Archive for the ‘Speeches’ Category
Remarks by Greg Ip, Donald W. Reynolds Distinguished Visiting Professional
Washington & Lee University, Feb. 5, 2009
When confronted with new challenges, we all look for analogies in our personal experience. To me this crisis feels in many ways like the financial equivalent of 9/11. Like most of you, I remember 9/11 quite clearly. It was Tuesday morning and our staff meeting in the Wall Street Journal’s Washington bureau was about to begin when the planes struck. After realizing what was happening, we got to work reporting the story. When I was done that evening, I went home on the subway. There were far fewer people than usual. And as I watched others ride the escalator up with me, I wondered, how many of us really know how much our lives are about to change?
I recently had a very similar feeling. Read the rest of this entry »
Remarks by Greg Ip to the Money Marketeers of New York University, Jan. 16, 2008
Ben Bernanke delivered a forceful speech in Washington last week suggesting the Fed was going to be quite a bit more aggressive about easing monetary policy. It made quite an impression on a lot of people. J.P. Morgan’s report was called: “The Chairman takes charge.” Lyle Gramley’s report was titled: “Bernanke stands tall.”
These broker notes reflected the suspicion that before that speech, Bernanke had been something of a shrinking violet, letting his lesser ranked officials overpower his message and sway his policy. He was too academic, dwelling on the ins and outs of liquidity policy and inflation expectations when what the U.S. wanted was lower interest rates, yesterday.
Interestingly many of these qualities were being praised when he was nominated in 2005. Bush had been perceived as putting loyalty above qualifications and installing polarizing outsiders to run institutions like the CIA and the World Bank. He drew sighs of relief when the man named to run the Fed was someone with a reputation for being collegial, nonpartisan, of great technical ability, and with no record of partisanship. Far from sharing the administration’s penchant for secrecy, Bernanke was a longstanding advocate of more openness. Read the rest of this entry »