Ben Bernanke: “Like being a paleontologist”

Ben Bernanke: “Like being a paleontologist”

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan’s big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Dede Feldman, “Inside the New Mexico Senate: Boots, Suits, and Citizens” (University of New Mexico Press, 2014)

Dede Feldman, “Inside the New Mexico Senate: Boots, Suits, and Citizens” (University of New Mexico Press, 2014)

Dede Feldman is the author of Inside the New Mexico Senate: Boots, Suits, and Citizens (University of New Mexico Press, 2014). Feldman retired from the New Mexico Senate in 2012 and is a former journalist and now is a political commentator in Albuquerque. Feldman provides a first-hand account of the state legislative process. Her colorful stories of many legends of New Mexico politics reveal the complexity of a part-time legislature. She ends the book with an array of ideas to reform the institution and limit some of the forces she sees as destructive and harmful. The book would make an excellent addition to an undergraduate course in State and Local Government. Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Maj 201422min

Jennifer Stromer-Galley, “Presidential Campaigning in the Internet Age” (Oxford UP, 2014)

Jennifer Stromer-Galley, “Presidential Campaigning in the Internet Age” (Oxford UP, 2014)

The Oxford University Press series on digital politics has produced several new books that we have featured on the podcast. Interviews with Dave Karpf, Dan Kreiss, and Muzammil Hussain are available in previous podcasts. One of the latest from the series is Jennifer Stromer-Galley new book Presidential Campaigning in the Internet Age (OUP 2014). Stromer-Galley is associate professor in the School of Information Studies at Syracuse University. This excellent new book is a bit of a walk down memory lane. Do you remember the early search features on Yahoo! and those slow loading webpages of the late 1990s? Stromer-Galley pieces together the use of the internet from 1996 through 2012. We learn about some of the ways the promise of the internet to democratize the presidential campaign process has largely failed. Presidential websites have nearly always sent information out, but rarely invited information back in. And even when they have, that information has never been as central to the campaign as often promised. Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Maj 201426min

Donald T. Critchlow, “When Hollywood Was Right” (Cambridge UP, 2013)

Donald T. Critchlow, “When Hollywood Was Right” (Cambridge UP, 2013)

It seems that everyone in Hollywood is on the political Left. “Seems” is the operative word here, because there are actually Republicans in pictures, at least according to this website. (NB: I have no idea whether the folks who created this list know what they’re talking about, so beware.) Nonetheless, it’s pretty certain that most–the vast majority?– of Hollywood-types are on the Left. But it wasn’t always so, as Donald T. Critchlow shows in his fascinating book When Hollywood Was Right: How Movie Stars, Studio Moguls, and Big Business Remade American Politics (Cambridge University Press, 2013). There was a time–the 1940s and 1950s–when Conservatives were an important and very vocal faction in Hollywood. This group emerged out of opposition to the New Deal and found their issue in anti-Communism. They were, truth be told, never terribly numerous. But they made up for their small numbers by their political savvy and, ultimately, their ability to produce skillful, viable political candidates. One of them, of course, was Ronald Reagan, who proved to be very skillful and very viable indeed. It’s a remarkable and largely forgotten story. Listen in. This interview is brought to you by Cambridge University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Apr 201457min

Nicholas Carnes, “White-Collar Government: The Hidden Role of Class in Economic Policy Making” (University of Chicago Press, 2013)

Nicholas Carnes, “White-Collar Government: The Hidden Role of Class in Economic Policy Making” (University of Chicago Press, 2013)

Nicholas Carnes is the author of White-Collar Government: The Hidden Role of Class in Economic Policy Making (University of Chicago Press, 2013). Carnes is an assistant professor of public policy in the Sanford School of Public Policy at Duke University. There is surprisingly little in the research literature on the link between social class and legislative behavior. For a topic that seems so ripe for investigation, Carnes’ data collection and analysis open new ground and answer pressing questions. He shows that formerly blue collar workers who serve in Congress behave differently than formerly white collar workers. Blue collar workers are in the extreme minority in numbers, meaning their efforts to pass legislation that tilts towards the working class are often stymied. Carnes offers fresh insight into why this matters for representation more generally and several recommendations for how to rectify this in the future. Learn more about your ad choices. Visit megaphone.fm/adchoices

31 Mars 201420min

Sarah Anzia, “Timing and Turnout: How Off-Cycle Elections Favor Organized Groups” (University of Chicago Press 2013)

Sarah Anzia, “Timing and Turnout: How Off-Cycle Elections Favor Organized Groups” (University of Chicago Press 2013)

Sarah Anzia is the author of Timing and Turnout: How Off-Cycle Elections Favor Organized Groups (University of Chicago Press, 2013). Anzia is assistant professor of public policy at the Goldman School of Public Policy at UC-Berkeley. Why are some elections held in November and others in May, June, or July? Why are some elections timed to correspond with the congressional schedule, but others on odd years? When elections occur has long been known to strongly relate to voter turnout, but little research has pushed beyond this simple conclusion. Anzia’s book explores the motivations behind moving local elections from “on-cycle” – held to correspond with presidential or congressional elections in November — to “off-cycle”. She explores the history of the issue and the ways Progressive Era reformers saw advantages in holding municipal elections separate from national and state elections. She tracks that history up to today with excellent data on the relationship between when an election is held and certain policy outcomes. She finds that interest groups stand to benefit from off-cycle election. Teacher pay is substantially higher in school districts that hold elections off-cycle, rather than on. Learn more about your ad choices. Visit megaphone.fm/adchoices

24 Mars 201433min

Daniel Lewis, “Direct Democracy and Minority Rights: A Critical Assessment of the Tyranny of the Majority in the American States” (Routledge, 2013)

Daniel Lewis, “Direct Democracy and Minority Rights: A Critical Assessment of the Tyranny of the Majority in the American States” (Routledge, 2013)

Daniel Lewis is the author of Direct Democracy and Minority Rights: A Critical Assessment of the Tyranny of the Majority in the American States (Routledge, 2013). Lewis is an assistant professor of Political Science at Siena College. The book is primarily about the intersection of various forms direct democracy (ballot initiatives, referendum, etc.) and minority rights. Much of the existing literature has been “agnostic” on the persistent concern among political scientists about the tyranny of the majority. Lewis makes a different argument that there is both a direct and an indirect effect of direct democracy. Using Event History Analysis of several policies to restrict minority rights (prohibitions on same-sex marriage, bans on affirmative action), he finds substantial evidence that states in which voters have strong powers of direct democracy have routinely passed limits on minority rights. Learn more about your ad choices. Visit megaphone.fm/adchoices

3 Mars 201421min

Kristin A. Goss, “The Paradox of Gender Equality: How American Women’s Groups Gained and Lost Their Public Voice” (University of Michigan Press 2013)

Kristin A. Goss, “The Paradox of Gender Equality: How American Women’s Groups Gained and Lost Their Public Voice” (University of Michigan Press 2013)

Kristin A. Goss is author of The Paradox of Gender Equality: How American Women’s Groups Gained and Lost Their Public Voice (University of Michigan Press 2013). She is associate professor of public policy and political science at Duke University. Goss challenges the conventional wisdom about women’s group with new congressional hearing data. Rather than ebbing-and-flowing like waves, Goss suggests that the women’s groups have not always diminished in influence following a major policy success. The Paradox of Gender Equality should have a wide audience among interest group, gender studies, and social movement scholars. Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Jan 201426min

Yuval Levin, “The Great Debate: Edmund Burke, Thomas Paine, and the Birth of Right and Left” (Basic Books, 2013)

Yuval Levin, “The Great Debate: Edmund Burke, Thomas Paine, and the Birth of Right and Left” (Basic Books, 2013)

If you went to college in the United States and took a Western Civ class, you’ve probably read at least a bit of Edmund Burke’s Reflections on the Revolution in France (1790) and Thomas Paine’s Rights of Man (1791). The two are so often paired in history and political science classes that they are sometimes published together. No wonder, really, because Paine’s Rights of Man was written in response to Burke’s Reflections. It’s easy to understand why these two book are standard fare in college: arguably, Burke’s and Paine’s books are the intellectual well-springs of what we call the republican (with a small “r”) “Right” and the “Left.” Much of what American Republicans think can be traced to Burke; much of what American Democrats think can be traced to Paine. For this reason, Burke and Paine are–with the possible exception of J.S. Mill–the most important political thinkers in the modern Western republican tradition. And for all these reasons, Yuval Levin‘s wonderful The Great Debate: Edmund Burke, Thomas Paine, and the Birth of Right and Left (Basic Books, 2013) is very relevant today. Levin masterfully explains not only why Burke and Paine thought what they thought (that is, he provides the historical context for their ideas), but he also makes clear how their ideas matter today. Listen in and find out why. Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Jan 20141h 1min

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