Federal Reserve Bank Of Dallas President Richard Fisher On Fox Business Network

In an interview to appear tonight on FOX Business Network's (FBN) America's Nightly Scoreboard (9 PM/ET) Federal Reserve Bank of Dallas President Richard Fisher speaks with host David Asman about his outlook for the economy after Federal Reserve Chairman Ben Bernanke sent the stock market tumbling with his gloomy outlook. Fisher assured “we are in a recovery” and that while federal stimulus “filled up the gas tank,” our “fiscal policy” will “drive the American economy forward.” Excerpts from the interview are below, courtesy of Fox Business Network. On federal stimulus: “We have filled up the gas tank. The question is who is going to incent them to put their foot on the accelerator to drive the American economy forward to create more jobs, and I think that's fiscal policy.” On Bernanke's comments today about the United States not experiencing a full recovery “We are in a recovery. It is not established as Bernanke said. We have had job creation since the economy bottomed. It has had a few steps backward. I think the second half is going to be a lot stronger.” On the perception that banks are using money to trade not to lend: “Let's be fair. There are 7,000 banks in America. Our community bankers don't do that. They look to make loans in our local communities. If you look at the top 10 banks, the mega banks, only make 20% of the small business loans. Some of them are engaging in the behaviors you mentioned. That's why we need to have regulation. This is the kind of behavior we can no longer condone. Dodd-Frank is not going to be undone. It should be tweaked but where it should be strictly applied are to mega banks rather than community banks.” On the jobs situation in Texas: “We have been very lucky in Texas. 38% of all the jobs created in America since the recovery began, tepid as it is, have been created in the state of Texas. We are the only state that has more employment than we had before the crisis started.”