Ben S. Bernanke, Chairman of the Federal Reserve leads the processional out of Princeton University Chapel after giving the Baccalaureate address during an interfaith service in Princeton, N.J. Sunday, June 2, 2013. At left is outgoing Princeton President Dr. Shirley Tilghman, (AP Photo/Rich Schultz)
WASHINGTON (AP) — Ben Bernanke gave the graduating class of Princeton University one of the more unusual speeches for a Federal Reserve chairman: He quoted everyone from Lily Tomlin to Forrest Gump and scarcely mentioned economics.
Bernanke’s words are normally scrutinized by global investors for hints about the Fed’s possible next move. But in his address Sunday on Princeton’s campus in New Jersey, he specifically cautioned that his comments “have nothing whatsoever to do with interest rates.” Instead, he took a poke at his profession.
“Economics,” Bernanke told the graduates, “is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong.