“What do you know about the Federal Reserve?” an interviewer asks a woman. “Not much,” she replies and then laughs. In all honestly, this is the likely response that a lot of people would have when asked this question.
Over at the Financial Times Cardiff Garcia has a great explanation about who coined the “fiscal cliff” (Ben Bernanke), why it has stuck, and why it’s a dumb name (“If policymakers don’t work out a solution by January 1st, the harm is not immediate. Nor is it irreversible, nor is it even all that perilous at first.”)
Jokes about the economy are so great, especially when you (when I) understand them.