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Guest Post: The Correlation Of Laughter At FOMC Meetings

Tyler Durden's picture


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 timesThere 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 GEITHNERI’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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Fri, 01/13/2012 - 15:17 | 2062655 Ahmeexnal
Ahmeexnal's picture

Let the sheeple eat HOPE AND CHANGE!

Fri, 01/13/2012 - 15:37 | 2062724 BaBaBouy
BaBaBouy's picture

HaHaHa ...

Laugh ye old Fuckers, while you Destroy the American Middleclass ...


AND More Bubble Baths For Buffet ...

Fri, 01/13/2012 - 15:43 | 2062771 redpill
redpill's picture

"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?"

Fri, 01/13/2012 - 17:12 | 2063145 walküre
walküre's picture

Is that one of those French responses to their downgrade today?

Sat, 01/14/2012 - 00:11 | 2064109 Zero Govt
Zero Govt's picture

sounds like the verbal diarrhea Timothy Geithner comes out with 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

Sun, 01/15/2012 - 23:26 | 2067807 Tijuana Donkey Show
Tijuana Donkey Show's picture

Why? It's only one big lie, over and over

Fri, 01/13/2012 - 15:19 | 2062665 AC_Doctor
AC_Doctor's picture

None of these fuckers should be allowed to breed their diseased genetics...

Fri, 01/13/2012 - 15:25 | 2062698 walküre
walküre's picture

That would probably have saved us a lot of grief over the centuries.

Fri, 01/13/2012 - 15:25 | 2062699 Sudden Debt
Sudden Debt's picture

And yet they got to fuck everybody....

Fri, 01/13/2012 - 16:57 | 2063075 Chuck Walla
Chuck Walla's picture

No, I junked Suddedn Debt. My wife is still sore from the Fed and she ain't laffin'!

Sat, 01/14/2012 - 13:21 | 2064622 Arvo Particleboard
Arvo Particleboard's picture

The viability of sodomy as a reproductive tactic is dubious at best.

Sun, 01/15/2012 - 23:28 | 2067813 Tijuana Donkey Show
Tijuana Donkey Show's picture

Not if your propagating parasites, its the tapeworm reserve

Fri, 01/13/2012 - 15:28 | 2062715 Dr. Engali
Dr. Engali's picture

You got junked by a fed head.

Fri, 01/13/2012 - 15:44 | 2062777 redpill
redpill's picture

Careful what you wish for, prevent them from breeding and they'll start taking our children too.

Sat, 01/14/2012 - 01:28 | 2064201 UP Forester
UP Forester's picture

Start?  Wasn't there something about Lincoln County or something a few years back, and Boys Town a few decades back?

Sat, 01/14/2012 - 11:10 | 2064492 Overflow-admin
Overflow-admin's picture

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

Fri, 01/13/2012 - 15:19 | 2062667 PaperBear
PaperBear's picture

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.'
Fri, 01/13/2012 - 15:21 | 2062682 Dr. Engali
Dr. Engali's picture

If they don't do two trillion this market will roll over like a dog looking for a treat.

Fri, 01/13/2012 - 15:29 | 2062716 Sudden Debt
Sudden Debt's picture

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.

Fri, 01/13/2012 - 15:37 | 2062748 Dr. Engali
Dr. Engali's picture

Robo has a girlfriend? I thought it was just him and his blow up doll in his mother's basement.

Fri, 01/13/2012 - 15:45 | 2062781 Ahmeexnal
Ahmeexnal's picture

Robo's girlfriend is PALMela HANDerson.

Fri, 01/13/2012 - 16:15 | 2062891 piceridu
piceridu's picture

Ok, it used to be Rosy Palmer.

Sat, 01/14/2012 - 01:29 | 2064203 UP Forester
UP Forester's picture

Whatever happened to her four skinny sisters, and the short fat one?

Fri, 01/13/2012 - 16:02 | 2062851 Sudden Debt
Sudden Debt's picture

For 20$ she's anybody's girlfriend actually.... :)


Fri, 01/13/2012 - 15:53 | 2062814 SheepDog-One
SheepDog-One's picture

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.

Fri, 01/13/2012 - 15:20 | 2062669 baby_BLYTHE
baby_BLYTHE's picture

Alan Greenspan pretty much destroyed the world single handily. END THE FUCKIN' FED already!

Fri, 01/13/2012 - 15:23 | 2062691 GeneMarchbanks
GeneMarchbanks's picture

Good to see he had a good time doing it though. He laughs, America cries.

Fri, 01/13/2012 - 15:31 | 2062726 Johnny Yuma
Johnny Yuma's picture

You mean the ESF?

Fri, 01/13/2012 - 15:57 | 2062833 Conrad Murray
Conrad Murray's picture

Alan Greenspan, the Randian suicide bomber of the American system. Cheeky little fanatically dedicated bastard, yea?

Fri, 01/13/2012 - 19:03 | 2063526 Iwanttoknow
Iwanttoknow's picture

Baby Blythe,thats me.

Fri, 01/13/2012 - 15:21 | 2062673 Fix It Again Timmy
Fix It Again Timmy's picture

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.....

Fri, 01/13/2012 - 15:21 | 2062674 justanothernerd
justanothernerd's picture

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.

Fri, 01/13/2012 - 15:21 | 2062677 stopcpdotcom
stopcpdotcom's picture

Funny sodding peculiar.

Fri, 01/13/2012 - 15:21 | 2062683 jcaz
jcaz's picture

Al let the star crap go to his head-  one blow job from Andrea Mitchell, it was all over.....

Fri, 01/13/2012 - 15:22 | 2062684 williambanzai7
williambanzai7's picture


Fri, 01/13/2012 - 18:46 | 2063490 Canaduh
Canaduh's picture

What does he intend to do with that sausage?

Sat, 01/14/2012 - 01:33 | 2064207 UP Forester
UP Forester's picture

Feed it to Ms. Bachmann, who is tickling the ivories?

Fri, 01/13/2012 - 15:23 | 2062685 Jayda1850
Jayda1850's picture

Laughing straight to the fucking bank, the cocksuckers.

Fri, 01/13/2012 - 15:22 | 2062688 Dr. Engali
Dr. Engali's picture

I'd like to see how that stacks up to the Bernank.

Fri, 01/13/2012 - 15:23 | 2062692 spekulatn
spekulatn's picture

Dr. Burry said it best.



Fri, 01/13/2012 - 15:55 | 2062823 SheepDog-One
SheepDog-One's picture

Assumes the FED did NOT see 'the crisis' coming....much less planned the whole damn thing all along!

Fri, 01/13/2012 - 16:41 | 2063004 spekulatn
spekulatn's picture

One must always read between the lines, especially with elite media outlets.


Fri, 01/13/2012 - 15:23 | 2062693 kralizec
kralizec's picture

I laugh everytime they meet...

Fri, 01/13/2012 - 15:32 | 2062696 bpom
bpom's picture

Tax the Fed (while it's being dismantled).

Fri, 01/13/2012 - 15:34 | 2062736 Quinvarius
Quinvarius's picture

Yeah.  Are they paying property tax on all that Real estate they bought?  No wonder cities are going under!

Fri, 01/13/2012 - 15:27 | 2062701 distopiandreamboy
distopiandreamboy's picture

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!"


Fri, 01/13/2012 - 15:26 | 2062706 Caviar Emptor
Caviar Emptor's picture

(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). 

Fri, 01/13/2012 - 15:26 | 2062707 bankonzhongguo
bankonzhongguo's picture

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.


We will NEVER forget.


Fri, 01/13/2012 - 16:36 | 2062985 pods
pods's picture

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.


Fri, 01/13/2012 - 15:27 | 2062712 Havana White
Havana White's picture

Someone stuff that maw with tar and feathers.

Fri, 01/13/2012 - 15:28 | 2062713 Teddy Turner
Teddy Turner's picture

The secret society bankers are real.  Here's the proof

Fri, 01/13/2012 - 15:29 | 2062718 Let them eat iPads
Let them eat iPads's picture

That real estate bubble the Fed said didn't exist turned out to be absolutely hilarious.

Sun, 01/15/2012 - 00:26 | 2065677 Sizzurp
Sizzurp's picture

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.

Fri, 01/13/2012 - 15:29 | 2062720 yogibear
yogibear's picture

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.

Fri, 01/13/2012 - 15:31 | 2062725 Teamtc321
Teamtc321's picture

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

Fri, 01/13/2012 - 15:32 | 2062731 The Swedish Chef
The Swedish Chef's picture

In Sweden we say that it´s better to laugh than to cry. I guess it´s correct.

Fri, 01/13/2012 - 15:54 | 2062822 cossack55
cossack55's picture

Well, in Texas we say "Its better to laugh while you're shootin' the useless son-of-a-bitch."

Fri, 01/13/2012 - 16:28 | 2062955 Teamtc321
Teamtc321's picture

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?

Sun, 01/15/2012 - 23:36 | 2067826 Tijuana Donkey Show
Tijuana Donkey Show's picture

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!

Fri, 01/13/2012 - 15:37 | 2062744 Shizzmoney
Shizzmoney's picture

And they wonder why people want to End the motherfucker.

Fri, 01/13/2012 - 15:38 | 2062747 Market Efficien...
Market Efficiency Romantic's picture

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.

Fri, 01/13/2012 - 15:38 | 2062749 AldoHux_IV
AldoHux_IV's picture

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.

Fri, 01/13/2012 - 15:40 | 2062754 I should be working
I should be working's picture

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.

Fri, 01/13/2012 - 15:40 | 2062756 fonzannoon
fonzannoon's picture

They are still laughing

Fri, 01/13/2012 - 15:41 | 2062760 SillySalesmanQu...
SillySalesmanQuestion's picture

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...

Fri, 01/13/2012 - 15:42 | 2062764 mktsrmanipulated
mktsrmanipulated's picture

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

Fri, 01/13/2012 - 15:44 | 2062774 monopoly
monopoly's picture

And no one gets penalized, either in govt. or out. What a country.

Fri, 01/13/2012 - 15:47 | 2062784 tamboo
tamboo's picture

well joos are the best comedians eh?

pulling off the biggest heist ever in is pretty funny and in broad daylight no less.

Fri, 01/13/2012 - 16:21 | 2062924 walküre
walküre's picture

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?

Fri, 01/13/2012 - 16:25 | 2062786 LouisDega
LouisDega's picture


Fri, 01/13/2012 - 15:47 | 2062788 gwar5
gwar5's picture

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.  

Fri, 01/13/2012 - 15:48 | 2062790 KlausK
KlausK's picture

Haha, let's print money to make everyone rich! - Haha, you're so terrific!

Fri, 01/13/2012 - 15:49 | 2062798 ghostfaceinvestah
ghostfaceinvestah's picture

They were laughing that they could so easily lead so many sheeple down the Road To Serfdom.

Fri, 01/13/2012 - 15:50 | 2062800 Dave Thomas
Dave Thomas's picture

What did Alan care? He knew he was going to be running around at Bohemian Grove with a rubber Boy Scout suit on anyway.


Fri, 01/13/2012 - 15:53 | 2062815 Rodolfito
Rodolfito's picture

yes .... with some nice young boys

Fri, 01/13/2012 - 15:51 | 2062807 Rodolfito
Rodolfito's picture

Tyler, great correlation, you guys are sharp. This scum really believes there is no blowback :)

Fri, 01/13/2012 - 15:53 | 2062817 Offtheradar
Offtheradar's picture

Ha Ha F - You Mr. Green

Fri, 01/13/2012 - 15:56 | 2062828 Offtheradar
Offtheradar's picture

Looks like one big circle jerk in there with Greenspan the man in the middle.

Fri, 01/13/2012 - 16:00 | 2062840 LaughingMan
LaughingMan's picture

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.

Fri, 01/13/2012 - 15:58 | 2062836 Snakeeyes
Snakeeyes's picture

Look at the jobs "recovery" after the latest recession and the 2001 recession. And look at the Fed Funds rate.

I think the US is Centrally Planned to death!

Fri, 01/13/2012 - 15:58 | 2062838 alien-IQ
alien-IQ's picture

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.

Fri, 01/13/2012 - 16:06 | 2062861 Market Efficien...
Market Efficiency Romantic's picture

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. 

Fri, 01/13/2012 - 16:12 | 2062864 Financial Cold ...
Financial Cold Fusion's picture

Ben, I've got a good one for you.....   "What did the hand say to the face?"

Fri, 01/13/2012 - 16:10 | 2062869 Offtheradar
Offtheradar's picture

Good call Laughingman!  Fuckers

Fri, 01/13/2012 - 16:10 | 2062870 Market Efficien...
Market Efficiency Romantic's picture

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.

Fri, 01/13/2012 - 16:14 | 2062890 Offtheradar
Offtheradar's picture

Market probably ends the day up. 

Fri, 01/13/2012 - 16:26 | 2062945 SmoothCoolSmoke
SmoothCoolSmoke's picture

Was sure looking (unbeleivably) like it, but it now looks like a red close.  By how much I cannot say.

Fri, 01/13/2012 - 16:31 | 2062969 lotsoffun
lotsoffun's picture

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!



Fri, 01/13/2012 - 16:16 | 2062901 BLOTTO
BLOTTO's picture

Yea - a real big fuckin joke.

If life wasn't so tragic, it really would be funny...

Fri, 01/13/2012 - 16:17 | 2062903 SmoothCoolSmoke
SmoothCoolSmoke's picture

I'm sure the laughter is directed at the Bears these days.

Fri, 01/13/2012 - 16:27 | 2062947 LouisDega
LouisDega's picture

Bravely sopken

Fri, 01/13/2012 - 16:22 | 2062925 LouisDega
Fri, 01/13/2012 - 16:34 | 2062978 KickIce
KickIce's picture

I would like to apply for the job of determining how hot the flames get when this POS gets to hell.

Fri, 01/13/2012 - 16:50 | 2063036 Hicham
Hicham's picture

Wow it pisses me off too see how lighthearted these guys are while making decisions that may destroy the livelihoods of millions.

Fri, 01/13/2012 - 17:01 | 2063095 walküre
walküre's picture


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.

Fri, 01/13/2012 - 18:05 | 2063386 toomanyfakecons...
toomanyfakeconservatives's picture

You meant to say "...WILL destroy the LIVES of BILLIONS"

Fri, 01/13/2012 - 17:01 | 2063090 Cycle
Cycle's picture

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...

Fri, 01/13/2012 - 17:22 | 2063192 WallStreetRanter
WallStreetRanter's picture

LOL, Now this post is funny............[Laughter]

Fri, 01/13/2012 - 17:34 | 2063232 disgustipated
disgustipated's picture

hilarious when chart goes parabolic over next 3 years!

Fri, 01/13/2012 - 17:42 | 2063291 besnook
besnook's picture

clowns to the left of me, jokers to the right, stuck in the middle with you

Fri, 01/13/2012 - 18:09 | 2063403 non_anon
non_anon's picture

Greenspan was/still is one of the biggest criminals in American history

Fri, 01/13/2012 - 20:29 | 2063710 ozziindaus
ozziindaus's picture

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.

Sat, 01/14/2012 - 01:02 | 2064183 luckylogger
luckylogger's picture

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

Sat, 01/14/2012 - 07:29 | 2064371 theprofromdover
theprofromdover's picture

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.

Sat, 01/14/2012 - 10:16 | 2064461 dcb
dcb's picture

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.

Sat, 01/14/2012 - 11:16 | 2064500 Vendetta
Vendetta's picture

So, what you are saying is there is an inverse relationship between market risk and the laugh index from the FOMC?

Sun, 01/15/2012 - 11:06 | 2066116 smore
smore's picture

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.

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