It Is Sooo Hawwttt!!!

Self just back from a couple of errands. Car only seized once (thank God). Self had cause to phone Dearest Mum last night, and found it necessary to mention that when she next presents in Manila, she will need to get funds from the “family bank”, wherever that is (she’s pretty sure there is one, she just doesn’t have access to the records — ha. ha. ha. ha)

At least, self thinks, she does not live in New York, which must be miserable (especially if one has a job anywhere on or near a subway platform). And also thank God she’s not in the humid heat of Manila (although there she would probably exist in the air-conditioned comfort of Dearest Mum’s home).

And at least here, after self makes it home, and flops down on the couch, she can open the freezer and help herself to a whole quart of Ben & Jerry’s Creme Brulee ice cream and nobody is watching (except for dear blog readers– ha. ha. ha).

While driving around, she heard on NPR that Alan Greenspan was now “sorry” that he had trusted the market “too much,” but that in testimony before Ben Bernanke he declared that the events of the past year had caused his whole “world view” to shift (a little late, but, self says: better late than never!). Before, his view had been that if you are playing poker with a bunch of world-class pros, the pros will do a better job of regulating themselves than any outside (i.e. government) regulator.

You know, self is so tired of these after-the-fact apologies. She read in the Wall Street Journal heart-felt apologies from both Madoffs (Bernie and Ruth, whose sons knew nothing, nothing about their dad’s Ponzi scheme!). And self is still waiting to hear apologies from any learned economists, for how is it that our most eminent graduate schools turn out scores and scores of Ph.D.s in Economics every year, all of them filled with beans and supposedly bursting with brains, and no one, not one single person, was able to predict the economic meltdown? Of what use then is a Ph.D. in Economics? Is that even a serious area of study?

Stay tuned, dear blog readers, stay tuned.

1 Comment

  1. August 13, 2009 at 3:21 pm

    ________

    Bernanke was the only cause, I proved, of the Great Recession and probably acted on purpose. He had the knowledge (Bernanke is a renown specialist of The Great Depression he even wrote a book on the subject: Essays on the Great Depression.), the means, motive (The vast increase of personal powers he earned thanks to The Great Recession.), and opportunity.

    Worse, in light of the exercise of the central bank extraordinary power by Bernanke, I argue that he poses a real immediate threat to democracy, peace, privacy and individual freedom.

    Given the immediate dangers that are evoked in these lines I strongly suggest that you revoke Bernanke.

    “I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.

    Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.

    However, their responses, when not confused or inconsistent, have generally relied on various technical or legal objections—- objections which, I will argue, could be overcome if the will to do so existed.

    Prof. Ben Shalom Bernanke
    Japanese Monetary Policy: A Case of Self-Induced Paralysis?
    For Presentation at the ASSA Meetings,
    Boston MA,January 9th, 2000.

    “The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.

    In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.

    Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930.”

    Governor Ben S. Bernanke
    Money, Gold, and the Great Depression.
    At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
    Lexington, Virginia.
    March 2nd, 2004

    Revoke Bernanke: Sign the Petition to Request from President Barack Obama That Ben ‘Systemic Risk’ Bernanke be Removed From Office.

    ________


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