"Oxbow Bend Sunset" at Grand Teton National Park, Wyoming. Photo by Jeff Sullivan

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Tomorrow in Chicago, Minneapolis Federal Reserve Bank president Gary Stern will give an updated version of his speech called "Repercussions from the Financial Shock" in which he argued that banks should be allowed to fail, so managers will learn the harsh lessons only failure can teach.

The text of the new speech at the Council of Institutional Investors won't be made available. Perhaps the subject matter is too close to a critique of the daily money matters rocking the financial world and the world economy. Not that anything should be read into his decision. Stern is a private Fed president. He speaks less than most others, said Minneapolis Fed spokeswoman Patti Lorenzen, and it's fairly standard for him to keep the text of his speeches to himself.

The upshot is that unless you're planning to attend the meeting in Chicago tomorrow, you'll miss the words of this influential and smart guy. That's why I thought it would be a good idea to point you to this story I wrote about Stern's earlier version of this same speech, given in Three Forks in mid-August.

In light of recent events, I might re-write the headline as follows: Fed Reserve Branch Head Says Let Banks Fail.

Last night Barb and I watched the most thought-provoking, inspiring movie I’ve seen in years. It’s not often that a film comes along that can challenge your way of thinking, and shake up your preconceived notions of how things work in our dirty little world. Our individual perceptions are constantly being manipulated by the media, and sometimes we’re exposed to something that just shocks our belief system right down to our core.

I mean, TWO Spidermen? Whoa!

Then, after the kids went to bed, we slid “Shut Up and Sing” into the DVD player, on the recommendation of my friend Chris. He’s not necessarily a big country music fan, but he’s turned me on to some pretty fine stuff. From Ryan Bingham, to that heavy metal band You Will Know Us By The Tabouli In Our Beards, he’s batting a thousand.

So when Chris gave the Dixie Chicks documentary a glowing review, I put it at the top of my list. “Shut Up and Sing” is an account of the controversy from The Comment, and the ordeal the trio went through on their journey back to the top of the charts. While playing a show in London during the run-up to the Iraq War, Maines mentioned to the crowd that she was “ashamed that President Bush is from Texas,” the home state of all three Dixie Chicks. The crowd cheered, but as soon as The Comment was reported in the world press, rednecks everywhere lost their shit.