By CHARLES M. BLOW
NYT
The recent unpleasantness of our economic unraveling has caused me headaches. Not so much because I was losing my shirt, but because I thought I was losing my mind. Credit-default swaps, derivative products, securitized mortgages. Say what? It feels as though I’ve stumbled into a Mensa meeting.
All the tumult is couched in a jumble of jargon that is confusing and infuriating. In laymen’s terms, the financial industry gambled and lost. This damaged the economy. And if we don’t save Wall Street, the world will implode.
Meanwhile, the worlds of many Americans are already imploding. People are being forced to seek modifications for their underwater mortgages, watch retirement savings wither and choose between medicine and meals. It’s a mess.
Still, we have to give multibillion-dollar bailouts in return for multitrillion-dollar deficits. Argh!
(More here.)
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