Quote of the Day – Bernanke Edition
“Y’know, you can’t wish these things into being.” – Dan Drezner, commenting on Fed chairman Ben Bernanke’s “eliding of the international dimension of policymaking.”
Much of the commentary I’m seeing on responding to major crises — whether we’re talking about the global financial crisis, energy, climate change, or Middle East peace — these days ignores rather rudimentary international or domestic political realities.
And it’s not just the rubes. Bernanke’s a pretty clued-in operator, after all.
Similarly, I recently participated in a blogger breakfast with “a senior European official” who was both incredibly bright and charming who asserted that everybody already agrees on the outlines of what has to be done to solve the Israel-Palestinian problem and expressed his confidence that we’ll get something done soon. In follow-up, he allowed as to how “everybody” did not include either the Israelis or the Palestinians. A not insignificant exception, I’d say.
you can’t wish these things into being? Huh?
Isn’t that what the entire Obama presidency is based upon?
That was my complaint about Dr. Bernanke’s remarks this morning. I’m not sure how any single country goes about regulating a financial company that has trillions in assets and operates in dozens of countries. The alternatives would seem to be you either don’t let them do that, you create the institutions necessary to regulate ’em, or you take your licks.
We have now entered “take your licks” mode.
I didn’t see it, but other reports have Bernanke trying to line up G20 nations to do similar stimulus.
At this point that is in our interest, obviously.
For those who’ve never read it, the free rider problem puts a lot of real world situations in perspective (the buddy who never orders a pitcher, or covers his tip)