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overtheedge
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Ben Bernanke's Commencement Address at Princeton - Jesse - Le Café Américain

"...my colleague also used to say that, from a financial perspective, the experience was like buying a new Cadillac every year and then driving it off a cliff. ..."

And still this colleague didn't learn. Birds of a feather?

"A dozen years ago I was minding my own business teaching Economics 101 in Alexander Hall ..."

From Econ 101 to Fed chairman.

"In case you are skeptical of Forrest Gump's insight, ..."

Fictional character who scored slightly above idiot lent you deep insight?

"Putting aside the reality that no system, including our own, is really entirely meritocratic, meritocracies may be fairer and more efficient than some alternatives. "

If it doesn't exist, why comment at all? Or are you having a Forrest Gump moment?

""From everyone to whom much has been given, much will be required; and from the one to whom much has been entrusted, even more will be demanded" (Luke 12:48, New Revised Standard Version Bible)."

Just you keep this in mind, so no whining now. Okay?

"They're more fun to have a beer with, too. That's all that I know about sociology. "

And economics is?

"Honest error in the face of complex and possibly intractable problems is a far more important source of bad results than are bad motives. "

So again we retreat to the Forrest Gump model.

"However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data."

Uh-huh. Now I understand why an economy that uses PMs as currency/currency backing is flawed.

"10. Call your mom and dad once in a while. A time will come when you will want your own grown-up, busy, hyper-successful children to call you. Also, remember who paid your tuition to Princeton. "

So now go clean the basement "Mr. When I Have a Big Time Degree From Princeton" working part-time at the coffee house, moved back in with mom and pop with a $165K student loan, smart guy that we co-signed for. We aren't paying for your girlfriend's abortion so wear a condom or didn't you learn that at Princeton either? Just what did you learn?

Commented 4182 days ago

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Beginning of the headline :There is nothing particularly earth shattering revealed here, just a few choice tidbits perhaps. I just enjoyed this speech. Ben S. Bernanke speaking at the Baccalaureate Ceremony at Princeton University, Princeton, New Jersey June 2, 2013 The Ten Suggestions It's nice to be back at Princeton. I find it difficult to believe that it's been almost 11 years since I departed these halls for Washington. I wrote recently to inquire about the status of my leave from the university, and the let... Read More

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