Motivational Speakers

Stephen E. Usher -- Ph.D. economist with expertise in money, banking, and financial markets - received his doctorate in 1978 from the University of Michigan. He served as a staff economist at the Federal Reserve Bank of New York from 1978 to 1980. His tenure overlapped with Paul Volcker who was president of the NY Fed until President Carter appointed him Fed Chairman in August 1979. After running a small publishing company (Anthroposophic Press) from 1980-1988, Mr. Usher joined a premiere international firm of consulting economists (NERA) and specialized in securities and financial markets. Mr. Usher established his own economic consulting business in 1999.

A keen observer of economic and financial markets, Mr. Usher watched deteriorating conditions during recent months with interest and concern. At the request of acquaintances, he began offering short seminars on the current financial crisis in September (2008). One goal of the seminar is to help participants form a better understanding of what is actually happening. This includes an examination of faulty lending practices of banks and real estate loan brokers, the securitization of mortgages, and the role of credit default swaps and other derivative securities. Major events in the unfolding drama of recent months are also scrutinized. As understanding is a ray of light for the human soul, shedding light on the recent traumatic events is the first step to coping with the reality.

A second goal of the seminar is to try to understand what lies ahead. Of course, no one has a crystal ball, but it is possible to see where the stresses and tensions in the current situation lie, and from that to form some idea of what might develop. In particular, it is important to keep an eye on the value of the US dollar both in terms of the inflation rate and other major currencies like the Euro and the Yen. Another serious question is how much will real economic activity contract? Thinking about such issues should help seminar participants plan for the future.

The third and last goal of the seminar is to consider deeper questions about the organization and structure of contemporary civilization in light of these developments. Wall Street folklore, for example, holds that greed and fear drive markets. It is certainly not difficult to find both these emotions at work in the current crisis and that leads to a question: Is it conceivable that something else could drive our economic life? Certainly, no progress can be made if such questions are not asked. Wrestling with such questions gives rise to hope for the future.