Sunday, November 30, 2008

The Tan Sox Explanation

The December 1 issue of The New Yorker has an excellent article by John Cassidy about Ben Bernanke, chairman of the Federal Reserve Bank. It contains a brief anecdote that I think provides a pretty good illustration of why George Bush has been able to preside so nonchalantly over the greatest financial debacle of his (or my) lifetime.

In June, 2005, Bernanke was sworn in at the Eisenhower Executive Office Building. One of his first tasks was to deliver a monthly economics briefing to the President and the Vice-President. After he and Hubbard sat down in the Oval Office, President Bush noticed that Bernanke was wearing light-tan socks under his dark suit. “Where did you get those socks, Ben?” he asked. “They don’t match.” Bernanke didn’t falter. “I bought them at the Gap—three pairs for seven dollars,” he replied. During the briefing, which lasted about forty-five minutes, the President mentioned the socks several times.

The following month, Hubbard’s deputy, Keith Hennessey, suggested that the entire economics team wear tan socks to the briefing. Hubbard agreed to call Vice-President Cheney and ask him to wear tan socks, too. “So, a little later, we all go into the Oval Office, and we all show up in tan socks,” Hubbard recalled. “The President looks at us and sees we are all wearing tan socks, and he says in a cool voice, ‘Oh, very, very funny.’ He turns to the Vice-President and says, ‘Mr. Vice-President, what do you think of these guys in their tan socks?’ Then the Vice-President shows him that he’s wearing them, too. The President broke up.”
If you can fully occupy your mind with the color of officials' socks, what need to clutter it up with information about the nation's economy?

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Comment by Anonymous Debora Weber-Wulff:

So that's what they spent all their time on when they should have been running the country....

11:26 AM  

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