It will take Congress, the new president, and the Federal Reserve Board to turn around the U.S. economy, which “is now geared to the downside with a kind of turbulent ferocity that seems to equal, if not better, the powerful tailwinds that drove both the United States economy and the rest of the world on its upward slope of growth,” Federal Reserve Bank of Dallas president Richard W. Fisher said yesterday.

The growth was fueled by “exuberant financial markets running amok … in the pursuit of the ever-greater returns,” Fisher said, according to prepared text of the speech released by the Fed.

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