A guide to Warsh's rhetorical techniques. (since we'll living with it for the next 5 years) Here's 8: : 1. Replace the question with a broader one (otherwise known as "bridging), i.e. when someone ask X, you answer Y. Q: Was today's decision close? Answer: The vote was 9-3. The broader discussion showed a lot of agreement. We had commonality on the questions.... 2. Reject the reporter's premise. I.e. Q: What's the argument for a pause? Answer: I wouldn't characterize what we did as anything like a pause. 3. When asked about conclusions, answer with process. Q: What haven't you hiked? A: We spent an inordinate amount of time looking at monetary policy strategy...thinking hard...looking at data... 4. Admit uncertainty, but only about the economy, not objectives. i.e. he never expresses uncertainty about the 2% inflation target or the Fed's mission, but he freely admits uncertainty about anything about the economy. 5. Create memorable slogans to create rhetorical anchors. i.e. "Watchful thinking, not watchful waiting." "Family fight." "We're in the performance business." "No magic wand." 6. Controlled self-deprecation to diffuse tension. i.e. "Believe it or not, this press conference is not all I've done today." 7. Use questions to answer questions. He presented the four questions that the FOMC discussed, but never provide answers. 8. Divert attention to the markets but does not provide market analysis. Q from reporter: what are you hearing from the markets? A: Markets are the best source of information.

7 figure hell is real because at $2M you basically have unlimited funds for travel, rent, day to day expenses and pretty much all lifestyle options as long as you live by your means but you don’t have enough to touch property or higher luxuries.

I mowed the lawn today and after doing so I sat down and had a cold beer. The day was really quite beautiful, and the drink facilitated some deep thinking. My wife walked by and asked me what I was doing, and I said, "nothing". The reason I said "nothing" instead of saying "just thinking" is because she then would have asked, "About what?" At that point I would have had to explain that men are deep thinkers about various topics, which would lead to other questions. Finally I pondered an age old question: Is giving birth more painful than getting kicked in the nuts? Women always maintain that giving birth is way more painful than a guy getting kicked in the nuts, but how could they know? Well, after another beer, and some more heavy deductive thinking, I have come up with an answer to that question. Getting kicked in the nuts is more painful than having a baby, and even though I obviously couldn't really know, here is the reason for my conclusion. A year or so after giving birth, a woman will often say, "It might be nice to have another child." On the other hand, you never hear a guy say, "You know, I think I would like another kick in the nuts." I rest my case. Time for another beer, and then maybe a nap.