MARKET CRASH 2008 from "Verse Two"
"Credit default swap" - what’s in a name?
Is it a loan or insurance, for stocks or bonds?
Does it signal risk or greed?
Will it be a slam dunk, a piece-of-cake?
The more words needed to explain it,
the murkier, the shakier, the weirder it is.
We are told the creators of credit default swaps put together
"securitized" sub-prime mortgage loans and insurance.
Their bosses understood little about this product,
but signed off anyway and cashed in.
Now, fellow victims, we all know the swindle that was.
We have our own names for this collapse -
bleeping deleted expletives.
Gord December 2008