Quote of the day: Michael Douglas as Gordon Gekko

Ben Bernanke and Alan Greenspan have been the worst monetary stewards in U.S. Federal Reserve history. A former Fed Chairman William McChesney Martin Jr. once said it was the Fed’s job “to take away the punch bowl just as the party gets going.” Alan Greenspan and Ben Bernanke, with their easy money polices, failed to do so. Their role is one of oversight, not befriending Wall Street.

Therefore, I must quote from Michael Douglas in the classic 80s movie “Wall Street“:

If you need a friend, get a dog.
Gordon Gekko

Something for Chairman Bernanke to think about. Oh, and check out the mobile phone Michael Douglas is using in the movie — doesn’t exactly fit in the pocket, eh? I love the 80s.


About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.