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Guest Post: The Correlation Of Laughter At FOMC Meetings
Submitted by The Daily Stag Hunt,
Five years on, the powers that be have just released the transcripts of the Fed's FOMC (Federal Open Market Committee) meetings from 2006. Putting hindsight economic analysis aside, you quickly realize more than anything else: the committee is full of burgeoning comedians!
Commentators have already highlighted the "humor" of the FOMC meetings (WaPo, dealbreaker), but it is really over the top at times. There are periods where Greenspan seems only capable of speaking in witty quips. On that count, he was clearly at the top of his game at the top of the market.
There is one incredible exchange at the January meeting - Greenspan's last as chairman - where after complaining about the "inexorable upward drift" in the minutes spent by each board member delivering his or her analysis of the economy, Greenspan is praised by then-Vice Chair Geithner:
CHAIRMAN GREENSPAN. Vice Chair, [it's your turn to speak].
VICE CHAIRMAN GEITHNER. Mr. Chairman, in the interest of crispness, I’ve removed asubstantial tribute from my remarks. [Laughter]
CHAIRMAN GREENSPAN. I am most appreciative. [Laughter]
VICE CHAIRMAN GEITHNER. I’d like the record to show that I think you’re pretty terrific, too. [Laughter] And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative. [Laughter] With that, the economy looks pretty good to us, perhaps a bit better than it did at the last meeting. With the near-term monetary policy path that’s now priced into the markets, we think the economy is likely to grow slightly above trend in ’06 and close to trend in ’07...
Greenspan's other jibes and jokes are countless. It makes for quite a fun read if you get past all the boring economic analysis parts. In fact, if the stenographer was accurate, the Committee broke into laughter 45 times in just the January meeting! That's at least 45 jokes (some didn't get laughs - if only we knew the quality of each laughter!). I would have guessed that would be a lot relative to other meetings, right? I mean how funny would it be if the top of the housing market was also when the FOMC was telling the most jokes in their meetings?
Well, being a data nerd with nothing better to do on a Thursday night, I looked into it. To be precise, I went back for just the last six years (2001-06) and searched for how many times the stenographer's notation for laughter appeared in the released transcripts of each FOMC meeting.
Suffice it to say the data is funny...
The number of recorded laughs actually increased in frequency from 2000 to 2006. In 2001, the FOMC erupted into laughter 16.5 times per meeting on average. In 2003, it was over 19. In 2005, 27. And then in 2006, the FOMC burst into laughter nearly 44 times per meeting!
And just in case you woke up from a 5-year coma this morning, the Case-Shiller 20-city Home Price Index also peaked in 2006.
That's right, the FOMC was laughing all the way to the top!
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Let the sheeple eat HOPE AND CHANGE!
HaHaHa ...
Laugh ye old Fuckers, while you Destroy the American Middleclass ...
AND More Bubble Baths For Buffet ...
"And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative."
This quote makes me think of...
"Has anyone really been far even as decided to use even go want to do look more like?"
Is that one of those French responses to their downgrade today?
sounds like the verbal diarrhea Timothy Geithner comes out with ...at machine gun sticato speed
if only someone could slow the twat down long enough we could finally count the lies per minute he delivers on behalf of the US Treasury
Why? It's only one big lie, over and over
None of these fuckers should be allowed to breed their diseased genetics...
That would probably have saved us a lot of grief over the centuries.
And yet they got to fuck everybody....
No, I junked Suddedn Debt. My wife is still sore from the Fed and she ain't laffin'!
The viability of sodomy as a reproductive tactic is dubious at best.
Not if your propagating parasites, its the tapeworm reserve
You got junked by a fed head.
Careful what you wish for, prevent them from breeding and they'll start taking our children too.
Start? Wasn't there something about Lincoln County or something a few years back, and Boys Town a few decades back?
Good thing that stupidity and greed determinative genetic material is transmitted in the process, so we can take aome samples of DNA from these fuckers and study them to isolate these parameters. And then we go amok and genocide this population worldwide. /sarcasm
Just crossed the MNI wire:
'FED: Evans to the press on QE: he "said $600B on Wednesday because that is what we have done in the past. But, I think it has to be something substantial. $600B is a good start." Fed could decide to do something meeting by meeting--buy some assets, then reassess. Fed could buy Tsys or Fannie/Freddie/MBS "MBS could be perfectly fine"; "buying MBS would have a more direct effect on the economy." If we behave aggressively could get better economic performance 1-2 years earlier than expected.'If they don't do two trillion this market will roll over like a dog looking for a treat.
I would have said "rollover like Robo's girlfriend when the mailman comes by" but I think that's pretty much like the same thing.
Robo has a girlfriend? I thought it was just him and his blow up doll in his mother's basement.
Robo's girlfriend is PALMela HANDerson.
Ok, it used to be Rosy Palmer.
Whatever happened to her four skinny sisters, and the short fat one?
For 20$ she's anybody's girlfriend actually.... :)
Exactly, hell at LEAST $2 trillion has already been baked into equities, probably more like 2X that amount....they cant deliver to meet expectations.
And even if they did....then what? The ravenous monster would gulp it down and then demand more.
Alan Greenspan pretty much destroyed the world single handily. END THE FUCKIN' FED already!
Good to see he had a good time doing it though. He laughs, America cries.
You mean the ESF?
Alan Greenspan, the Randian suicide bomber of the American system. Cheeky little fanatically dedicated bastard, yea?
Baby Blythe,thats me.
Hell yeah, they'll laugh [at our expense] when there is no way in hell they can be held accountable or criminal - IT'S GREAT TO BE THE KING.....
Is there any way we can correlate this data to GDP growth or the S&P 500? I'm curious if laughter is a leading or trailing indicator.
Funny sodding peculiar.
Al let the star crap go to his head- one blow job from Andrea Mitchell, it was all over.....
What does he intend to do with that sausage?
Feed it to Ms. Bachmann, who is tickling the ivories?
Laughing straight to the fucking bank, the cocksuckers.
I'd like to see how that stacks up to the Bernank.
Dr. Burry said it best.
"I SAW THE CRISIS COMING. WHY DIDN'T THE FED?"
http://www.nytimes.com/2010/04/04/opinion/04burry.html?scp=12&sq=burry&s...
Assumes the FED did NOT see 'the crisis' coming....much less planned the whole damn thing all along!
One must always read between the lines, especially with elite media outlets.
I laugh everytime they meet...
Tax the Fed (while it's being dismantled).
Yeah. Are they paying property tax on all that Real estate they bought? No wonder cities are going under!
I bet they laugh when they read unemployment numbers too.
TG: "Hey Benny waddya make of thisl 8.5% unemployment?"
BB: "Only about 2% away from QE3, Timmy!"
(nervous laughter heard on recording)....Yes indeed, my monetarist friends. When you've met one deficit you've met them all. (laughter followed by applause).
Now that is some useful analysis.
I can't wait for the next 6 years of "bankster laugh data."
Chances are they are laughing harder and more often these days.
Fuckers.
We will NEVER forget.
You are running under the assumption that in 6 years we will still have enough of a system that we will be able to see the minutes.
pods
Someone stuff that maw with tar and feathers.
The secret society bankers are real. Here's the proof
https://www.youtube.com/watch?v=eUsKrulPnTE&feature=channel_video_title
That real estate bubble the Fed said didn't exist turned out to be absolutely hilarious.
These guys are so worthless. The fact that none of them saw this coming should completely discredit them. They and their economic brethren in academia should all be swept out with brooms. We should have had a fresh start with Austrians at the helm.
The old goat, Greenspan, helped and cover the finanical mess. Bernanke supported the Ponzi scheme while he was on the Fed board. There are some hungury sharks that need to be fed.
Where is "diesheepledie" or "robotard"?
Come on you two, defend your warlord here gent's. Tell us how great they are at the fed now will ya.
Ron Paul 2012
In Sweden we say that it´s better to laugh than to cry. I guess it´s correct.
Well, in Texas we say "Its better to laugh while you're shootin' the useless son-of-a-bitch."
In Texas we also have the law, Horse theft is a hangin offense while caught in the act. Wonder why very few horses get stolen eh?
So is being black, disabled, or intelligent in Texas. That's why Rick Perry is gov, they take the law very seriously, that's why Bush wouldn't execute the crew behind that dragging death. It's the law!
And they wonder why people want to End the motherfucker.
I wonder when they are going to release the minutes of Geithner's one-on-one with the bummer, suggesting his nomination as secretary. His technical sliminess suggests, he somewhat repeated the joke with little changes... Mr. President, I consider you a great spender, in terms of probability, I will probably help you spend more in the future than any of us could ever think of today... laughter.
The one thing, this really proves is what a servant to the crony elite Geithner really is. Not that I had expected different, just the bluntness of his devotion is hilarious, if the circumstances were not so sad.
A central bank by any other name (fed, ecb, boj, etc) would laugh while destroying the economy amidst the greatest wealth transfers history has seen.
Bunch of psychotic individuals should stand trial for crimes against humanity and not run the world economy.
You should have a frowning index too. Whenever Krugman goes on the news looking incredibly dour I know the balance of my 401k will be going down in the next couple trading days.
They are still laughing
As I sit here thinking of JW's response to all of this laughter going on at the Fed...slowly, an evil, malicious grin is appearing on my face...
I love the asshole economists (SteveLeisman) and the fed governers that all sit and say the real problem is the housing mkt ...HEY MORON ITS JOBS >>>>>>>>>WITHOUT A JOB U CANT GET A HOUSE>>>>>>>>>>>>SIMPLE ISNT IT
And no one gets penalized, either in govt. or out. What a country.
well joos are the best comedians eh?
pulling off the biggest heist ever in is pretty funny and in broad daylight no less.
What it comes right down to:
When you make your bed with the joo, you have to lay in it too.
Pretty much sums up the whole shyte. Too many politicians, too many industrials made their beds with them. Now they're all scrambling to pay Shylock. Classic, really. Could have seen it coming 500 years ago. Some did. Some tried to change it. Many died. Will it ever change?
HeHeHe
Question: How many FOMC members does it take to change a light bulb?
Answer: All of them, but they insist on doing it with their asses so they can see what they're doing.
Haha, let's print money to make everyone rich! - Haha, you're so terrific!
They were laughing that they could so easily lead so many sheeple down the Road To Serfdom.
What did Alan care? He knew he was going to be running around at Bohemian Grove with a rubber Boy Scout suit on anyway.
yes .... with some nice young boys
Tyler, great correlation, you guys are sharp. This scum really believes there is no blowback :)
Ha Ha F - You Mr. Green
Looks like one big circle jerk in there with Greenspan the man in the middle.
Greenspan to Geither "Hey the jerk store called there running out of you".
Geithner to Greenspan "What does it matter your there all time best selling product"
Both "Hahahahahahah"
Geithner "But seriously we are fucked"
Crickets chirping.
Look at the jobs "recovery" after the latest recession and the 2001 recession. And look at the Fed Funds rate.
http://confoundedinterest.wordpress.com/2012/01/13/2-8-million-jobs-lost-since-end-of-recession-is-this-an-economic-recovery/
I think the US is Centrally Planned to death!
the last 30 minutes of trading today should be very interesting.
given everything that's transpired today and the things lingering unresolved and volatile and adding to that the market is closed on Monday...I would think that holding a long position going into this weekend would be a real daredevil move...
but then again...who the fuck really knows anything...
either way...should be an interesting close today.
http://www.youtube.com/watch?v=BchoZfWVS-M&feature=related
Can any of you imagine Bernanke laughing his ass off at all? It's probably just two different worlds, in the central banking world, he is the nonchalant joker and the rest of the world, he does not consider worthy to be entertained by his ivorytowerish personality. On the inside, he must be a real player, kidding around, roling dice on the size and schedule for QE3, entertaining the club with the ease he is pulling the strings and the capital markets kneejerk to the faintest guess of gesture or mimicry.
Ben, I've got a good one for you..... "What did the hand say to the face?"
http://www.youtube.com/watch?v=qPr-xsQvhgw
Good call Laughingman! Fuckers
And now, they are laughing their asses off regarding Ron Pauls poll numbers, taking bets on what could be the latest date and the most extreme polling to intervene and destroy the most compelling chance with a drop of hopium.
Market probably ends the day up.
Was sure looking (unbeleivably) like it, but it now looks like a red close. By how much I cannot say.
france downgrade is a GOOD thing. (i'm not sure how, but i know they can spin that). besides, it's been 'priced in'. there is only one way baby - the bernake way - markets up!
Yea - a real big fuckin joke.
If life wasn't so tragic, it really would be funny...
I'm sure the laughter is directed at the Bears these days.
Bravely sopken
Amadeus bitchez
http://www.youtube.com/watch?v=rjmmjXGwarU
I would like to apply for the job of determining how hot the flames get when this POS gets to hell.
Wow it pisses me off too see how lighthearted these guys are while making decisions that may destroy the livelihoods of millions.
Correct.
When do we all stop suffering from Stockholm Syndrome?
We know the root problem and we know they're responsible. Now let's do something about it.
You meant to say "...WILL destroy the LIVES of BILLIONS"
Usually, I'm trying to decide between malice or stupidity, or perhaps a little bit of both. But those transcripts require a new word to replace stupidity in context. Let's say that the nerve plexus that regulates the elimination of fecal matter through the rectal canal of a chicken exhibits much more intelligence and contact with reality than the combined savvy of that group of sub-sub-morons. My education continues...
LOL, Now this post is funny............[Laughter]
hilarious when chart goes parabolic over next 3 years!
clowns to the left of me, jokers to the right, stuck in the middle with you
http://www.youtube.com/watch?v=DohRa9lsx0Q&feature=related
Greenspan was/still is one of the biggest criminals in American history
It's easy to forgive someone who's stupid, negligent or incompetent, but what if they weren't? Now that's treasonous to say the least.
You guys always slam robo..... he actually has quite a few good calls. It seems he is not biased and his calls are pretty good
Agreed, I don't mind Robo at all.
He represents a sector of the investment world that just looks at the facts in front of them, and doesn't try to think too many seconds into the future. He bobs like a cork like most of the traditional market, doesn't matter that there is a whirlpool dragging all of them to the plughole.
What Robo obviously has to worry about is that he looks backwards all the time for guidance, when he should be doing is trying to look a little into the future (like the rest of us) and try to figure out what is really happening, not what just went down through some unknown manipulation.
So carry on Robo, hope it works out ok. Would be nice if you substantiated what you actually invest in. When you write, everything is stated in the third party, not I/me. Sounds like you are sitting in the bleachers.
There are three secrets to successful investing. No.1 -Be smart enough to read what is coming down the track ahead of at least half of the competition; No.2 Work on your timing; No. 3 -If you are too lazy or too dumb, cheat like hell and don't get caught. Hopefully No.3 leads to jail in the best of all possible worlds.
it should be mandatory reading for all americans. the same casts of goons are there, these shouldn't be secret for 5 years. it's proof geithner owes his job to being a good suck up and not by any special merrit of ability. Yellen still there. etc.
So, what you are saying is there is an inverse relationship between market risk and the laugh index from the FOMC?
Everything You Need to Know About Wall Street, in One Brief Tale (actually, in the third paragraph): If there was ever a news story that crystalized the moral dementia of modern Wall Street in one little vignette, this is it. Newspapers in Colorado today are reporting that the elegant Hotel Jerome in Aspen, Colorado, will be closed to the public from today through Monday at noon. Why? Because a local squire has apparently decided to rent out all 94 rooms of the hotel for three-plus days for his daughter’s Bat Mitzvah. The hotel’s general manager, Tony DiLucia, would say only that the party was being thrown by a "nice family," but newspapers are now reporting that the Daddy of the lucky little gal is one Jeffrey Verschleiser, currently an executive with Goldman, Sachs. http://www.rollingstone.com/politics/blogs/taibblog/everything-you-need-...