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Overcoming my turbulence by cutting interest rates

By Ben Bernanke

I was up late last night in turbulence. At 1 am, sticking to my principles by not cutting the federal funds rate seemed like a good idea, especially since book sales are highly elastic — and not cutting the interest rate would hurt sales of Alan Greenspan’s new book, The Age of Turbulence [For My Successor].

greenspan-book.jpg

I woke up this morning to over 30 voicemails from George, bankers and a few congressmen representing the ugly house constituency, it was hard to follow my resolve from the previous night. I gave in. So sue me. It’ll probably raise my book advance by at least a million after I retire. I just hope I’m not at the business end of a Ponzi scheme.

9/18/2007 6:58 PM EDT, Washington DC
Source URL: http://www.newsgroper.com/ben-bernanke/2007/09/18/overcoming-my-turbulence-by-cutting-interest-rates

Links:
[1] http://www.newsgroper.com/ben-bernanke/2007/09/14/there-can-be-only-one
[2] http://www.newsgroper.com/ben-bernanke/2007/08/23/lack-houses
[3] http://money.cnn.com/2007/09/18/news/economy/fed_rates/index.htm?postversion=2007091814
[4] http://www.dealbreaker.com/2007/09/50_bps_2.php

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