Regional President Speech

Notes for Welcoming Remarks Cleveland Residential Housing and Mortgage Credit Project January 25, 1995 Economist - Adam Smith ? how to satisfy human wants? Demands for many things come and go - not much demand for stagecoaches - demand for PC’s and CD’s Basic Wants: Food, clothing and shelter Universal - totally independent of human traits, political systems, etc. Two ways to meet people wants : markets; political (State) Much of 20th century : contest of ideas Political affairs : democracy vs. dictatorship Economic affairs : markets vs. collectivist Mussolini Final few years of millennium - contest is over future (21 st century) : democracy and markets Countries all over the world are moving to market approaches to providing food, clothing and other wants. Shelter: Housing: ? If markets are superior in providing what people want, what prevents people from obtaining adequate shelter? Market failures : “sand in the gears”. When “sand in gears” results in disparities based on race, sex, religion or other human characteristics, - especially divisive effect on the social fabric of a society Declaring that markets have failed and turning to a political approach is not an option. We really have no choice but to press ahead with efforts such as the Cleveland Project to find the friction points and eliminate them. Importance : for us in Cleveland Model for others ? Cleveland Unique?

Jerry L. Jordan (1995, January 24). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19950125_jerry_l_jordan

@misc{wtfs_regional_speeche_19950125_jerry_l_jordan,
  author = {Jerry L. Jordan},
  title = {Regional President Speech},
  year = {1995},
  month = {Jan},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19950125_jerry_l_jordan},
  note = {Retrieved via When the Fed Speaks corpus}
}