Remember the movie "Being There"? This 1979 film was Peter Sellers' last next to last. The role he played -- Chauncey Gardiner -- was also the one he said was among his hardest because the character had no real personality. He delivery had to be flat and virtually emotionless.
The key thing about Chauncey Gardiner was that everyone who talked with him heard him say what they wanted to hear. Although he spoke in broad generalities, people heard specifics about exactly what they were talking about.
It was hard for me not to think about Sellers' portrayal of Gardiner when I read this quote from Ben Bernanke in an Ed Andrews story published in the New York Times last Friday:
“When the economic outlook has improved sufficiently, we will be prepared to tighten the stance of monetary policy and eventually return our balance sheet to a more normal configuration,” Mr. Bernanke promised.
I have one question every time a Fed chairman or governor makes a statement like this: WHY DOES ANYONE THINK THIS IS NEWSWORTHY?
Better yet...
Like any pronouncement from Chauncey Gardiner, does this really say anything?
Isn't this almost right out of a monetary policy textbook rather than an indication of a change in Fed policy?
Isn't the Fed always prepared to tighten or loosen the stance of monetary policy when the economic outlook improves or deteriorates?
This is not to criticize either Bernanke or Andrews: One spoke, the other reported. But who was "Being There" really about? Chauncey or the people who heard what they wanted to hear?
Peter Sellars
His last movie was actually, "The Fiendish Plot of Dr. Fu Manchu."
As for your point, agreed.
Peter Seller's last movie was
Peter Seller's last movie was "The Fiendish Plot of Dr. Fu Manchu."
Bernanke on Fed policy
Trying to interpret meaningless statements is common. The point is that people will believe whatever they want to believe. All they need is an excuse, no matter how feeble. Thus, you have people with no knowledge whatsoever about health policy believing people who are feeding them obvious lies, and who have a long history of telling obvious lies, because they would like to believe that they are hearing the truth.
The greater the ignorance, the greater the certainty.
Bernanke on Water
Hopefully Bernanke will turn out to be an idiot savant like Chauncey Gardiner, and he will, to the audience's utter amazement, put an end to this whole affair by walking on water. And yes, he should push his umbrella down into it also, o ye of little faith! Not a particular fan of old Ben, actually, just pointing out that you have to be careful when you use analogies like this; you never know where they may lead.