| From the President |
May 10 |
|
| Zen Master Bernanke |
|
|
Ben Bernanke, Chairman of the US Federal Reserve, advised students to seek satisfaction beyond wealth. The advice came to newly-minted graduates at the University of South Carolina, many of whom were undoubtedly worrying about how to pay their college loans as they sat listening to Bernanke.
"Having a larger income is exciting at first, but as you get used to your new standard of living and as you associate with other people in your new income bracket, the thrill quickly wears off," he said.
This sounds like good advice with one caveat. First, you need an income which tends to be associated with having a job. Many of this year’s graduates have dim prospects for securing a job, any job. And they join some of previous years' graduates in the same fix.
With joblessness approaching 20% for people aged 18 to 24, prospects are not that good. The overall unemployment rate just edged up to 9.9% because, according to the experts, people are feeling hopeful. We tend to think that people are feeling desperate.
It’s a wonderful thing that Ben Bernanke wants to spout discount Zen philosophy from a commencement podium. We see some merit in espousing the Tao over the Dow as a way to find inner peace given the stock market's recent gyrations.
But as Bertolt Brecht wrote, “First comes the bread, then come the morals.”
The US economy needs further reinvigoration, and credit needs to be opened up. Jobs need to be more abundant. The infrastructure needs to be updated, and education needs to be supported .Healthcare needs to be uniformly accessible. Finally, America needs an industrial policy that keeps the country strong and at work.
Accomplish that, Mr. Bernanke, and it’s time for a national frat party. Or perfect bliss. Your ch |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
| S |
M |
T |
W |
T |
F |
S |
|
|
|
|
1
|
2
|
3
|
4
|
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
|
26
|
27
|
28
|
29
|
30
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Union Sportsmen |
|
 |
|
|
| |
|
|
|
|
|
|
|
|
|
