Posted on 05/10/2010 7:35:05 PM PDT by Libloather
Diminished prospects
J.C. Arenas
May 10, 2010
Yesterday, the Associated Press reported on Ben Bernanke's commencement address to the newest class of graduates from the University of South Carolina.
On this special day, when graduates officially transform from kids just trying to amass credits to earn their respective degrees to grown-ups just trying to earn a living, they were treated to his pessimistic anti-prosperity theme, "money can't buy you happiness."
"We all know that getting a better-paying job is one of the main reasons to go to college. But if you are ever tempted to go into a field or take a job only because the pay is high and for no other reason, be careful! Having a larger income is exciting at first, but as you get used to your new standard of living and as you associate with other people in your new income bracket, the thrill quickly wears off."
Bernanke even cites a study conducted on lottery winners to substantiate his claim, and well of course, he can speak from his own experience; he's a millionaire.
As the Chairman of the Federal Reserve, Bernanke earns just over $200,000 a year. In addition to his earned income, he receives passive income between $150,000 and $1.1 million from royalties for two textbooks he authored and portfolio income between $25,000 and $80,000 from two annuities.
While I'm sure the polite graduates were thankful to have such a successful and powerful individual address them on their special day, and applauded him accordingly, they should have flipped him the collective bird, or in this case, gamecock.
As Federal Reserve Chairman, Bernanke has helped navigate the country's sinking ship as it continues to steer itself into one financial iceberg after another. This class of graduates, among many others, will suffer for it. They will have to prepare themselves to live in a country where high unemployment becomes normal, especially among the 18-24 demographic, and when their government decides to service its out of control debt, they will see more of their hard-earned money yanked from their wallets following the implementation of higher taxes.
Ultimately, many of these graduates will face the reality that they will not be able to provide their children with the same quality of life that their parents have been fortunate enough to provide them.
Bernanke knows this, and his message is preparing them for it. He's conditioning them to not worry about high earnings because after all they'd be unhappy anyway. Hey, you can trust Ben, even though he's rubbing his success in your faces, he's still trustworthy because he's speaking from experience.
But riddle me this: if Ben's so unhappy, why doesn't he give up his wealth?
Why doesn't he quit his job at the Federal Reserve, donate his royalty checks to charity, and take his annuities and go live in the Dominican Republic or Panama for the rest of his days?
I'm sure Mr. Bernanke is just fine with the life he has been able to lead, one that has been filled with opportunities that have enabled him to be prosperous, which is why his address is nothing short of disgusting.
My suggestion, don't invite this man to your commencement until he is ready to ensure that the future generations of this country can decide for themselves if their own prosperity makes them happy or not, instead of being forced to just take his word for it.
He's selling you contentment with a life of poverty; you don't have to buy it.
May 10, 2010
Story #1: Bernanke to Graduates: Money Makes You Miserable
RUSH: Since we're talking about money today, and since we are talking about commencement speeches, there's another one that I would like to clue you in about. J. C. Arenas, the American Thinker, reminds us: "[T]he Associated Press reported on Ben Bernanke's commencement address to the newest class of graduates from the University of South Carolina. On this special day, when graduates officially transform from kids just trying to amass credits to earn their respective degrees to grown-ups just trying to earn a living, they were treated to [Bernanke's] pessimistic anti-prosperity theme, 'money can't buy you happiness.' 'We all know that getting a better-paying job is one of the main reasons to go to college.
"'But if you are ever tempted to go into a field or take a job only because the pay is high and for no other reason, be careful! Having a larger income is exciting at first, but as you get used to your new standard of living and as you associate with other people in your new income bracket, the thrill quickly wears off.'" What would you think, Dawn, if your daughter went to a commencement speech and the chairman of the Federal Reserve basically said, "Don't try to earn a lot of money; you're only going to be miserable," when he himself is a multimillionaire? What I would think is that this guy knows where we're headed and is trying to set me up to understand I ain't going to earn a lot of money ever again, 'cause we're just in too much debt. "Bernanke even cites a study conducted on lottery winners to substantiate his claim, and well of course, he can speak from his own experience; he's a millionaire."
Now, comparing college graduates to lottery winners doesn't quite work for me. I mean, we've all known lottery winners who win the big bucks and have blown it inside of a year. Well, there's even a group down here, some group of people that formed to start a business to help lottery winners manage their new wealth (while taking some of it at the same time from them), of course, for the advice and the service. "As the Chairman of the Federal Reserve, Bernanke earns just over $200,000 a year. In addition to his earned income, he receives passive income between $150,000 and $1.1 million from royalties for two textbooks he authored and portfolio income between $25,000 and $80,000 from two annuities." So Mr. Arenas writes, "While I'm sure the polite graduates were thankful to have such a successful and powerful individual address them on their special day, and applauded him accordingly, they should have flipped him the collective bird...
"As Federal Reserve Chairman, Bernanke has helped navigate the country's sinking ship as it continues to steer itself into one financial iceberg after another. This class of graduates, among many others, will suffer for it. They will have to prepare themselves to live in a country where high unemployment becomes normal, especially among the 18-24 demographic, and when their government decides to service its out of control debt, they will see more of their hard-earned money yanked from their wallets following the implementation of higher taxes. Ultimately, many of these graduates will face the reality that they will not be able to provide their children with the same quality of life that their parents have been fortunate enough to provide them. Bernanke knows this, and his message is preparing them for it. He's conditioning them to not worry about high earnings because after all they'd be unhappy anyway.
"Hey, you can trust Ben, even though he's rubbing his success in your faces, he's still trustworthy because he's speaking from experience." So the question is: "If Ben's so unhappy, why doesn't he give up his wealth?" He is right about one thing. If you pursue the dollar and only the dollar, you probably aren't going to be happy no matter how much of it you earn, but I don't think that's the point he was making. He didn't get specific enough on that point to convince me that's what he was really talking about. So I think that Mr. Arenas here in the American Thinker is right. He's just prepping them for the likelihood that they're not going to have the same opportunities their parents did (paraphrase): "And so take it from me! I'm the guy in charge of all the money. You're not going to have much and you'll be happier for it. Trust me! Trust me, I have a lot of money and look at me. I'm miserable every day. Although I'm not giving my money back, I'm still miserable. You would be, too, if you had my job. I'm the sole architect, along with the regime, of bankrupting the country -- and Greece -- and we're doing it for you."
bttt
Typical commie psychobabble. Hey Bennie! Try buying a car or a house without it. What a moron.
Because Bernanke is being a typical limousine liberal. “I got mine, now I’m kicking away the ladder”.
I take it Bernanke votes Socialist ‘Rat.
Rush advocates pursuing your passion. There's a good sound practical reason--you'll perform better at something you're passionate about. If you love what you do, and are steeped in your work, then you'll constantly sharpen your saw, you'll do the extra things, and your burden will be light, because it won't feel like a "job." If you are a professional, that means you profess to be something or somebody. You have to believe in what you do.
All that said, Ben probably spoke too much in the negative about money, and perhaps didn't highlight the positive side of the same thought---don't do it for the money, do it because you BELIEVE in it. And the money will come.
Anyway, not a big fan of Bernanke or anything. But I think what he said has some truth in it. He maybe could be more balanced about it. Don't be afraid to make money. Just don't it ONLY for the money, or you won't be satisfied. I believe that.
In Bernanke’s vision (Obama’s and the dem’s too), being a blacksmith would be a great job. Or a baker or a farmer. These are professions you can strive towards. There are enough Lords, Dukes and Barons already.
I wannbe the Earl of Bert!
Where is my money!
Sir Ben of Bernanke hearby dubs you the Earl of Bert.
Where is my money!
Sir Ben of Bernanke just lent your money to Europe.
Bernanke to graduates: You’ll like gruel. It takes getting used to, but it’s really nutritious.
I want to be more miserabler. I want to be the miserablest miser in the whole wide world.
...”This class of graduates, among many others, will suffer for it. They will have to prepare themselves to live in a country where high unemployment becomes normal, especially among the 18-24 demographic, and when their government decides to service its out of control debt, they will see more of their hard-earned money yanked from their wallets following the implementation of higher taxes.”...
These college students are the same unthinking dumbasses who put Barack Obama in office. The sowed the wind, now they shall reap the whirlwind. I don’t feel sorry for the morons....in their zeal to vote for the cool (but completely unsuitable) “black dude” they fuc*ed America and themselves. But, they were too stupid to know it back in 2008.
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