Unconventional monetary policy that has squeezed the middle class helps explain Donald Trump's improbable political journey, according to former Dallas Fed President Richard Fisher.
Looking at the current political situation causes Fisher to "weep for my country," the ex-central bank official said last week in a speech to the Urban Land Institute's fall conference. A transcript of the remarks was included Thursday in a note from Doug Kass of Seabreeze Partners Management, but the speech has seen little if any exposure otherwise. (Kass is mentioned favorably in the speech for predicting a "generational low" in bond yields.)
Fisher confirmed to CNBC that he made the comments.
The speech covers a gamut of historical and fictional figures from Winston Churchill to Eva Peron to Homer Simpson in describing the despair that has arisen from monetary policy that "every banker, insurer, long term investor and business operator I know thinks ... is becoming a fool's game."