My beard is more powerful than Chuck Norris'Something unprecedented happened today on 60 Minutes. The chair Federal Reserves gave an interview. This has never happened before because of the influence that the chair has on the economy. May you live in interesting times.
As one of the most powerful man trying to get a grip on the current economic crisis, he decided to do this interview to humanize the effort to repair the economy. The interview talked about how upset he is that AIG has to be bailed out at the expense of the tax payers, focused on his middle class upbringing, and gave him an opportunity to speak to the American people.
It worked... for most part. I did not know that big Ben here is an academic and not a banker or businessman. I also appreciated the fact that big Ben had humble origins and can feel a bit more at ease that he may have the interests of the middle class close at heart.
Now, where he failed was the 3 things he wanted to say directly to the American people.
1. That the Fed is here working hard to fix the problem.
Ok, thanks, that's good to know. What else?
2. Recovery will be a slow process.
Been told that over and over again. But I think everyone knows that despite the desire for instant gratification.
3. We will recover.
Ok, got that too. Anything else? What about accountability? What about change? What are we going to do about the systemic problems that got us into this in the first place? Even when we recover it'll be pointless if things just go back to the way they were. You have a wonderful opportunity to create from the ashes something better. Please tell me you will be taking full advantage of that once the financial system stabilizes. You spoke of regulations but why do I feel that nothing systematic will change? We need outside the box thinkers here. Too long has the system rewarded the corrupt at the expense of everyone honest. We need that changed. Please change it.
4 should be, HEADS WILL ROLL.
That's what I want to hear. Thanks.
