As the credit crunch continues to spread feelings of fear and powerlessness, some are turning to humour as the only escape.
As the credit crunch continues to spread feelings of fear and powerlessness, some are turning to humour as the only escape.
But can we really laugh as the global financial edifice crumbles? Well, even the normally dour British Prime Minister Gordon Brown has been quipping on the crisis.
But can we really laugh as the global financial edifice crumbles? Well, even the normally dour British Prime Minister Gordon Brown has been quipping on the crisis.
Video courtesy of Channel Four/Vera Productions
Watch John Bird and John Fortune on the credit crunch (video courtesy of Channel Four/Vera Productions)
When he heard a mobile phone trilling as he gave a speech in London, he joked: "I don't know if another bank has fallen".
When he heard a mobile phone trilling as he gave a speech in London, he joked: "I don't know if another bank has fallen".
He later tried to reassure his audience by telling them: "You'll be pleased I'll not be giving financial information this evening".
He later tried to reassure his audience by telling them: "You'll be pleased I'll not be giving financial information this evening".
According to psychologists, at times of crisis, humour can provide a vital way of expressing frustration at a baffling situation.
According to psychologists, at times of crisis, humour can provide a vital way of expressing frustration at a baffling situation.
"Humour is a psychological coping mechanism, it helps us to cope with difficulties," explains chartered psychologist Mike Lowis.
"Humour is a psychological coping mechanism, it helps us to cope with difficulties," explains chartered psychologist Mike Lowis.
Q: What is the definition of optimism?A: An investment banker ironing five shirts on a Sunday night "It helps particularly with difficulties that we can't do much about, or ones we can't solve."
Q: What is the definition of optimism?A: An investment banker ironing five shirts on a Sunday night "It helps particularly with difficulties that we can't do much about, or ones we can't solve."
So it is perhaps unsurprising that the current financial crisis has inspired a rich seam of humorous material. Jokes are proliferating around offices, being published on internet blogs and swapped in chat rooms.
So it is perhaps unsurprising that the current financial crisis has inspired a rich seam of humorous material. Jokes are proliferating around offices, being published on internet blogs and swapped in chat rooms.
Laughing it off
Laughing it off
The classic "lightbulb" jokes have been reworked to take in the credit crunch. In others, finance professionals are now taking the place of much-derided lawyers.
The classic "lightbulb" jokes have been reworked to take in the credit crunch. In others, finance professionals are now taking the place of much-derided lawyers.
Q: What is the one thing Wall St and the Olympics have in common?
Q: What is the one thing Wall St and the Olympics have in common?
A: Synchronised diving Comedian Steve Punt
A: Synchronised diving Comedian Steve Punt
Is this schadenfreude, or delight in the suffering of others? Are we relishing the misfortune of those richer than most of us? And are the jokers cruel to revel in the sufferings of those who are now losing their jobs and wealth? Not so, argues Mr Lowis.
Is this schadenfreude, or delight in the suffering of others? Are we relishing the misfortune of those richer than most of us? And are the jokers cruel to revel in the sufferings of those who are now losing their jobs and wealth? Not so, argues Mr Lowis.
"It is not callous, it helps us to cope," he says. "Logic is the first way of coping. And when that fails, then the coping mechanism switches from the more rational left side of the brain to the more creative right side of the brain."
"It is not callous, it helps us to cope," he says. "Logic is the first way of coping. And when that fails, then the coping mechanism switches from the more rational left side of the brain to the more creative right side of the brain."
Q: What is the difference between a pigeon and a merchant banker?A: A pigeon can still put a deposit on a Ferrari The moral seems to be - if you cannot explain it away, try and laugh it off.
Q: What is the difference between a pigeon and a merchant banker?A: A pigeon can still put a deposit on a Ferrari The moral seems to be - if you cannot explain it away, try and laugh it off.
British comedian Steve Punt sees the credit crunch as a natural topic for jokes.
British comedian Steve Punt sees the credit crunch as a natural topic for jokes.
"People laugh more at things they care about or are engaged with. Things they have strong feelings about," he says.
"People laugh more at things they care about or are engaged with. Things they have strong feelings about," he says.
"Also, situations that they feel powerless in. With the credit crunch, everybody seems to be powerless, up to the very top."
"Also, situations that they feel powerless in. With the credit crunch, everybody seems to be powerless, up to the very top."
Psychological need
Psychological need
The financial jargon, too, provides a great source of jokes, Mr Punt says.
The financial jargon, too, provides a great source of jokes, Mr Punt says.
"Everybody is suddenly an expert talking about Collateral Debt Obligations, or what the interest rate should be," which, he suggests, is quite amusing by itself.
"Everybody is suddenly an expert talking about Collateral Debt Obligations, or what the interest rate should be," which, he suggests, is quite amusing by itself.
I went to buy a toaster and it came with a bank Finance's euphemisms of obscure or opaque jargon are also ripe for satire.
I went to buy a toaster and it came with a bank Finance's euphemisms of obscure or opaque jargon are also ripe for satire.
"It's fun just to translate it," he says.
"It's fun just to translate it," he says.
"When someone tells you 'I'm terribly sorry that the collateral debt obligations that were securitised as part of our ongoing risk amelioration programme have resulted in a capitalisation issue that affects our Human Resources capacity', what that means is: 'You're fired'."
"When someone tells you 'I'm terribly sorry that the collateral debt obligations that were securitised as part of our ongoing risk amelioration programme have resulted in a capitalisation issue that affects our Human Resources capacity', what that means is: 'You're fired'."
Jokes tapping into feelings of unease are legitimate, says Steve Punt
Jokes tapping into feelings of unease are legitimate, says Steve Punt
There are, however, some rules of which the budding joker should be aware.
There are, however, some rules of which the budding joker should be aware.
"You need to make a distinction between the subject and the target of the joke," warns Mr Punt.
"You need to make a distinction between the subject and the target of the joke," warns Mr Punt.
"But if people lost their house, you can still make jokes about those who were responsible for the crisis, that's legitimate."
"But if people lost their house, you can still make jokes about those who were responsible for the crisis, that's legitimate."
Jokes can have a psychological benefit for those who tell them.
Jokes can have a psychological benefit for those who tell them.
Q: What do you say to a hedge fund manager who can't short anything? A: Quarter pounder with fries please
Q: What do you say to a hedge fund manager who can't short anything? A: Quarter pounder with fries please
"By joking, you use a mental process, so you feel you've done something about the situation," says Dr Lowis, who says there is a genuine need to make jokes about bad situations, even disasters.
"By joking, you use a mental process, so you feel you've done something about the situation," says Dr Lowis, who says there is a genuine need to make jokes about bad situations, even disasters.
According to the theory of a "just world", he says, we need to believe, at a subconscious level, that the world is basically an ordered place.
According to the theory of a "just world", he says, we need to believe, at a subconscious level, that the world is basically an ordered place.
Q: How many commodities traders does it take to change a light bulb?A: None, they don't change bulbs; but the trading price of darkness plummets due to oversupply But if something happens to challenge that belief "we cope with humour, by joking about what is interfering with that basic belief".
Q: How many commodities traders does it take to change a light bulb?A: None, they don't change bulbs; but the trading price of darkness plummets due to oversupply But if something happens to challenge that belief "we cope with humour, by joking about what is interfering with that basic belief".
Doctors have long suggested that humour offers tangible health benefits. Perhaps the governments' plans to rescue the sinking banks should include provisions for humour therapy classes for all concerned? Only joking.
Doctors have long suggested that humour offers tangible health benefits. Perhaps the governments' plans to rescue the sinking banks should include provisions for humour therapy classes for all concerned? Only joking.
Are you using humour to cope with the crisis? Send us your own credit crunch jokes using the form below:
Are you using humour to cope with the crisis? Send us your own credit crunch jokes using the form below:
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