By Steve Beckner

JACKSON HOLE, Wyo. (MNI) – Federal Reserve Chairman Ben Bernanke
made lighthearted but somewhat pointed comments about his host, Kansas
City Bank chief Thomas Hoenig, as they greeted Symposium participants
Thursday night at dinner.

Hoenig retires Oct. 1, making the annual occasion his last as
regional bank president.

Bernanke noted that he and his wife Anna had come to the Grand
Tetons National Park a few days early and had gone to a rodeo Wednesday
night.

He recalled that one of the horsemen rode into the rodeo carrying
an American flag. The announcer told the crowd, he said, “I know that
you all don’t agree with everything that’s going on in Washington but
stand up and sing the Star Spangled Banner.”

After a pause Bernanke called his experience a “cautionary tale
about how policy is viewed in some parts of the country.”

Bernanke might have been making a veiled reference to a recent
comment by Texas Governor and Republican presidential candidate Rick
Perry who said it would be “almost treasonous” if Bernanke were to print
more money. He said if Bernanke would come to Texas he might be treated
“ugly.”

Bernanke went on to pay tribute to the long serving Hoenig who has
hosted the Kansas City Fed’s highly regarded symposium for the last two
decades.

But he closed by returning to his earlier anecdote, saying “I’m
going to think hard about that rodeo.”

Hoenig, in a similar vein, cast the Bank symposium in the light
of recent fiscal constraint. He said that he had been told that the
Kansas city Fed could not afford to put on a lavish conference this year
and should either cut back on the expense of the event, which draws top
central bankers from around the world, or charge more to participants.

He joked that for breakfast symposium participants might have
gotten only toast and coffee. But, he said, he decided a longer term
rather than a shorter term solution was required.

More serious, he then said this year’s symposium is aimed at
finding “long-term solutions” not short-term fixes.

Bernanke’s much awaited keynote speech is at 10 a.m. ET Friday
morning.

** Market News International **

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