Monday, July 27, 2009

Round of Applause for Ben Bernanke

Black Falcons are both natural survivalists, and ambitious hunters. So to be a Black Falcon, a person will need to be able to solve the problems at hand, and at the same time, aim their goals for something greater.

Federal Reserve chairman Ben Bernanke demonstrated these characteristics of a Black Falcon.

In a recent press conference, Mr. Bernanke laid out the plans he and the Federal Reserve has initiated to recover the economy. But he does not stop there. He looks ahead, and predicts that America is going to come back stronger than before the recession.

"I don't think we'll ever completely eliminate financial crises, but there are ways to make sure one this severe never happens again," Bernanke said. "We need to have a council or group of regulators that look at the financial system as a whole and look for gaps. And 'too big to fail' has to go."

"The silver lining in this whole thing is that people are starting to save more, since they saw what happened with 401(k) investments," Bernanke said. "People are adopting good habits, so not only will we will be back on track, but the economy will be stronger than it had been before this started."

It is easy to blame the people on top, like Mr. Bernanke, for job losses and the financial crisis. But it takes a true Black Falcon to take the heat of these blames, and still has the strength to keep going. But Mr. Bernanke not only took the criticism, but also accepts the blame from his audience

"We were late in addressing the subprime lending problem," Bernanke admitted. "We put together a set of rules that apply to all lenders, and I hope that solves the problem, but those weren't in place early enough. We have to take some heat for that, I think that's appropriate."

Even Warren Buffett jumps in to praise Mr. Bernanke. According to him, the United States has a good team leading the Treasury Department and Federal Reserve as it fights what he’s called an economic war. He even went so far to say that he can’t see how the nation could do better than Ben Bernanke as Federal Reserve chairman.

So give Mr. Bernanke a round of applause, Black Falcons.

He deserves it

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