Bernanke's Hippie Dictionary Updated

Actually we have no idea what year Fed chief Ben Bernanke wrote his “Hippie Dictionary.” But we’re glad he did. It’s actually quite good, and nicely post-modern with its inter-textual self-referentiality. Here are the excerpts reprinted by Bloomberg.

Bird -- a lady as in ``cute chick'' or ``henpecked'

Dig -- to like, to enjoy, as ``The hippie undertaker digs his work.''

Down trip -- a drag

Drag -- a down trip

Hang-up -- a neurosis or fetish

In gear -- the cat's pajamas

Lie-In -- a form of peaceful protest that often fails when demonstrators go to sleep

Square -- someone who stays home New Year's Eve to hear Guy Lombardo play ``Auld Lang Syne''

Straight -- as in ``stiff'' (see ``dig'')

Swing -- what someone does who thinks Guy Lombardo is a football coach (see square)

Trip -- a rocket flight without the rocket

Webster's Revised

Bernanke probably has little use for such words in his current line of work. Just imagine, though, if he had reason to utilize them how different the corresponding definitions would be today.

Bird -- Sandy Pianalto, the Cleveland Fed president who is a real looker, and not just by civil-servant standards.

Down trip -- bumping into CNBC's Maria Bartiromo at the White House Correspondents' dinner.

Drag -- bumping into CNBC's Maria Bartiromo at the White House Correspondent's dinner and answering a set-up question.

Hang up -- recommended policy for dealing with the press following L'affaire Bartiromo.

In gear -- a good place for the economy to be as long as inflation and inflation expectations are well-contained.

Lie-In (Lyin') -- opposite of transparent. See inflation targeting.

Square -- apt description for a man who spends his time divining the correct level for overnight interest rates (or defining hippie words while his contemporaries were out living hippie lifestyles).

Straight -- see square above.

Swing -- how Alan Greenspan saw his role in the Washington scene. (See A-list parties and Fed's July 4 shindig.)

Trip -- going to lots of places you never would have visited unless your job description required it. Alternatively, the experience of speaking to audiences whose blank stares suggest an understanding of monetary policy on a par with the family dog's.

Another way to harness the Fed chief's obvious way with words would be to adapt 1970's hippie-ese for the 21st century. The Fed's communications subcommittee, under the leadership of Governor Don Kohn, might want to consider using hipper lingo -- in the process, taking some of the mystery out of monetary policymaking -- in the statement released at the end of each meeting.

Groovin' Communication

For example, when the Fed announced Aug. 8 that it was keeping its benchmark overnight rate unchanged at 5.25 percent, it explained its decision in the following manner:

``Economic growth has moderated from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices.''

The hip-hop generation might find the whole arcana of monetary policy more comprehensible, not to mention appealing, if the Fed came down to the level of its audience and told it like it is:

``A group of squares in Washington decided to blow your mind, keeping the cost of dough right where it is because the economy, grooving from a psychedelic trip in the housing market, is coming down. Not wanting to take the rap for dealing bad stuff, we stiffs will do our level best to ensure the slowdown doesn't turn into a bad trip.''

You dig, man?

http://www.bloomberg.com/apps/news?pid=20601039&sid=a4U83tNPsvgY&refer=home