Former Fed government Frederic Mishkin spoke with CNBC this morning about future Fed decision making.

• 0:50 The Fed have opened the door to large scale asset purchases.
• 1:20 The Fed is not meeting its dual mandate due to low inflation and high unemployment. In order to address this, the Fed has opened up to asset purchases.
• 2:00 Fiscal spending might be needed to push growth now, but in the long run it's very dangerous.
• 2:45 The Fed has to be concerned that by buying assets it is encouraging bad behavior by politicians, and the long term debt will expose the Fed to inflation rate risk.
• 3:20 When you're a governor, if you decent, you move off the team.
• 4:20 The Fed shouldn't role out large scale asset purchases, but it needs to have a long term plan to remove its debt.
• 6:15 The actions performed by the Fed helped us avoid the worst, depression
• 8:15 We have to deal with long term problems, particularly Social Security and Medicare, before we have the freedom to spend via fiscal policy

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