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.