Sometimes I seek opportunity. Sometimes opportunity is thrust into my lap. The latter just happened with this unbelievable screed written by Paul Farrell today at the Wall Street Journal‘s MarketWatch. He decries the failed attempts by Fed governors going all the way back to Alan Greenspan to reinflate the economy. Bernanke continued them under Obama:
Now, Bernanke and Obama policies continue, favoring banks with their high-speed, cheap-money printing presses. And if America’s accelerating debt is the metric, historians are already judging Greenspan harshly.
In the future, history will be even harder on Bernanke…
Why, exactly? Farrell says it’s the free market philosophy embraced by Greenspan! Here’s Farrell:
Seems like just yesterday his mentor Alan Greenspan admitted to Congress that he “found a flaw” in the “free market ideology” that drove America’s monetary policy for his tenure as Fed chairman. Yes, “flawed;” it took him and America to figure out that self-regulated free markets did “not work.”
He’s nervous about what the Fed has been doing, ever since Greenspan:
Hiding behind the illusion of today’s latest stock-market records is an economy and markets that are peaking, near crashing. Yet our leaders are in denial. A new bubble is blowing, bigger than the 1990s dot-com mania, bigger than Wall Street’s credit meltdown, both driven by the same flawed monetary ideology that’s now a virus spreading across America’s political system.
The “cure” for this “free market virus?” Farrell has the answer! Or at least he quotes someone who he thinks has the answer: Brian Frawley. Frawley is so well known that I can’t find anything about him anywhere. Nothing at Wiki. Nothing on Google.
Nevertheless, Farrell plows ahead. Here are Frawley’s ”six essential criteria slightly adjusted for the selection of the next Fed chairman:
Visionary. What kind of strategic-thinking ability has this leader demonstrated that suggests he will be able to pull together and communicate a compelling and unifying vision for America’s future?
Manager. Has this leader demonstrated an ability to effectively govern a large and complex bureaucracy? Is he a good judge of talent and willing to delegate critical management roles to the right people?
Communicator. Is this leader an extraordinary communicator, willing and able to utilize the electronic and social media to reach out to people across cultures and generations?
Relationships. Has this leader developed strong relationships with other leaders, internationally and domestically, that can be leveraged to break down barriers and forge new and dynamic partnerships?
Courage. How courageous and forceful will this leader be to push for changes that will cultivate broader ownership and participation in decision-making among all members?
Integrity. Is this person seen as a leader of unfailing integrity who has not in the past and will not in the future succumb to the temptation to compromise core values?
And just whom does Farrell think best exemplifies Bernanke’s successor (his term is up next year)? Wait for it … Michael Bloomberg, presently serving humbly as the mayor of New York City.
I told you I’m not making this up! Explains Farrell:
Why Bloomberg? Because American needs new blood … we need a decision-making powerhouse like Bloomberg, Wall Street’s visionary, high-tech innovator, philanthropist and proven government leader focused on what’s best for the country and all people.
As I said, sometimes you seek opportunity. Other times … you get lucky.