Thanks again, Mr Bernanke! I do so hope that when you retire, you might be so fortunate as to find yourself in a Rest Home, a quite spartan and seedy one in fact, perhaps physically incapacitated (not that I wish harm upon you), perhaps not entirely in control of your mental faculties or continence, and that you might be surrounded by other OAPs of the finest moral integrity and charcter - ordinary folks who've done everything "right", in respect of work ethic and financial prudence, not succumbing to the temptation to draw upon HELOCs, who otherwise saved what prevailing models suggested would be sufficient resources for their waning years. Sufficient, except for a monetary experiment that was certain to destroy the real value of their savings, to pacify precisely those who shouldn't be rewarded for lack of judgment and or foresight. And, mild-mannered as their deliberate, silver-haired, gently-wrinkled appearances might be, I oh-so-hope that they will have unimaginably clear and long memories, will recognize precisely who you are, and understand with great clarity that it was YOU, personally, who was charged with the protection of the real value of their savings, and who abnegated any and all such responsibility, leaving them, rather uncharitably, to their debased fate. I will not entertain, here, what possible penance they might impose upon you, but, in the same way that they didn't deserve what they got, I hope that you get what THEY think you deserve...
Thursday, January 10, 2008
Just Desserts
Thanks again, Mr Bernanke! I do so hope that when you retire, you might be so fortunate as to find yourself in a Rest Home, a quite spartan and seedy one in fact, perhaps physically incapacitated (not that I wish harm upon you), perhaps not entirely in control of your mental faculties or continence, and that you might be surrounded by other OAPs of the finest moral integrity and charcter - ordinary folks who've done everything "right", in respect of work ethic and financial prudence, not succumbing to the temptation to draw upon HELOCs, who otherwise saved what prevailing models suggested would be sufficient resources for their waning years. Sufficient, except for a monetary experiment that was certain to destroy the real value of their savings, to pacify precisely those who shouldn't be rewarded for lack of judgment and or foresight. And, mild-mannered as their deliberate, silver-haired, gently-wrinkled appearances might be, I oh-so-hope that they will have unimaginably clear and long memories, will recognize precisely who you are, and understand with great clarity that it was YOU, personally, who was charged with the protection of the real value of their savings, and who abnegated any and all such responsibility, leaving them, rather uncharitably, to their debased fate. I will not entertain, here, what possible penance they might impose upon you, but, in the same way that they didn't deserve what they got, I hope that you get what THEY think you deserve...
I tend to share your view on what Bernanke should and should not do, however, aren't you assuming with this post that Bernanke's generation is one that has lived a prudent, frugal life--with much thought given to the future and little to the present day?
ReplyDeleteI concur that this generation has been rather pathetic all things considered. I was just imagining what it might be like if he were to share his sunset years with some of the "worthy" ones whose biggest sin was ignorance, rather than wilfull neglect, and didn't deserve the poverty wilfully inflicted upon them due to others greed and imprudence (heaped on top of their ignorance).
ReplyDeleteSurely Greenspan is the true architect of the destruction of savings and prudence in most of the world and more worthy of the sentiments in this piece.
ReplyDeleteBB can break whenever he wants. The longer he waits the more he affirms the failures of the former. I haven't heard BB say a thing about atrocious US fiscal policy, lop-sided tax cuts, lack of energy policy that (as Brad Setser points out late last week) is the primary cause of trade gaps. AG at least cut his teeth making markets believe that NOTHING was set in stone. BB (as MacroMan pointed out FRiday) blinked at the site his shadow.
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