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BERNANKE COMMENCEMENT SPEECH

A nice personal touch from the Fed Chairman.  Well worth a weekend read:

https://www.federalreserve.gov/newsevents/speech/bernanke20090522a.htm

We all have moments we will never forget.  One of mine occurred when I entered Harvard Yard for the first time, a 17-year-old freshman.  It was late on Saturday night, I had had a grueling trip, and as I entered the Yard, I put down my two suitcases with a thump.  I looked around at the historic old brick buildings, covered with ivy.  Parties were going on, students were calling to each other across the Yard, stereos were blasting out of dorm windows.  I took in the scene, so foreign to my experience, and I said to myself, “What have I done?”

At some level, I really had no idea what I had done, or what the consequences would be.  All I knew was that I had chosen to abandon the known and comfortable for the unknown and challenging.  But for me, at least, the expansion of horizons was exactly what I needed at that time in my life.  I suspect that, for many of you, matriculation at the Boston College law school represented something similar–a leap into the unknown and new, with consequences and opportunities that you could hardly have guessed in advance.  But, in some important ways, leaving the known and comfortable was exactly the point of the exercise.  Each of you is a different person than you were three years ago, not only more knowledgeable in the law, but also possessing a greater understanding of who you are–your weaknesses and strengths, your goals and aspirations.  You will be learning more about the fundamental question of who you really are for the rest of your life.

3 comments
  1. Avatar
    reddweb

    somehow this does not infuse confidence in me about ben. I though he knew what he was doing(about economy over the last 2 yrs), and not taking a “chance” or gamble. You can do that with your life not the whole-fucking-country or the world for that matter. All the 3 letter schemes and dollars he’s printing, i am afraid there isn’t much left for the next wave(of deflation/deleveraging).

  2. Avatar
    eh

    Have a very hard time taking the guy seriously. I think he’ll be remembered as at best a mediocrity, and at worst as the guy who killed off the dollar as the world’s reserve currency.

  3. Avatar
    Frederick

    “… I really had no idea what I had done, or what the consequences would be…” He, like his predecessor, seems like a decent man; but unfortunately the above quote(granted, taken miles out of context), will be the defining quote of the Greenspan/Bernanke back to back era at the Fed….one big whacky monetary chemistry experiment.

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