Let’s support Romo

Replete with a tenuous grasp on the facts and the exorbitant demand for President Romo’s resignation, Mr. Hensley’s letter amounts to little more than misinformed opinion masquerading as fact.

The letter cites the Federal Reserve’s “Keynesian loose monetary policy” as the cause of three depressions and “countless recessions.” Two of the depressions mentioned began in 1920 and 1929. Whatever causal role the Fed played in these depressions, it was neither “Keynesian” nor “loose.” Keynes published his first major economic work, “A Treatise On Money,” after these depressions in 1930. Additionally, the Fed tightened the money supply, which both caused and exacerbated the Great Depression. There are plenty of negative things to say about the Fed, but this level of factual inaccuracy makes it difficult to take any of the conclusions seriously.

Furthermore, even if Mr. Hensley believes the Federal Reserve is “the most corrupt organization that is involved in government,” demanding President Romo’s resignation is foolish. As long as the Fed’s importance isn’t going to diminish anytime soon (it’s not), and Mr. Hensley doesn’t have any issues with Dr. Romo’s positions on economic policy (which we have to assume he doesn’t because they weren’t even mentioned), then he should actually be pleased that the President of our University has a prominent advisory role. The letter implicitly assumes Dr. Romo supports the corruption. However, the far safer bet is that the career academic, former history professor, native San Antonian who has made a career of increasing educational opportunity for the underprivileged contributes a refreshing and valuable perspective to an organization otherwise dominated by corporate insiders.

I must ask—rather than simply condemning any association with the Fed, why not start a dialogue? Since there is no mention of Dr. Romo’s positions on economic policy, I have to assume the author didn’t first write a letter expressing concern and asking for clarification on the issues. If this assumption is correct, I feel comfortable offering assurance that Dr. Romo’s response would not have been “I intend to use the power and influence of my role on the Board to steal from you, all for the benefit of the rich, the elite, and corporations.” Mr. Hensley’s misinformed, reactionary alarmism is all too common in contemporary American society and politics, but as members of a university community we should strive for more reasoned debate and open dialogue.