Thursday, April 10, 2008

every breath bernanke takes

Two years ago there was much speculation as to who would replace Alan Greenspan as Chair of the the Federal Reserve System (the Fed) and thus become the most important economic policy maker in the world. The press had as a leading candidate Glenn Hubbard, former chair of the President's Council of Economic Advisors and current dean of Columbia's Business School (a.k.a., CBS), even though his field of specialization is not macroeconomics.

Bush ended up appointing instead Ben Bernanke, who I think is much better qualified.

The following music video spoof was made for the 2006 Columbia Business School's April Follies. Here an MBA student is supposed to represent Hubbard and CBS refers to the school, not the network.

Note: BPS refers to basis points. There are 100 basis points in one percentage point. That is, if an interest rate goes up one percentage point then it has gone up 100 BPS.

Warning: You might have to be an economist to enjoy this.

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