We’ll never have a good economy for ordinary people as long as this happens:
Reuters on Ben Bernanke’s post-Fed career:
Bernanke was paid at least $250,000 for his first public speaking engagement, in Abu Dhabi, since stepping down in January, according to sources familiar with the matter. That compares to his 2013 paycheck of $199,700, and the appearance was only the first of three around the world this week.’ (two weeks ago)
Ben Bernanke bailed out investors to the tune of trillions of dollars. Now they are making sure he, personally, will be rich, so that no Federal Reserve Chairman ever thinks of not putting them first, second and last.
You cannot, and will not, have a good egalitarian economy while this sort of thing goes on. It is not possible. Those who have been in such positions should be given a very nice pension (say 5x median income) and not allowed to keep any additional earnings for the rest of their lives.
I can hear fools squealing already “gold plated pensions” and “paying them not to work” and “not fair”.
It would be far cheaper than the status quo. Far, far cheaper. Right now people like Ben Bernanke and Bill Clinton (worth 100 million after repealing Glass-Stegall and pushing through NAFTA) don’t work for you, they work for the people who will make them rich after they leave office. That costs you far far more than a generous pension for the rest of their lives.
