So Janet Yellen is giving the old Knute Rockne routine to the graduates at NYU.
Yellen tells graduates: Show grit like Bernanke
“We’re going inside ’em… we’re going outside ’em… and when we get ’em on the run once, we’re gonna keep ’em on the run!” –Knute Rockney
“My predecessor at the Fed, Chairman Ben Bernanke, demonstrated such courage, especially in his response to the threat of the financial crisis. To stabilize the financial system and restore economic growth, he took courageous actions that were unprecedented in ambition and scope.”
It takes a lot of courage to double down on the same stuff that created the financial crisis to begin with. Putting out fire with gasoline… yes, that takes courage.
“But he stood up for what he believed was right and necessary.”
What, like policy-induced booms and busts rolling on and on and on? Okay, so we’re on a boom and Bernanke is a hero currently. What does that have to do with these kids’ futures? He stood up for the here and now and did a great job in bailing out the people who wrecked the system (and asset owners in general) at the expense of Grandma and other savers.
“But his grit and willingness to take a stand were just as important. I hope you never are confronted by challenges this great, but you too will face moments in life when standing up for what you believe can make all the difference.”
He did have a lot of balls, I grant you.
