We reported two years ago that the Federal Reserve, despite Fed Chairman Ben Bernanke’s worries about budget woes, seemed inclined to promote a one-agency stimulus in the form of having regional Fed conferences at luxury resorts.
Bernanke spoke to the San Francisco Fed conference on Asia and was obliged to travel to the spectacular Bacara Resort and Spa near Santa Barbara, where the best rooms go for more than $2,000 a night in season.
He and a couple dozen Fed employees were forced to stay at the resort, which “sprawls over 78 beachfront acres, nestled between the Pacific Ocean and the Santa Ynez mountains,” the resort’s Web site says, noting the place is “luxurious, understated, intimate and relaxed.”
Bernanke went from there to the Boston Fed’s annual economic conference, held not in Beantown but at the stunning Wequasset Inn 90 miles away, which bills itself as “quite simply the finest resort” on the Cape.
Alas, the good times, are over. This year, our colleague Neil Irwin reports, the Boston Fed conference was held a couple weeks ago in its downtown Boston building and the San Francisco Fed conference will be in its downtown San Francisco building later this month.
Well, as the Texas Rangers are saying, wait till next year. . . maybe.