Slicing and dicing the Recession

Explanations of the current recession are often bent by biased analysis, making truth as elusive as it is complex.Language is the first challenge most of us face. "Tranche" (French: to slice or cut - maybe it has something to do with cooking) is a popular word these days. Then there's that myriad of perplexing acronyms: CDOs (collateralized debt obligations), CMOs (collateralized mortgage obligations), CLOs (collateralized loan obligations), ABSs (asset backed securities), SPEs (special purpose entities), CDO2's and CDO3's (those ugly step-children of CDOs - like taking the discarded apples in an orchard and selling them labeled according to their progressive states of rot.). And let's not forget SIVs (structured investment vehicles) and those downright scary CDSs (credit default swaps, like bungee cords made of over-cooked spaghetti). All part of a dizzying array of esoteric terms that provokes a lament some of us haven't voiced in decades: "Geez, how much of this...(Read Full Article)

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