I had a rare day off of work yesterday, which I’m always thankful for. A mid-week day off allows me to scatter about the city running errands I typically would be unable to do.
Today, however, I’ve been glued to the TV. It’s not because Aladdin is making a mid-day appearance or because it’s Adam Sandler Week on TBS; rather it’s because Ben Bernanke is getting grilled by the Joint Economic Committee (10 Repubs and 10 Demmys).
I am probably one of the few fans Ben Bernanke has in our country. Thanks to the media and our government’s finger-pointing ability, the Chairman of the Federal Reserve has received some resentment (much from the JEC and other politicians).
What is the JEC?
“The Joint Economic Committee (JEC) is a bicameral Congressional Committee…[whose] purpose is to make a continuing study of matters relating to the US economy. The committee holds hearings, performs research and advises Members of Congress.”
To paraphrase the above excerpt, they don’t actually do anything. Except for yesterday, they were here to entertain us all.
What is so entertaining?
Economic Question and Answer sessions aren’t supposed to be riveting, but this is fantastic TV. Ben Bernanke answering questions from this congressional panel pertaining to Monetary Policy is like Albert Einstein answering 3rd graders’ questions regarding relativity.
Not following the analogy?
Let’s compare the background of the Chairman and a randomly selected Representative:
- Education: Harvard (Economics), MIT (Doctor of Philosophy)
- Employment: Stanford, Princeton, Federal Reserve
- Experience: Outlined the Bernanke Doctrine and spoke of Great Moderation
- Education: St. Mary’s (Marketing), William Mitchell College of Law
- Employment: MTV, ESPN, State of Wisconsin
- Experience: Appeared on MTV’s Real World and competed in ESPN’s Outdoor Games
As you can see, George Foreman should be the only one grilling.