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Christopher Borle singing 'Bet Against The American Dream' -- From This American Life
We’re going to bet against the American Dream, we’re going to be on the winning team, purchase risky debt on a massive scale. Then place a bet that the debt will fail. Hundreds of millions for Magnetar, the economy collapsing like a dying star.
CDOs And Betting Against The Taxpayers
Making The Complicated More Understandable
From Planet Money This American Life, National Public Radio
You write a check for 10 million dollars.
Hand the check to a Wall Street bank, and ask them to make us a CDO.
Step two: they create the CDO, using risky stuff, very risky stuff, extremely risky stuff.
Step three: other investors commit hundreds of millions of dollars to the CDO.
Step four: we bet against the CDO, using a credit default swap.
Step five: the housing market crashes. The CDO’s value goes to zero, our bet pays off and we make hundreds of millions of dollars and before you can say step six, we’re rich!
We’re going to bet against the American Dream, we’re going to be on the winning team, purchase risky debt on a massive scale.
Then place a bet that the debt will fail. Hundreds of millions for Magnetar, the economy collapsing like a dying star.
No one will know till it’s on NPR, and who cares? It’s time to hit the town, this sucker could go down. The housing market’s losing steam.
And all we got to do to make our dreams come true is bet against the American Dream!
Sometimes A Song Says It Best
Bet Against The American Dream
From Planet Money — This American Life
Music And Lyrics By Robert Lopez
”Vocalists: John Treacy Egan & Christopher Borle
”Music Supervisor/Producer: Stephen Oremus
”Orchestration: Bruce Coughlin
”Piano: Mark Hummel
”Keyboard: Randy Cohen
”Bass: Dave Phillips
”Drums: Sean McDaniel
This Article Reprised From Materials Originally Published By Newsroom Magazine April 25, 2010