Ben Stein and the Essence of Half-Fullism

I remember the first time I encountered Ben Stein, when I was 26 and watching that all-time classic “Ferris Bueller’s Day Off“.

He memorably played an economics teacher in that film – the way he intoned “Bueller?….Bueller?….Bueller?” was a hoot. Also, his “attempt” to impart some economic wisdom (something about tariffs, the Great Depression, and Voodoo Economics) to his class was something all of us who never paid attention to these things in high school could relate to.

Later I discovered Mr. Stein actually knows quite a bit about economics – he majored in it at Columbia University, and has written several books on the topic. He also writes a column in the NY Times that I read religiously. Quite an interesting juxtaposition with the guy I just saw the other day as one of the hosts of the most inane “reality” show I’ve ever seen, “America’s Most Smartest Model”.

But therein lies the charm of this man – his ability to look at the world (and himself) in a serious way, as well as step back and have a laugh at some of the absurdities of it all.

In other words, another “half-fuller”. Looking at the literal world at a favorable (and oftentimes funny) way.

I offer “Exhibit A” for this unique point of view in his latest NY Times column published today, entitled “The Gloomsayers Should Look Up”

In it, Stein puts the current mortgage and credit “crisis” in perspective:

“The economy is basically in fine shape. Not perfect, but darned good. Almost all mortgages are not in default. Almost all workers in the labor force who care to work are not unemployed. The largest percentage ever of American household units, what were called “families” in the old days, own their own homes.

The stock market, in both absolute terms (the number on the Dow) and relative terms (the relationship of price to earnings), reflects optimism and an extraordinary, robust level of profits.”

At the same time, he also injects realism into the equation by noting that notwithstanding those positive things, there are some “worrisome” issues going on we should know about:

“It certainly looks to little me as if the top dogs on Wall Street made some staggering mistakes. They took on very risky loans. They tried to juice returns in a low-interest-rate world by maneuvers so dicey that the maneuvers would not survive scrutiny and had to be hidden on off-balance-sheet entities, sometimes outside the country.”

What’s more, according to Stein, these “top dogs” aren’t being called into account, and will most likely end up being bailed out by the US Government (otherwise known as you and I).

“Not good, but it won’t sink the economy“. That’s realistic optimism. The essence of Half-Fullism.

Oh, and Ben recommends the Taco Supreme at Taco Bell, since “Wall Street hasn’t figured out how to ruin that one yet”.

For this enduring mix of optmism, realism, and humor, I induct Mr. Stein into my “Half-Full Hall of Fame“, joining previous inductees Brett Favre and Jeff Immelt.

Well done Ben – keep up the good work! Although I’m afraid I won’t take you up on that Taco recommendation…..

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