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January 21, 2013

Laugh along with the 2007 Fed staff

Stop, you're killing me! "Fed Chief Economist In 2007: The Economy Won't Go Into Recession And No I Am Not On Drugs".


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John B. Chilton

Stockton retired in 2011 at age 57. Some interesting background at this link along with a snippet:

Stockton, known for his sense of humor, could mix statistical analysis with anecdotes. At the same December 2005 meeting he told Fed governors and regional-bank presidents that the creation of “Flip That House,” a television show, suggested that the housing boom would soon end. “As far as I could tell, the gist of the show was that with some spackling, a few strategically placed azaleas and access to a bank, you too could tap into the great real estate wealth machine,” Stockton said, according to a Federal Open Market Committee meeting transcript released in January with other 2005 transcripts, the most recent year available.

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