The economy’s ills are not the result of a lack of liquidity or the need to ease monetary policy, and that’s the reason Federal Reserve Bank of Dallas president Richard Fisher gave for casting a dissenting vote at the recent Federal Open Market Committee meeting.

“Nonmonetary factors, not monetary policy, are retarding the willingness and ability of job creators to put to work the liquidity that we have provided,” the chief executive said Wednesday in a speech in Midland, Texas, according to prepared remarks released by the Fed.

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