The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes sound financial and economic decisions through community development and education programs.
This is a story about a humorous bank ad that morphed into a promotional campaign. It’s a tale that shares themes with four previous Historical Echoes posts about Barbie, bank promotions, and bank tellers.
In 1970, New Britain Bank and Trust (inactive as of 1984) ran a television advertisement that starred a real-life bank robber touting a safety feature of its new “face card.” (A History Channel video includes interesting preliminaries about how the journalists obtained the ad; the ad itself starts at 5:44.) Why would this bank be willing to create such an ad? Of course, neither this bank, nor any other bank, nor any Federal Reserve Bank would condone the act of robbing a bank. But this particular thief, the notorious Willie Sutton (1901-80), was different from typical bank robbers. Let’s consider why:
J.K. Rowling, David Byrne, Eric Idle—In recent years, these captivating figures have delivered commencement addresses at Harvard, Columbia University and Whitman College, respectively. Of course, Federal Reserve chairs give commencement speeches too, and good ones. NPR maintains a list of some standouts, “The Best Commencement Speeches, Ever” (this is a cool interactive website that enables you to search by name, school, year, or by theme—play, inner voice, embrace failure, change the world, make art, etc.). Its roundup of graduation season remarks includes Janet Yellen’s 2014 speech at New York University, and Ben Bernanke’s 2013 speech at Princeton. Another list, “Best Commencement Speeches Of All Time,” includes Alan Greenspan’s 1999 commencement speech at Harvard.
You might hear: “Economy eschmonomy.” Another possibility is: “Economy schmeconomy.” This phenomenon of repeating a word with the prefix shm- (or sometimes “schm-”), is called shm-reduplication. It challenges the relevance and sometimes the value of the repeated word, and examples can be found in articles like this Newsday clip “The High End: Economy, shmeconomy — the rich still travel.”
Which of the following statements is true (you may choose more than one): (a) you are more likely to get a job at the Fed if you look like a Barbie doll, (b) you are less likely to get a job at the Fed if you look like a Barbie doll, (c) the inventor of the Barbie doll sat on the Board of Directors of a Federal Reserve Bank, (d) a key cleaner/restorer of the Federal Reserve Bank of New York building has strong ties to Architect Barbie, (e) a Federal Reserve Bank has used Barbie in its economic education program.
Have you seen these people? You might come upon them wearing historic period garb. The Society for Creative Anachronism (SCA), founded in 1966, is, according to its website, “an international organization dedicated to researching and re-creating the arts and skills of pre-17th-century Europe.” The members like to recreate life in an earlier time, which means using the technology existing at that time and eschewing later technology (not all the time, just when they are in “anachronism mode”).
Mary Roebling (1904-94) was the first woman to serve as president of a major U.S. bank. (She was also the first woman governor of the American Stock Exchange, among numerous other honors.) According to a New York Times obituary, she came into her position through a combination of happenstance and preparation:
Correction: In the original version of this post, a quote from the Museum of American Finance website stated that the telegraph arrived in the 1950s. This actually took place in the 1850s. The museum has now revised its site to reflect the correct year and we have revised the relevant text in our post. We regret the error.
One could say that Sesame Street character Bert’s extreme interest in paper clips is misguided, but his obsession with pigeons? Maybe not so much. Pigeons have played a role in financial history, with one such role described by Tony Chen during his walking tour of the Hutong district in Beijing. When his group of tourists reaches the Qianshi hutong (see video), he gives an almost unbelievable account of pigeons, exchange rates, and bank robbers during the Ming dynasty, as reported in Time Out Beijing:
Liberty Street Economics invites you to comment on a post.
We encourage you to submit comments, queries and suggestions on our blog entries. We will post them below the entry, subject to the following guidelines:
Please be brief: Comments are limited to 1500 characters.
Please be quick: Comments submitted more than 1 week after the blog entry appears will not be posted.
Please try to submit before COB on Friday: Comments submitted after that will not be posted until Monday morning.
Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. The moderator will not post comments that are abusive, harassing, or threatening; obscene or vulgar; or commercial in nature; as well as comments that constitute a personal attack. We reserve the right not to post a comment; no notice will be given regarding whether a submission will or will not be posted.
The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy. If an author has sources of financial support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided. Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post.