Laughter; specifically the sound of laughter. The i is long and should be pronounced reed-ence or ride-ence to avoid confusion with the word "riddance".
From the Latin ridere - to laugh, the word is related to deride and derision.
We had to let one comic go but his replacement is much funnier. So I guess - good riddance and good ridence.
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)