It was a magical time to be a college student. In Texas the drinking age was 18, the SMU Mustangs were winning football games and we had incredible date parties at the Phi Delta Theta house. We were college kids – stupid and funny and could not worry about it being on social media 32 seconds later.
Our Social Chairmen were bringing in bands from all around the South and in November we would have the party known as “B” Function. Men in Tuxes and Women dress to impress for a house party. Also about that time a band from Chicago known as Earth, Wind and Fire released “September”.
Of course, the bands we had were playing this song. When the band would start you immediately knew that this was a song that would have everyone out on the dance floor. “B” function was an incredible party. The horns would add to the melody and then the lyrics………..
Do you remember the 21st night of September?
All parties have to come to an end, yet magically about the time the band was supposed to stop, our Phi Delta Theta Social Chairmen would somehow find another $300 and it was a party for another 60 minutes.
Go ahead hold down Ctrl and click the picture, turn up the sound – I know you are going to anyway. Dancing at your desk is anticipated
FAST FORWARD to 2016
Just two days ago it was Wednesday, September 21 all over again for the 3rd year in a row. However, this party is not being thrown by the Texas Delta Chapter of Phi Delta Theta, it is courtesy of the Board of Governors of the United States Federal Reserve System and the Federal Open Market Committee meeting.
Wednesday, just like the September meeting in 2014 and 2015 the Fed Governors kicked the can down the road to December. Earth Wind and Fire was ahead of them in 1978 by adding the 2nd stanza to their hit song.
“Now December found the love we share in September,
Only blue talk and love,
Remember the true love we share today”
Today is was just like being at the Phi Delta Theta house in 1978 and learning that the band was going to play for another hour. It is PARTY ON!!!
Unfortunately, come Sunday morning at the Phi house inevitably the party aftermath was in full force. We had danced and partied the night away and some of us were probably feeling the “B” function party hangover in full force. We believed we were invincible.
Sunday morning , it didn’t matter because we still had to clean up and figure out how to get from Sunday’s madness to Monday’s classes and jobs.
Our US economy is hanging on to a semblance of growth. The GDP growth peaked in the 2nd quarter of 2015 and since has been trending down.
On September 21, 2016, the Fed Governors paid for the US economy band to play for another quarter.
“September” by Earth Wind and Fire was called the song that never ends by National Public Radio it is forever lodged in our mind.
The question You should be asking yourself is what will the hangover look like when the Fed Committee band stops playing and are you prepared?
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I’m dancing in my seat as I listen again…………
Have a great weekend, fall is just around the corner!
Michael Tannery CPA CDFA® AIF® ● CEO
Be A Financial Olympian