Friday, April 17, 2009

Compare and Contrast

Ben Bernanke -- April 17, 2009: "Yet with hindsight, we can see that something went wrong in recent years, . . . the damage from this turn in the credit cycle--in terms of lost wealth, lost homes, and blemished credit histories--is likely to be long-lasting. One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be. . . . It seems clear that the difficulty of managing financial innovation in the period leading up to the crisis was underestimated."

Emperor Hirohito -- 14 August 1945:
"To strive for the common prosperity and happiness of all nations as well as the security and well-being of our subjects is the solemn obligation which has been handed down by our imperial ancestors and which we lay close to the heart.

Indeed, we declared war on America and Britain out of our sincere desire to insure Japan's self-preservation and the stabilization of East Asia, it being far from our thought either to infringe upon the sovereignty of other nations or to embark upon territorial aggrandizement.

But now the war has lasted for nearly four years. Despite the best that has been done by everyone--the gallant fighting of our military and naval forces, the diligence and assiduity of out servants of the State and the devoted service of our 100,000,000 people--the war situation has developed not necessarily to Japan's advantage, while the general trends of the world have all turned against her interest."

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