Ben B Is No Ali G, but He Does Run the Fed

Federal Reserve Chairman Ben Bernanke's unusual speech to Harvard College's graduating class on Wednesday sounded like part economics lecture and part presidential stump speech.

Bewildered students, expecting a bit more on the inspiration and a bit less on inflation, reminisced about last year's charmer of a speaker, Bill Clinton.

Still, for a man who just gave a talk called "Liquidity Provision" to a credit risk conference in Switzerland, Bernanke came off as a man who knew which way the political winds blew: He he riffed on educational reform, energy efficiency, and the injustice of the distribution of wealth in America.

"What should we do about rising economic inequality?" Bernanke asked 8,000 students, faculty and guests in Cambridge, Massachusetts. "The best way by far to improve economic opportunity and to reduce inequality is to increase the educational attainment and skills of American workers."

He called for government investment in science research, new regulations to support "social objectives" like protecting the environment.

Mirroring the themes of both party's presidential candidates, he urged the nation to become "much more energy efficient" to ward off a 1970s-style energy crisis.

At times, the speech sounded indistinguishable from the Barack Obama rally in Minnesota on Tuesday night, in which the presumed Democratic nominee stood up for "transforming how we use energy, and improving our schools, and renewing our commitment to science and innovation."

Bernanke took his hardest swings at the educational system.

"Inequalities in education and in access to education remain high," he said. The country, he added, should "recognize that education should be lifelong" and include strong vocational schools and on-the-job training.

"All of these are vehicles of demonstrated value in increasing skills and lifetime earning power," Bernanke concluded.

On campus, at least, the presence of the Clintons was felt, even in absentia. "Last year, everyone in the audience was just completely enamored," said Harvard Crimson president Malcom Glenn. "It didn't seem like anyone was terribly inspired by Bernanke's speech."

Bernanke acknowledged his lack of star power.

"Central bankers don't do satire as a rule, so I am going to have to strive for 'kind of interesting,'" he said.

If the students wanted satire, he added, they should have invited Ali G.

by Daniel Sorid