appears pessimistic about how much improvement will be made over the next year.

Fisher described the strict interest-rate stances that banks are taking nowadays as appropriate when you take our nation's lack of optimal economic growth and inflation into account. Bloomberg.com is reporting that banks located across the country are continuously tightening their lending standards for businesses as well as for consumers and that the complete revival of bank credit is not expected to occur for a substantial period of time.

The current President of Dallas' Federal Reserve Bank and former money manager explained his forecast for the future, saying, "Looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued. It may be some time before significant job growth occurs and even longer before we see meaningful declines in the unemployment rate."