Yesterday the chairman of America's central bank addressed the nation from none other than Morehouse College in Atlanta, Georgia. Morehouse is a distinguished Historically Black College (HBCU), unique in that it is the only HBCU just for men. Bernanke made a strong statement by choosing the college for his remarks, as degree-seeking students are suffering disproportionately in the current recession.
Relative to their majority counterparts, minority-serving institutions on average have smaller endowments and higher percentages of students from less wealthy families, which means more Federal financial aid dollars per student. For these reasons - amid myriad shared threats to the viability of colleges and universities nationwide - HBCUs are petitioning alumni and outside donors to help struggling students stay in school. The reality for many HBCU students is that higher education is a luxury, not the standard.
Which brings us back to Mr. Bernanke, whose visit to Morehouse was unprecedented by our nation's most prominent economist. He is also trailblazing new ideas to make the Federal Reserve less mysterious, less sphinx-like to the American Public. Whereas in the past, the Fed was notorious for keeping taxpayers in the dark, a new day has arrived. In an online article in the Wall Street Journal it is revealed that the American Fed is considering holding regular news conferences to debrief the public on the Bank's strategies and concerns. The European Central Bank already provides this invaluable service to its citizens.
To back his statement, Bernanke said he is "fundamentally optimistic" about the U.S. economy. Saying,
"Recently we have seen tentative signs that the sharp decline in economic activity may be slowing....A leveling out of economic activity is the first step toward recovery."
Delasol is a business built on education and information. For this reason we strongly advocate Bernanke's proposed role as the nation's "Professor-in-Chief" (the WSJ's term, not ours). Information and preparation are the keys to success. Educate us on the issues, Ben.
How do you feel about a more open central bank?
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