2 Big 2 Fail

The Great Recession may have cost 8.4 million American jobs since December 2007 along with $11.7 trillion in household net worth, but don’t say it never gave anything back. The crisis has given writers a treasury of useful metaphors now that the jargon of Wall Street — bailouts, shorts, derivatives, toxic assets, “moral hazard,” and “too big to fail” (a hip-hop album waiting to happen) — has become part of the language of Main Street.

In a post last Friday I compared the Jay Leno/Conan O’Brien debacle at NBC to a collateralized debt obligation. (I hope that’s the right term.) Then I watched this clip from last night’s Daily Show about the un-mavericking of John McCain.

John McCain isn’t selling his soul for political gain — he’s driving down its price so he can make a fortune in default swaps on the backend.

Those of us who have been asking Wall Street “What have you done for me lately?” are finally getting an answer: an expanded vernacular. Kinda makes the $4.6 trillion price tag of the bailout seem like a steal.

2 comments on “2 Big 2 Fail

  1. I support a Consumer Financial Regulatory Agency as proposed by Elizabeth Warren, who “heads an independent agency that Congress and will monitor and report on the government bailout of Wall Street”. See
    Uncle Mike

  2. That should be…’that Congress set up in 2008 to monitor…”.

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