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Elsewhere on Wednesday:

These FOMC statements should be banned. They are a tired exercise in reader-hostile word-smithing, a conscious attempt to hide meaning and abuse language. 

Perhaps because we were too distracted by the full on Zebra skin rug mounted to her wall, we missed  a couple of gems from yesterday’s Meredith Whitney story  in Fortune,

It has been debated many times: Who is responsible for the mess [US] finances are in — Democrats or Republicans?

The internet elite like to point out that a large swath of the non-elite population finds everything from their browser search bar, rather

Naturally, a hedge fund’s jurisdiction impacts the level of comfort that investors will have with the fund.  But to some, it makes intuitive sense that certain jurisdictions should attract funds with certain strategies.

Economists react to the Fed’s rate decision: ‘The Superhero Is Powerless’ 

Gathered together on the rooftop bar at 230 Fifth Ave with colleagues from 15 or so other hedge funds, one arb looked down to the street and sighed, “It’s a good thing the Clear Channel buyout closed today. Now nobody has to jump.”

They’re sweeping up the last pieces of Paul Eustace’s Philadelphia Alternative Asset Management Co. But it’s been a while since we looked in on the cleanup, and a slowish summer news week seemed as good a time as any to catch up on developments over the last few months. 

Boone Pickens may be a fine man, and has played a colourful and useful role on the American stage for decades. But his “energy plan,” which he’s spending a fortune to promote on cable TV, is not a plan.

Bubbles do not have to be price increases, they can also occur when price falls (think of a fall in the stock market that is based upon rumours that generate a self-feeding downward cycle that eventually ends, and the price goes back to its fundamental value).