Money men ... and Main Street men This week is special for both Buffett and Bernanke ... and we should take note.
NEW YORK (CNNMoney.com) -- Some notable things are going on this week for two of the world's major money men. One, Warren Buffett is celebrating his 76th birthday. We take note of that because it is a reminder that, as he begins his "retirement" of sorts, he is giving his vast fortune to charity.
As an added bonus, he reportedly got married to his long time companion, Astrid Menks. Great investor, greater man. Happy Birthday, Mr. Buffett. Two, Federal Reserve Chairman Ben Bernanke is receiving the "Order of the Palmetto" in Dillon, South Carolina. Huh? It takes explaining. Bernanke, you see, grew up in Dillon after his family moved there from Augusta, Ga. Now Dillon is not a big place. It has a population of about 31,000 and an average income of about $21,000. But it does have pride. And seeing one of its own become, arguably, one of the most powerful men in the world ... And so it declared Ben Bernanke Day on Sept. 1 and arranged for him to receive the state's top honor, the Palmetto (named after the state tree), at a special ceremony on the Dillon courthouse lawn. "It's just our way of letting him know that the city is proud of him," said Lynn Bowman, a Dillon spokeswoman. That's nice. It's nicer still that Bernanke is going in person to accept the award. For one thing, he's opening himself up to some jokes, and maybe criticism. Dillon's main attraction is "South of the Border." For those of you who haven't done the Interstate 95 coastal run, it is a complex of neon-filled souvenir shops, arcades and restaurants just off the highway. Some may believe it has some charm. Others may believe it is just plain garish and tacky ... and a bit racist in its depiction of mascot "Pedro." Hey, it is what it is. But for a Fed chairman, "South of the Border" is just begging for outsourcing jokes and downturn jabs. It is an especially attractive rhetorical target since Bernanke apparently worked there as a teenager. Also, once you've made the big time, do you really want to go back to the backwoods, back-country town where you grew up on perhaps against-all-odds terms? A lot of people would say "no." But Bernanke is saying "yes." That's encouraging. I like the idea of the top money man going back to the small town. It makes me believe he's not forgetting ordinary folks as he takes his gamble on inflation staying tame. This academic at least has some sense of what's at stake on Main Street. Just as Buffett, incidentally, keeps Main Street in mind when calculating what business will succeed. There's a lot to be said for Main Street. __________________________ Allen Wastler is managing editor of CNNMoney.com and appears on CNN's "In the Money." He can be e-mailed at wastlerswanderings@cnn.com. |
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