What are you dealing with right now? : Financial armageddon - but i remain ever hopeful!
My story: Once the government does its job, i'll be remembered forever.
Pour it all out. Everything. You may even feel better for it...
It's not easy holding the keys to the world's biggest bank vault but with the wisdom, sincerity, and effort displayed by elected representatives, I am more than comfortable that this great country of ours will eventually defeat the demons of recession. My world of hope doesn't have a lot of angst in it, because I am dropping so many billions of the green foldy ones from my helidcopter that it is sure to spread joy and happiness across the land.
At least, if I were the great Ben Bernanke then that's what I would be saying. But I'm not - Ben Bernanke that is. I'm... someone else. Not Ben.
If I was Ben Bernanke then I would have no qualms printing billions and billions and billions and billions of dollars into the economy because I have (uh.. "would have") absolute faith that when the time comes, the great parliamentary leaders of this even greater nation, will put aside their differences, and work towards the common goal of navigating through the remaining obstacles and outcomes of what is referred to as the "Global Financial Crisis".
Some people are arguing that the first round of banker support and money printing that I (not I - Mr Ben Bernanke) released was ineffective. That it just enriched the banks and their management teams, boosting multi-million dollar bonuses and paypackets. If those cynical people only knew those banking leaders as well as I do then they would know that these paragons of virtue are only ever acting in the best interests of the country. If they do well - then this great country does well.
It's kind of like a King Arthur thing - the land is Arthur and Arthur is the land... so long as Arthur prospers, so too will the land and its people. That's how the bankers of our great country operate. It's really a quite mythical and magical link that most commentators seem to gloss over. Arguments about the size of salaries and bonuses seem to ignore the fact that a million dollar salary doesn't buy the same lifestyle that it did just a few years ago. And I know for a fact that some of those hard working men and women actually lost their bonuses completely when their banks lost a few billion here and there. The banks are still there, aren't they? And they'll make money again later, so why pick on the guy at the top just because he happens to be at the top at a bad time? Those bank management teams are suffering too, you know.
To make sure those fine people at the top were able to do their job, there may have been a few extra hundred billion or so thrown their way... but these journalists suggesting trillions are being just a bit enthusiastic. And remember, we can be ever hopeful that more money is a good thing - always!
My second round of passing money into the economy has also been labelled a failure. That's so very untrue. What do you think caused the commodity boom? Those taxpayer dollars have been well spent because making the country borrow more has actually REDUCED the interest rate we all pay on the country's debt. That's not a failure - it's an absolute miracle!
With millions of people on food stamps, and millions of people looking for work, it's pretty clear that my giving large lumps of money to our great banking institutions will be the pivotal point in our emergence from the GFC slump, and that's when all this hope will turn out to be just fine and dandy. That money is going to some of the biggest banks in the world and they take their social responsibilities very seriously - just look how quickly major banks have paid their fines and penalties imposed by governments and regulators. If that's not good citizenry then what is?
This third attempt will work better because it is better - and bigger. Heck, this great country was founded on "bigger is better"! And you can be sure that those great big, friendly global banks are working hard to make sure it is better this time. And you just know you can trust them.
How often are you gripped by angst, despair or most horribly, both? I'm not - the world will be a better place if I can just coat enough of it with enough US dollar bills...