Because then the NY Post's John Crudele wouldn't have to send FOIA's to the Treasury!
The "Plunge Protection Team" formally known as the The President's Working Group on Financial Markets responded to his Freedom of Information Act request by sending 177 pages of mostly redacted testimony, and no minutes.
Who needs the minutes? All you need is a phone call from Bernanke asking how smoothly credit land is operating. And that information, is in the market. Just look for the giant move in the futures market with no news!
But why cigars?
Because back when Volcker was the Chairman of the Federal Reserve, he loved chomping on cigars and blowing smoke in the Fed meetings. The solution? Crank the A/C to ice levels with the variable air volume box. What good was that? It cleared the air in the boardroom below. But what good is that? Well right next to the box, contained the speakers of the boardroom.
In today's world, that maintenance worker would already have an offshore account, courtesy of his "friends" in hedge fund land.
But they had the cigar smoker, and he was smoking in his tent in Sacramento.
It was Schwarzenegger!
2 comments:
This one doesn't make any sense. What are you smoking?
to clear the air... In the boardroom meetings,Volcker blew his cigar spoke, so in order to clear the air, someone had to go and manually adjust the air volume box of the air conditioner unit. Right next to it were the speakers of the FOMC boardroom below--ie-You could hear the entirety of the conversation below while Fed policy was discussed..
Schwarzennegger does his deals in his cigar smoked "smoking tent" that he has constructed in CA, outside the state Capitol. The air volume box is the wind..ie who can over hear there? But no-one needed it. His bailout plan for homeowners was followed by the rest of Washington...
As to the minutes of the Working Group-and the FOIA requests who needs them...The move on the 20th, where the futures turned, on no news after being down...after the futures pulled up asia on the 19th that to me was the working group in action..so i expected news coming forth.that's why I put the giant bell at the bottom
http://aaronandmoses.blogspot.com/2007/11/asia-reverses-and-feds-on-deck.html
and if Bernanke would smoke cigars, you wouldn't have to read the tea leaves..
just pay the worker who adjusts the air volume box of the AC in the Fed meetings to record the boardroom conversation by the speakers next to the box...
but then I wouldn't have a wall street "derivative" story on cigar smoke...
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