All HAIL, Bernanke SPEAKS

The folks at MIT must be ready to climax.

Shortly, they can lay claim to having the most powerful man in the world emerge from their ranks. And, they've invited the '79 alumnus to speak at their 2006 commencement.

In all fairness, MIT has a number of Nobel Prize winners among its alumni. But, Bernanke's appointment as Chairman of the Federal Reserve will be a first for the illustrius small town institution.

“I think he will be independent and apolitical,” said Robert M. Solow, professor emeritus and Nobel Laureate of Bernanke.

Hell, yeah! Business is business.

Nevertheless, according to the New York Sun, his friends say he's a “a deceptively shrewd politician.”

I have to concede that Bernanke was right when he argued "that maintaining the gold standard during the Great Depression had worsened America’s economic woes."

Gold is difficult to circulate and easier for the money masters to hoard. It's a terrible alternative to dollars.

Finally, the head of MIT's Economics Department described “Greenspan [as] an individualist with an eclectic, adaptive approach to monetary policy,” but insisted that “[u]nlike Greenspan, Bernanke believes in setting inflation targets and sticking to them.”

Setting inflation "targets?"

I thought the plan was to "AVOID" inflation.

On that note, I'll leave you with a fabulous (and true, very true) comment from a diary I posted on Daily Kos yesterday:

All I Know About the Fed

The Fed has a room in an ornate building.

In the ornate room in the ornate building is a Magnificent Lever.

Alan Greenspan (genius! inscrutable genius! oracle of Daddy Warbucks!) has now bequeathed the lever to Bernanke (Rock Solid!).

Soon, Bernanke will again approach the lever, and while the nation waits with profound financial anticipation, he will boldly grasp the lever, and move it just a tiny increment up or down.

And thus interest rates will change.

I wish I had a job like that.

by Gabby1984 on Mon Dec 12, 2005 at 05:55:09 PM PDT

Brilliant! Thanks, Gabby!