[This poem was written by the Fed watcher at Pimco, the biggest holder
of US government bonds 
<http://www.pimco.com/LeftNav/Late+Breaking+Commentary/FF/2005/FF+September+2005.htm>.]

free dumb

'tis often said that the truth will set you free
but for the fomc
freedom is just another word
for a free pass to play dumb
as they fight lenders
lending for free to the dumb
who anticipate still dumber
to take them out of roofs
never intended to shelter from the rain
but to relieve the pain
of saving from paychecks
un-fattened by productivity gains
flowing freely to fattened corporate profit gains
which the fomc seeks to protect
all in the interest of defeating a cost-plus inflationary model
which has already been defeated by globalization
while giving birth to conundrums
which really aren't conundrums
unless you seek freedom
to target property prices
while singing bye to my
and let's all share the pie
while denying labor its fair slice
because you believe
the invisible hand works
only for the rich list
who owns the fist
to draft a larger reserve army of the unemployed
all in a nairu mist
to obscure
popping of bubbles
that aren't really bubbles
unless they prove their existence by blowing up
at which time
granting free dumb to inflate new bubbles
proving the fomc's ability
to walk on water
unfrozen
as they are the chosen
to decide
who will be cold
and who will be frozen.
 
By Paul McCulley,
written August 9, the day of the most 
recent FOMC meeting.