The two-horse race to replace Ben Bernanke as the Fed chairman appears to have come down to gender. In a letter to the president, about a third of Senate Democrats have made clear they would like Bernanke’s deputy Janet Yellen to replace him, primarily — though they do not openly say it — because she is a woman.
President Obama’s remarks about what it is to be an African-American in America have disturbed those who prefer to believe our nation is color-blind. That was always a myth, like the notion we are a “melting pot” of nationalities, all heaving together toward a common end. Even in New York, the most cosmopolitan of cities, racial groups tend to keep to themselves and differences survive across generations.
The Senate filibuster deal was a good start. It showed both sides can work together if they are threatened with the prospect of a chamber frozen in impotence. But compromise remains a dirty word among many conservatives and libertarians in Congress who would rather accomplish nothing than find a way to achieve something. They are not only wasting their own time and our money, they are standing in the way of conservative or libertarian achievements.
Now, after a torrid summer marred by natural tragedies, needless death, and devastating destruction, comes undiluted happy news. Kate, Duchess of Cambridge, has given birth to a prince. So, the first child of a commoner to be welcomed into the British royal family in modern times (Wallis Simpson tried to gatecrash in 1936 and was promptly asked to leave) has delivered an heir to extend the Windsors’ influence into the next generation.
Rupert Murdoch has been summoned back to explain to British lawmakers comments he made at a private meeting with his London tabloid journalists. It seems that whatever regrets he has expressed in public about the phone-hacking and police bribery scandal that has so far cost his company $57.5 million, in private he thinks the affair has been overblown. There have been 126 arrests so far, with six convictions, a further 42 awaiting trial, and up to 10 more awaiting charges.
Everyone has been taken by surprise by the speed with which Americans have embraced the notion of gay marriage. Even progressive leaders like President Barack Obama and Hillary Clinton were left playing catch-up. Now, it seems, sexual peccadilloes by politicians are no longer thought grave enough for them to be cast into the outer darkness forever. Are we becoming a super-liberal society? If so, what happened to the “moral majority” that dominated politics for so long?
In his baccalaureate address at Princeton this year, the Fed chairman Ben Bernanke defined economics as “a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong.” He added, “About the future, not so much.” Put another way, economics is a science that can mean what economists want it to mean. As W.C. Fields replied when asked whether poker was a game of chance: “Not the way I play it.”
Now comes the hard part. Fed Chairman Ben Bernanke’s announcement that if the conditions are right he will wean the U.S. economy off quantitative easing within a year has already caused consternation in the stock market. Pumping money into the system by buying back government bonds at the rate of $85 billion a month has lately done little good, which is a persuasive reason to wind it down. But getting from here to there without incident is not going to be easy. It was simpler for Howard Hughes to land his gargantuan super-plane, the Spruce Goose.