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Richard Fisher, president and chief executive of the Federal Reserve Bank of Dallas, has said in recent speeches that cheap credit hasn’t translated to expanding payrolls as the Federal Open Market Committee had hoped. In fact, look back over several Fed board meetings and you’ll notice that Fisher is among a pretty vocal minority of Fed officials who voted against additional rounds of quantitative easing, a fancy economics phrase for really cheap credit.              Â
 But he does see a bright spot for Texas - if the state, like a smart shopper, takes advantage of the low rates to invest in its future.  If you look at the car market, for example, you’ll see that lots of buyers who had put off auto purchases for years are now taking advantage of low interest rates to get more car for the dollar and paying for it over time. At today’s interest rates spreading low rate interest payments out over time doesn’t take the same bite from the pocketbook that it would if interest rates were higher.
 And that’s where Fisher’s idea comes in. Now, he says is time for Texas to invest in its future, especially its infrastructure. His suggestion: the Texas Century bond, in essence a 100 year bond that takes advantage of the low rates to finance highways, water projects, universities and just about anything the state needs to serve a growing population and economy. With a good credit rating and a history of strong economic performance, Texas should be a winner, he says. As to too big to fail, watch the video for Fisher’s insights.    Â
 Thoughts anyone Should Texas take advantage of record low interest rates and finance infrastructure debt over 100 years
