The Real Financial Follies

I go to this event each December called the Financial Follies at which the entire New York Financial Writers Association (NYFWA) gathers for a night of skits, ballroom table-hopping and open bar-fueled groping and pairing off into the wee hours of the night.

All your favorite financial journalists and media stars are there and they even allow the New Skool upstarts like me and Joe Weisenthal in. And if you know anything about journalists in general, you know they drink straight from the bottle – so it’s usually a good time.

Anyway, this year I think they may need to cede the name “Financial Follies” to the FOMC. Because our central bankers are nonchalantly hilarious in the face of certain destruction, apparently.

As the global economy teetered on the brink of collapse – amidst frozen credit markets, a plummeting real estate market and trillions in toxic loans bubbling up from beneath the systemically can’t fail banks, the Fed’s chief economist was concerned with inflation of all things and had plenty of time to make drug use jokes.

Please click over for this shit…

FED TRANSCRIPTS FROM 2007: The Economy Won’t Go Into Recession And No We Are Not On Drugs (Business Insider)

BREAKING: Inside the Fed’s 2007 crisis response