The Noise Machine jumped on Obama's 60 Minutes interview and the fact that CBS's Steve Kroft at one point asked Obama if he was “punch drunk.” Kroft was concerned Obama was laughing too much at his very serious questions about the economy. Obama assured him it was just gallows humor.

The president was actually just being polite--he was laughing because the premise of one of Kroft's questions was so dumb. It was about the AIG bonus scandal [emphasis added].

KROFT: There is a perception right now, at least in New York, which is where I live and work.

OBAMA: Right.

KROFT: That, um, people feel they thought that you were going to be supportive. And now I think there are a lot of people say, “Look, we're not going to be able to keep our best people. They're not going to stay and work here for $250,000 a year when they can go work for a hedge fund, if they can find one that's still working.

Obama chuckled at the idea that angry executives on The Street who had their pay capped would bolt and go find jobs at hedge funds. He laughed because it's funny.

Hedge funds closures last year totaled $84 billion in worth, and more than 1,400 hedge funds were liquidated in 2008. So yeah, it's pretty funny to think that disgruntled bankers are going to parachute into new hedge funds jobs.