Fed Watching

Question: How do you get into Columbia Business School (CBS)?

Answer: With a sense of humor.

Check out this video, "Every Breath Bernanke Takes," sung to the tune of "Every Breath You Take" by The Police.

The singer is a student who looks like Glenn Hubbard, the Dean of CBS. After watching this, I think you'll agree these students are wasting their time in Business School. With a sense of humor like this, they should have their own show on CNBC.

Watching the Fed is a major entertainment industry around the world. It employs thousands of people who apply millions of kilowatts of some of the best available brain power, all trying to answer a simple question: are rates going up or down?

The old saying on Wall Street is, "There are only two people who know the direction of interest rates. Unfortunately, they don't agree."