Thursday 15 January 2009

Spinning the Record - Bowie's to Blame ?!


Writing in that fount of financial wisdom, the Daily Mirror, Evan Davis playfully suggests that David Bowie might have kicked off the credit crunch with his celebrated issue of Bowie Bonds - an entertaining but hardly epoch-making example of securitisation.

Evan, it's so much simpler, as I'm sure you know when you're not spinning the record. Certainly,
the person responsible for our woes is a washed-up player who had his heyday in the 1970's. Who's ambivalent about his, err, dealings with men and women. Who dyes his hair. Who re-launches himself constantly. Who's under pressure, and a genuine oddity.

And the name is indeed five letters, beginning with B.


Who knows ? What, me ?
I never had control
You're face to face

With t
he man who sold the gold !


ND


11 comments:

Bill Quango MP said...

Thought it was all getting a bit "Life on Mars" these days.
But the green shoots mean it will all be Hunky Dory soon.
All the fault of the Young Americans, so the Cracked Actor says.

Time.. he should be gone by now, he should be gone by now.

AntiCitizenOne said...

Someone's going to fall to earth soon.

Mark Wadsworth said...

He's the man who sold the world.

Unknown said...

Utter nonsense. Clearly The Daily Mirror knows little to nothing about securitisation. The concept of mortgage-backed securitisation dates from the 1970s and the Bowie Bonds were not issued until 1997. Although Bowie may have been a visionary in the artistic sense, he certainly cannot be credited with inspiring the complex risk transfer/repackaging model (securitisation). The boom in securtisation occurred as a result of the advent of credit derivatives and FED de-regulaition ; to even suggest that Bowie's securitization sparked any sort of trend is ridiculous and discredits Davis' tabloid-level authority on economic/financial matters. In fact, securitisation of music/film revenues never really took off and is limited to a small handful of deals.

hatfield girl said...

Now it's time to leave the capsule if you dare...

Sackerson said...

Seriously, odds on Brown winning the next election?

Nick Drew said...

BQ, ACO, MW, HG - thanks for tapping the seam

Sackers - not trying hard enough, dear chap (& I don't want to think about Brown seriously just now, thank you)

Melissa - welcome. You are of course correct.

But there was something rather deliciously post-modern about Mr Bowie's manoeuvre, don't you feel ? Some folk I know at SRI did some work for a bank on how every (professional) person might be invited to monetise their future incomes, but it foundered - not on actuarial considerations but on moral hazard.

And quite right, too: would that more people took that properly into account ...

Electro-Kevin said...

You chaps do humour too.

Class !

Nick Drew said...

well thanks; yes, in our dry and obscurantist way, we do our best

(though sometimes people take us a bit literally ... that embarrassment when we told everyone to "take a spread position on Fannie Mae" ... it was just our little joke, guys ...)

come back more often, EK - always welcome here !

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