The Daily Stag Hunt did one better: It counted the word "[Laughter]" in every Federal Open Market Committee (FOMC) transcript between 2001 and 2006 -- the bubble years for the housing market. Then they graphed the results.
Does that picture remind you of something? Here's a look at home prices between 2001 and 2006:
Pull back the lens, and here's what happened to home prices when the laughter stopped:
FOMC laughter: Totally random incidence of economic giggling, or the very best coincident indicator we have? You be the judge.
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