Wednesday, March 19, 2008

Well, that was a Nice Rate Cut, Wasn't It?

Given that the market seems to have relatively ignored the 75 basis point cut of yesterday, a little levity is in order before we start seeing executives jumping out of the windows of multi-story offices on the street.

So, shamelessly stealing this from The Big Picture, here's a rewriting of a little ditty:


Is this the real price?
Is this just fantasy?
Financial landslide
No escape from reality

Open your eyes
And look at your buys and see.
I'm now a poor boy (poor boy)
High-yielding casualty
Because I bought it high, watched it blow
Rating high, value low
Any way the Fed goes
Doesn't really matter to me, to me

Mama - just killed my fund
Quoted CDO's instead
Pulled the trigger, now it's dead
Mama - I had just begun
These CDO's have blown it all away
Mama - oooh-hoo-ooo
I still wanna buy
I sometimes wish I'd never left Goldman at all.

(guitar solo)


I see a little silhouette of a Fed
Bernanke! Bernanke! Can you save the whole market?
Monolines and munis - very very frightening me!
Super senior, super senior
Super senior CDO - magnifico

I'm long of subprime, nobody loves me
He's long of subprime CDO fantasy
Spare the margin call you monstrous PB!
Easy come easy go, will you let me go?
Peloton! No - we will not let you go - let him go
Peloton! We will not let you go
(let him go !)
Peloton! We will not let you go - let me go
Will not let you go
let me go (never) Never let you go - let me go Never let me go – ooo
No, no, no, no, No, NO, NO ! -
Oh mama mia, mama mia, mama mia let me go
S&P had the devil put aside
for me
For me, for me, for me


So you think you can fund me and spit in my eye?
And then margin call me and leave me to die Oh PB - can't do this to me
Just gotta get out - just gotta get right outta here

Ooh yeah, ooh yeah
No price really matters
No liquidity
Nothing really matters - no price really matters to me
Any way the Fed goes.....

--Attributed to a Bear Stearn guy

1 comment:

gandhisxmas said...

ahhh sweaterman i cant believe you had me read that whole thing, sticking that damn song in my head.

but how bout them markets eh? up 400 down 300, fed shows it is really an insitution controlled by the major banks who own us...bail out the ultra-rich yet again, they think the US taxpayer wont even blink...i dont think they are right, not this time.