Monday, September 29, 2008

It's Called "Bomb Surfing"

Suppose you are an avid surfer, but there are no waves today or the waves aren't big enough to suit you. You can:

a) surf on the waves you have, not the waves you wish you had
b) add another sport to your repertoire
c) drop a huge bomb out to sea and surf on those waves

The financial inventors over the past seven or ten years -- the hedge fundies and the tranchifiers and the Pere Noel's of the mortgage market -- in one way or another stirred up the waves and were admired for their surfing prowess.

Now, the starfish and driftwood and dead whales are coming home to roost. The surfers are possibly losers in this aftermath, but not as much as they deserve. Meanwhile the grownups and the Red Cross are strapping on their gas masks and picking up their shovels.


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