The BBI (I just made it up) is trending lower, and is near an all time low and for good reason, much the same reasons as at any organization facing a crisis. Think of the recent Toyota recall (sudden unintended acceleration) or one of the first, 1980's Johnson & Johnson (botched Tylenol recall). Poor PR fundamentals, poor communications.
- Admit the truth - THE WHOLE UNVARNISHED TRUTH!
- Tell us what YOU know, when you knew it or should have known it - all of it!
- Name names.
- Explain how it happened - including your own shortcomings - UNVARNISHED!
- TELL US what you tried that failed and why.
- Tell us how your Princeton text book admonishes students to become "Economic Naturalists," to observe and question all around but appears slipped by and STILL evading YOUR attention. http://search.barnesandnoble.com/Principles-of-Macroeconomics-DiscoverEcon-code-card/Ben-Bernanke/e/9780073230610
- Tell us what we can do to understand and help do our part.
- Keep us timely and properly, not selectively informed.
- We now know (and or should have known) that you're not a magician; but we do expect and DESERVE NOTHING LESS THAN THE WHOLE TRUTH.
- Last - fiduciaries serve voluntarily; at any time you can and should choose to resign - it's OK- we're adults, we can accept it - we'll be that much further along the road of the truth, then Recovery.
Bernanke action / inactions a potential BFD; breach of fiduciary duty.
Bernanke owes a fiduciary duty to the US taxpayer; period. What Bernanke can learn from OLDCAR; the acronym that describes basic fiduciary duty Bernanke OWES to the US Taxpayer, all American citizens' current and future generations.
- O = Obedience to the Fed Charter, stable prices, stable asset prices (not housing bubbles), full employment. NOT using the Fed's Balance Sheet as a vessel to hold "toxic er excuse me AAA rated assets" YOU gladly exchanged for CASH to certain Banks.
- L = Loyalty, see below.
- D = Disclosure, see below
- C = Confidentiality; to keep client's affairs private, secure but does not apply here.
- A = Accounting, show us what's ON the Fed's trebled-in-2 years $2T balance sheet and valuations thereon in contrast to the FDIC's recent SSGN 1, 2, 3 (~0.50 cents on the dollar) implied valuations. http://www.fdic.gov/news/news/press/2010/pr10050a.html
- R = Reasonable Care. Reasonable does not apply here Bernanke is EXPERT. That means EXPERT level Care. Care is defined below.
- Disclosure - that means full disclosure; no hiding whatsoever' it's 2010 not 1910! or even 2000!
- Skill - use the ALL the skills you have; that includes telling the truth.
- Loyalty - the interests of US taxpayers come FIRST; not your agenda, NOT a narrow certain group like the Federal Reserve Bank District east of the Hudson!
- Care - Investigate BEFORE taking action or inaction, then continue to perform your "due diligence"
- Impartiality - NOT favoring one class of beneficiary over another; in other words not favoring the current generation at the expense of the future.
Helping to address the siesta on the US taxpayers dime - one easy to read blog at a time.