Ben Bernanke On '60 Minutes'

political will

Gee, Bernanke doesn't say in the least just what the will has to address... political will do do what? Anything different from what we've been doing? Bush? Obama?

And if Bernanke does blaim the Fed for the 29 depression, well he has to put that in the Hoover administration, since Roosevelt changed that immediately. And still it hung on: The Fogotten Man by Shlaes blames Roosevelt for the long depression, not the Fed.

Finally, it is not greed, evil, or avarice, it is the basic emotional base of people's thinking: I am quite sure that the people that were making money felt grateful, happy, vindicated, etc etc etc... few people believed they were cheating or stealing or even being greedy.

People, you, me: we only see others as "greedy" and always ourselves as "fortunate and deserving. The purpose of regulation is to prevent good people, you and me, from venturing in too deeply, against our better judgment, but in we go. Always.

And back to the beginning: just what does Bernanke think we need to do, what is it that requires "political will"...

CBS totally missed the story. Why would Benanke be any less political that Greenspan? If he is, hurrah. But how does one telll?

gerald berke of NY @ Mar 17, 2009 14:08:05 PM