$1,000 Prize for the Most Thoughtful Question
Program Description
We have invited Gene Epstein, Economics Editor of Barron’s Magazine and former senior economist at the New York Stock Exchange, to speak at a program we are sponsoring on November 19 at the Ridgefield Playhouse. His topic will be the Federal Reserve System. We want you (students and non-students) to challenge Gene and we are willing to offer a $1,000 prize to get your best questions.
Mr. Epstein says:
“Three institutions with “Federal” in their name bear direct responsibility for the economic downturn: principally the Federal Reserve, for creating the unsustainable credit expansion, but also the Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), for helping to channel the credit into the especially vulnerable housing market. Radicals (like me) would abolish them altogether, leaving activities like housing and banking to real market institutions.”
Mr. Epstein adds, “There are three reasons to abolish the Fed: recession, inflation and war.”
We thank Gene for stating his position so clearly but we recognize there are other points of view and issues to consider. We invite the public to spar with Mr. Epstein (in a civilized but spirited way) on November 19. Instructors, professors, students, and the general public are invited to challenge Mr. Epstein’s point of view. In effect, we offer Mr. Epstein as your worthy debating opponent.
Sponsors:
Publicity Co-Sponsors: Raymond James Financial Services (Frank J. Gavel Jr. and Charlie D. Meade); Bernstein Global Wealth Management (Daniel Romanow); and Chipman, Mazzucco, Land & Pennarola, LLC
Question Co-Sponsors: Actis-Grande Ronan & Company LLC, Certified Public Accountants; Fairfield County Bank Insurance Services (formerly Carnall Insurance); and Morgan Stanley Smith Barney (Charles Salup)
General Sponsors: J.L. Pierson, ASA, Business Valuation; and David Streit
Prizes for Best Questions
The student who submits the most thoughtful question will win $1,000 (see “Challenge to Students” below).
In addition, the student who, in Gene’s judgment, submits the most interesting student question, and the non-student who, in Gene’s judgment, submits the most interesting non-student question, will be invited to lunch with Gene at or near the offices of Barron’s in New York City, including a tour of the offices and an introduction to Barron’s executives.
The Challenge to Students
As part of the program, we are asking high school and college students to challenge Mr. Epstein and we are offering a prize of $1,000 to the student who submits what our judges determine to be the most thoughtful question. We are inviting all the Ridgefield/Danbury, Connecticut, area high schools and colleges to participate but there are no geographical restrictions. Students from anywhere may submit questions. To claim the prize, however, the student must attend the November 19 program. The winner will be informed in advance. The decision of the judges will be final and will be made in the judges’ sole discretion.
We request that questions be less than 200 words. We reserve the right to disqualify (or return for revision) questions that exceed 200 words. Although clear and concise writing will be reflective of careful thought, this is not a writing contest.
See our flyer on the event here: Link to Flyer.
Content of Questions
Use Gene’s advice to journalists as guidance: “When interviewing a source, make sure you ask all your dumb, naive & ignorant questions, or you’ll never be able to properly report your story. I have had experts hang up on me because I ask too many questions. But I’m not trying to impress them—and besides, sometimes my dumbest question turns out to be my smartest. (If what they’re saying doesn’t make sense to me, maybe it just doesn’t make sense.)”
Conditions
The $1,000 prize will be awarded only if we receive at least one bona fide question from 20 different students. A student may submit more than one question but no more than three questions per student. The judges, in their sole discretion, will determine what questions are deemed to be bona fide. After November 9, we plan to post bona fide questions that have been received. When submitting a question, a student should include identifying information and the name and address of the school he or she attends. Students who are schooled at home are welcome but we request some verification that the person submitting a question is actually a student. The judges’ determination on a person’s status as a high school or college student will be final.
Details Regarding Submission of Questions (Due November 9)
Questions must be submitted in writing to the Ridgefield Liberty Cooperative c/o Richard S. Land (business 203-744-1929; home 203-438-9814) at rsl@danburylaw.com by midnight, November 9 (or before the Judges make a final determination, if later). If the question is being submitted by mail, address it to Ridgefield Liberty Cooperative c/o Richard S. Land, Chipman, Mazzucco, Land & Pennarola, LLC, 30 Main Street, Danbury, Ct 06810. If receipt of a question is not acknowledged, the student should follow-up until receipt is acknowledged (in case it has been filtered out by a spam filter).
Submit your question on line to rsl@danburylaw.com.
Collaboration
We encourage you to collaborate with parents, teachers, friends, neighbors and others when preparing questions.
Sample Question
Here is a sample of what a question might look like:
Sample Question: The creation of the Federal Reserve System (the Fed) was in response to a perceived need to tame boom/bust business cycles and to avoid the hardships associated with a series of financial panics in 1873, 1884, 1893 and 1907. We have had almost a century of experience with the Fed. Has the economy performed better after the creation of the Fed than it did before?
Judges
We are currently soliciting volunteers to serve on our panel of judges. We want the panel to represent diverse perspectives so that the panel is not controlled by any particular ideology.
To assure objectivity in judging, the questions will be submitted to the judges without the author’s name or other information that might offer a clue to the author’s identity. The winner will be announced at the program on November 19.
For details click here: Information on Judges and the Judging Process.
Questions from Non-students
Anyone, including non-students, may submit a question but only students will be eligible for the $1,000 prize.
After November 9, we will post all bona fide questions to this site. The judges, in their sole discretion, will determine what questions are deemed to be bona fide.
The most interesting and thought provoking questions (and perhaps the most amusing or entertaining) will be posed to Mr. Epstein on November 19. The authors of the selected submissions will be given the opportunity to ask at least one follow up question.
As mentioned above, the non-student who, in Gene’s judgment, submits the most interesting non-student question, will be invited to lunch with Gene at or near the offices of Barron’s in New York City, including a tour of the offices and an introduction to Barron’s executives.
Producer
The producer for this event is the Ridgefield Liberty Cooperative.
Other Prizes
Additional information regarding other prizes may follow as we add sponsors.
Resources
Students may wish to read one or more of the following books on the topic while preparing their questions: (1) The Housing Boom and Bust by Thomas Sowell; (2) Bailout Nation, How Greed and Easy Money Corrupted Wall Street and Shook the World Economy by Barry Ritholtz; (3) Meltdown by Thomas Woods, Jr; and (4) The Return of Depression Economics by Paul Krugman. For a more complete history, students may wish to consult Secrets of the Temple, How the Federal Reserve Runs the Country, by William Greider, History of Money and Banking in the United States by Murray Rothbard, and The House of Morgan by Ron Chernow.
Other Important Details
Program Location: Ridgefield Playhouse, 80 East Ridge Road, Ridgefield, CT.
Event Time: 7:00 PM to 9:00 PM November 19 (Thursday), 2009.
Question Submission Deadline: Midnight November 9, 2009.
Admission Price: Students No Charge; Adults $10.