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Bernanke Jude Wanniski July 12, 2005 |
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From: Jude Wanniski <jwanniski@polyconomics.com
To: Ben.S.Bernanke@ * * * * *.GOV
Subject: bernanke7:21 pm, 7/12/2005
You did well on the housing bubble, but you were not so hot on the Beaver. Here's the back and forth I had with Hoffmeister. But it's your first outing. You'll get better. Jude
From: "Paul Hoffmeister" <phoffmeister@polyconomics.com>
To: "Jude Wanniski" <jwanniski@polyconomics.com>
Subject: RE: bernanke
Date: Tue, 12 Jul 2005 12:01:52 -0400I think Bernanke is saying that we will never return to that subtle economic stability the Cleavers enjoyed after WWII where we had one breadwinner, a stay-at-home wife, a better chance of lifelong employment, and safe company-sponsored retirement plans. Bernanke seems to think that we have such a "dynamic economy" these days that Mrs. Cleaver wants to go back to work, and Ward, Wally & the Beaver will want to change jobs every few years. I wouldn't call this a "dynamic economy", it's more like the chaos economy because of the havoc of a floating dollar which creates extreme "business cycles". Bernanke never mentions that the Cleavers lived with a dollar tied to gold, and today we don't.
-----Original Message-----
From: Jude Wanniski [mailto:jwanniski@polyconomics.com]
Sent: Tuesday, July 12, 2005 11:52 AM
To: phoffmeister@polyconomics.com
Subject: bernanke
What did you think of his speech? Doesn't he seem to be saying we're never going to be able to return to the kind of growth we had in the 1950s, the Leave it to Beaver years?