Ben Bernanke’s Plain Speaking Campaign
Wednesday, April 15th, 2009I think it’s encouraging that, according to the Wall Street Journal, the Federal Reserve and its chairman Ben Bernanke are working to become more open and communicative — not only with the media, but also with the American public. They may even decide to hold regular news conferences
Former Reserve chief Alan Greenspan prided himself on being as unclear as possible. In his 15 years on the job, he did only one on-the-record TV interview and rarely took questions after speeches. His hesitancy to communicate is understandable given that anything he said could cause a major earthquake in the markets.
But I wonder if this lack of clarity is also part of the problem. I doubt that very many people in this country, myself included, truly understand our economic system, let alone what caused the crisis we’re in and how the government plans to get us out of it. What people don’t understand they tend to distrust or ignore.
Earlier this year, lack of clear communication from the administration was one of the reasons President Obama had such a difficult time selling his recovery plans. Since then, the White House has been trying harder to keep us in the loop.
According the the WSJ, Bernanke said in an interview, “I think it’s important for the public to understand what is going on and to know that the government is trying to solve the problem. They should know we have a plan and a strategy.”
He’s right. The days of obfuscation are over. We need leaders who can explain to us in clear, simple terms — not economic gobbledygook — just what we’re in for.


