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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.

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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
    http://www.commondreams.org/view/2010/04/07-0
    Uncle Mike

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

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