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Even the Fed governors are irrational at times...
Old 02-22-2014, 10:51 AM   #1
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Join Date: Aug 2004
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Even the Fed governors are irrational at times...

Saw on the Marketwatch daily e-mail that the Fed released the minutes from their 2008 meetings:

The Fed’s crisis-era transcripts of its 2008 meetings — live blog - Capitol Report - MarketWatch

(the link above has links to the monthly minutes, along with interesting excerpts from 2008/2009 meetings, showing how the Fed internally disagreed on their course of action and struggled with how to handle the whole mess).

They even got into the intense nuances of grammar:
"They argued about “markets” and “closely and “carefully” and “monitor.” They even debated whether “closely” is an adjective or an adverb. They wondered if they should refer back to the FOMC “Code Book.” They wondered if two-syllable words have greater impact than single syllables.
At one point, an astonished Bernanke remarked: “We have 17 people debating over this word, and it actually does matter.”

But one thing stood out: a humorous excerpt that was linked in from a Twitter post, which shows that despite economists building models on every person and investor acting in a rational way - even a Federal Reserve governor himself can act irrationally:
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Dryer sheets Schmyer sheets
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Old 02-22-2014, 06:38 PM   #2
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Considering the state of the economy today, I think they did OK. It could have turned a whole lot worse.
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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