- Greenspan’s Defense
- Central Banker’s Dilemma
- Main Street Venting Blues
- Mr. Madoff
- Dear Fiscal, Love Monetary
- Financial Crisis Revisited
- Capitalism Lives On
- Life Is Like A Jigsaw Puzzle
- This Time Around
- Gold Price Factors
- The Tragedy Of The Commons
- Notes For The 112th Congress
- Currency War
- QE2
- Is It Over Yet?
- Our Love Is An Illiquid Asset
Greenspan’s Defense
Vocals – Adam and Sarah
Guitar – Adam
Fiddle – Jonathan
Written by – Ryan
Every man has weaknesses and everyone has pride
If you knew what I had done you’d see it from my side
The world was slowly slipping and the internet bubble burst
I just gave liquidity to quench an awful thirst
Then they’ll eat me alive, alive
If my heart were beating fast and if I look unsure
If my future models break and if my vision blurs
If I make just one mistake and show a sign of doubt
If the world would turn on me and I can’t block it out
Then they’ll eat me alive, alive
They say that housing prices soared because of what I’d done
Don’t forget the reasons why I drove the rate to one
We were heading for recession and bin laden took us down
It wasn’t so damn long ago I ruled over this town
But now they’ll eat me alive, alive
Now they’ll eat me alive, alive
—
Central Bankers Dilemma
Vocals – Kyle and Sarah
Guitar – Adam
Mandolin – Adam
Written by – Ryan and Kyle
Alan Greenspan used to be the toast of the town
Everybody loved his interest rates, he twirled them round and round
Under his guiding hand liquidity was almost free
It flowed like wine we passed it around between you and me
I’m having nightmares of stagflation. We’re running out of room
The overnight rate’s way too low. It’s either bust or boom
Liquidity is almost gone I just passed out on that bench
Ben Bernanke can you spare a drop my thirst must be quenched
The subprime debt steadily climbs the write-offs just won’t stop
Maestro what have you done your reputation’s shot
I’m having nightmares of stagflation. We’re running out of room
The greatest of all dilemmas, it’s either bust or boom
Ben Bernanke where’s your sense you gotta listen to the hawks
Just look at the ECB – inflation targeting would never stop
I opened up the paper the headline inflation is 5.6
Since your target was roughly 2 you must be feeling sick
I’m having nightmares of stagflation. We’re running out of room
The overnight rate’s way too low. It’s either bust or boom
—
Main Street Venting Blues
Vocals – Kyle and Adam
Guitar – Kyle
Fiddle – Jonathan
Written by – Ryan and Kyle
Subprime mortgages are what you sold to me
Securitized derivatives you said would set me free
And I’m here with nothing to lose
So you better be on the move
Mortgages wont rise you said to me
Negative home equity is all that I have left
Credit cards and ninja loans and just a pile of debt
Pack you suits and pack your ties
Find yourself a new disguise
Your blood won’t make up for your lies
And to you I’m the textbook example
Of the lessons learned from taking too much risk
And to you I’m the cited example
Of the risky coefficient that you missed
Martin J Sullivan you’ve got a lot of nerve
Run your business to the ground with bonuses preserved
Cause out here we bleed to death
And no one comes to pay our rent
It’s just our well earned money that u spent
We’ll ride all you bureaucrats out on a rail
For saving millionaires while my home is for sale
You’ll justify some way
And say we’re all better off today
Again and again I’m the only one to pay
And to you I’m the textbook example
Of the lessons learned from taking too much risk
And to you I’m the cited example
Of the risky coefficient that you missed
—
Mr. Madoff
Vocals – Kyle
Guitar – Adam
Fiddle – Jonathan
Harmonica – Ryan
Written by – Ryan
Markets are down again and I lost all my money
Bernie Pushed me down again and seems to find it funny
He took all of my savings and left me just a dime
Now he’s headed off to prison and I’m working overtime
Oh what’s a Ponzi scheme. It’s not so bad just a little lie
Oh what’s a Ponzi scheme, maybe it’s worth a try
I went off heading for wall street cause I’m in need of another loan
All I found was some failing markets and a couple of broken homes
So what’s 50 billion once you’ve got access to the Fed
That’s called a rounding error when you work for Chairman Ben
And I said oh what’s a Ponzi scheme. It’s not so bad just a little lie
Oh what’s a Ponzi scheme, maybe it’s worth a try
So I’ve got a couple suggestions of how to make back some easy cash
First I’ll call up Ben Bernanke and hope your Ponzi scheme will last
There aren’t any easy answers of how to make it in this world
We should try to all be grateful Madoff didn’t also steal your girl
And I said oh what’s a Ponzi scheme. It’s not so bad just a little lie
Oh what’s a Ponzi scheme maybe it’s worth a try
Oh what’s a Ponzi scheme. It’s not so bad just a little lie
Oh what’s a Ponzi scheme maybe it’ll work tonight
—
Dear Fiscal, Love Monetary
Vocals – Adam and Kyle
Guitar – Adam and Ryan
Fiddle – Jonathan
Written by – Ryan
Paulson: Dear Chairman Ben, I never thought that I might see
Bernanke: The day our tools they would blend so perfectly
Paulson: My fiscal measures and you’re monetary levers
Bernanke: The ties that bind us I will never ever sever
We’ll always be the heads of our nation
Can’t you see the way we killed stagflation
I never ever thought that I would have this much fun
As when I watched you bring the rate down to one
Paulson: I always remember when you said, Hank I need your hand
Bernanke: This subprime debt it won’t heed to my command
Paulson: So then I bought 700 billion worth of crap
Bernanke: I never would have asked for you to pay me back
We’ll always be the heads of our nation
Can’t you see the way we killed stagflation
I never ever thought that I would offer so much thanks
As when you bought those troubled assets from the banks
Paulson: Of the tools that we used some were new and some were old
Bernanke: But they all were right just as they all were bold
Paulson: All those night we spent on your helicopter plane
Bernanke: I always knew that you’d come and save the day
We’ll always be the heads of our nation
Can’t you see the way we killed stagflation
I never ever thought that I’d have this much fun
As when I watched you bring the rate down to one
And so I said God won’t you hold my soul
I said God won’t you hold my soul
I can see it in your eyes that your saying
God won’t you hold my soul
I said God won’t you hold my soul
I can see it in your eyes that you’re saying that
I know that you’re gonna leave
But like a million miles away from me in harmony
Cause it is clear that these times are strange
But there’s not a single dollar spent that I would’ve changed
I know that we took on a lot of debt
But I hope you don’t have one single regret
Because when you brought that rate on down
I was the coolest central bankers still in this town
I just want you to know that I said
God won’t you hold my soul
I said God won’t you hold my soul
I can see it in your eyes that you’re saying goodbye
—
Financial Crisis Revisited
Vocals – Adam
Guitar – Adam
Fiddle – Jonathan
Harmonica – Ryan
Written by – Ryan
Back in March we didn’t know what was to come
The Bear Stearns collapse had already come and gone
We finally thought that we’d start to gain some ground
But subprime losses just kept being written down
Over the summer months commodity prices all went up
The cost of oil hit 150 bucks
And everyone talked about their stagflation fears
And just like that it all those worries disappeared
We had the Lehman bust we lost all our trust
In the systems of our own demise disguised
We had all our fears slowly reappear
In the systems of our own demise disguised
Banks collapsed and a chaotic mess ensued
And the Libor spread was becoming front page news
AIG was getting bailed out by the fed
And into T-Bills investors promptly fled
The government took control of Fannie Mae and Freddie Mac
And Chinas rapid rate of growth was scaling back
The threat of hurricanes and Russia going to war
And the thought that markets would never find a floor
We had the Lehman bust we lost all our trust
In the systems of our own demise disguised
We had all our fears slowly reappear
In the systems of our own demise disguised
John McCain’s strengths weren’t those that mattered most
And his running mate was more a running joke
So Barack came in and easily took the crown
But the markets shrugged and still came tumbling down
Paulson tried his best to be a hero
And Ben Bernanke cut the rate to almost zero
And Congress passed a 700 billion dollar bill
But no one really has a plan for it still
We had the Lehman bust we lost all our trust
In the systems of our own demise disguised
We had all our fears slowly reappear
In the systems of our own demise disguised
All the bubbles burst and deflation took the prize
And Madoff’s schemes were exposed for their lies
The dollar value climbed despite our growing debt
But nothing that happened ever really made much sense
We had the Lehman bust we lost all our trust
In the systems of our own demise disguised
We had all our fears slowly reappear
In the systems of our own demise disguised
—
Capitalism Lives On
Vocals – Kyle and Sarah
Guitar – Adam and Kyle
Fiddle – Jonathan
Drums – Adam
Written by – Ryan
I used to think that the world was beautiful
And that these tears were so unkind
I used to think that no man was usable
Equal pay for equal time
But why did Fischer beat Karpov
And why did Canada win the Summit Series
And if Russia is really so great
Then why is Pushkin rolling in his grave
Remember when we read the headline
About how Marx had seen the end
We watched the New York shrinking skyline
But we’ll find greed in our hearts again
But why did Fischer beat Karpov
And why did Canada win the Summit Series
And if Russia is really so great
Then why is Pushkin rolling in his pushka pushka pushka rolling in his grave
We danced across stars with Stalin
We passed the bottle with Putin
And your horse retreated and your queen retreated
But your heart sang into the night
And your horse retreated and your queen retreated
But your heart sang into the night
—
Life Is Like A Jigsaw Puzzle
Vocals – Sarah, Kyle, Ryan, and Adam
Guitar – Ryan
Mandolin – Adam
Written by – Ryan
Hayek always says you’re bound to get lost
While Krugman disagrees and says you’re looking kind of soft
But Arlen always says to grab a beer and sit
Life is like jigsaw puzzle whose pieces don’t fit
Teachers always need to stand aside and laugh
They come up with their theories by looking to the past
But Arlen always says to grab a beer and sit
Life is like a jigsaw puzzle whose piece don’t fit
Everybody knows you want a chorus
Everybody knows you want an end
But if you would look around then you will notice my friend
That life is like a jigsaw puzzle whose piece don’t fit
Arlen always says that love is like life
You’re bound to encounter a lot of struggle and strife
But don’t despair cause you get to get hurt
Life is like a jigsaw puzzle whose pieces don’t work
—
This Time Around
Vocals – Adam and Sarah
Guitar – Adam
Fiddle – Jonathan
Mandolin – Adam
Harmonica – Ryan
Written by – Ryan
We live, we love, we laugh, we bring it back home
North of the border from the plains to the coast
Our banks our strong and we’ve been making it through
You fell apart but we ain’t following you this time around
Our leverage rates are only at 18 to 1
Your off the charts and now your reaching the sun
We play it safe and now we’re playing it cool
You fell apart but we ain’t following you this time around
And when we tripped we got back up on our feet
Without the bailouts or the money machine
We’re hiking rates and watch our job market bloom
The Feds still easy talking more and more doom this time around
The Loonies march won’t stop until we’re on top
Your dollars weak and man we know it won’t stop
Our country is strong and we’ve been making it through
You fell apart but we ain’t following you this time around
—
Gold Price Factors
Vocals – Adam and Sarah
Guitar – Kyle
Mandolin – Adam
Harmonica – Ryan
Written by – Ryan
This is the story of the price of gold
The one commodity you shouldn’t have sold
Price rises higher every single day
So many factors are going to play
Chinese demand has been out of hand
Risk is falling, dollars crawling
All these factors driving up the price
Emerging markets are a growing source
For world demand that’s been a growing force
Demand curve shifting largely to the right
Marginal benefits driving up the price
Chinese demand has been out of hand
Risk is falling, dollars crawling
All these factors driving up the price
Flights to safety increasing the net worth
Of precious metals we’re mining from the earth
Its store of value calms investors fears
From sudden panics that bring our brokers tears
Chinese demand has been out of hand
Risk is falling, dollars crawling
All these factors driving up the price
Watch Ben Bernanke and soon you’ll understand
How easy money gives gold greater demand
Commodity prices trend in the inverse
Of fiat values supply becomes a curse
Chinese demand has been out of hand
Risk is falling, dollars crawling
All these factors driving up the price
—
The Tragedy Of The Commons
Vocals – Sarah and Adam
Guitar – Ryan
Fiddle – Jonathan
Mandolin – Adam
Written by – Ryan
Listen up all you bulls and bears
Who hunt for profits but never share
From all the masses all you see
Are coefficients that you made free
And we’re walking blind but you can see
So lead us back home to steal from me
We’re not angry ’cause you were right
We’re just the ones who can never fight
From all our singing all you hear
Is that your profits are cloaked in fear
And we’re walking blind but you can see
So lead us back home to steal from me
—
Notes For The 112th Congress
Vocals – Kyle
Guitar – Kyle and Adam
Fiddle – Jonathan
Mandolin – Adam
Written by – Kyle
Welcome to Washington, summers are hot
Winters are surprisingly cold
The economy’s a mess, we’re counting on you
To be careful, judicious, yet bold
You say “Raise the gates and bring currency war”
“Blame Singapore and Hong Kong”
Tri-cornered caps and throwing out your maps
Won’t make the dollar strong
China and India continue on their march
While Europe forgets how to waltz
PIGS love company and add to their ranks
With increasing rates of default
“We have the cure! Just cut back the pork”
“We promise this time we’ll abstain”
Throwing out your noodle and singing Yankee Doodle
Won’t stop a runaway train
Fiscal reform and balance of trade
But two of our many concerns
An energy bill would be DOA
And immigration waits its turn
Science is passé and policy wonks
Take their cues from the New York exchange
Reciting Bible verses and dabbling in curses
Won’t offset climate change
So “out with the old and in with the new”
They say despite reelection rates
A few new faces in a crowd of hundreds
Does not a revolution make
Washington once more is buzzing with change
“This time we mean it” say they
Playing the mob and talking to God
Won’t postpone our Judgment Day
—
Currency War
Vocals – Adam and Sarah
Guitar – Ryan
Fiddle – Jonathan
Mandolin – Adam
Written by – Ryan and Kyle
US: Rate for rate I’ll take you down
China: Trade for trade make China proud
US: Artificial currencies drive the dollar’s value to its knees
China: Even if the world’s concerned we’ll never lose an export that we earned
Yes I would rip you apart with my teeth of venom
Take out my gun and point right to heaven right to heaven
US: Keep the target rate below the fundamental values that we know
China: Accumulate more foreign debt watch our foreign rivals start to sweat
Yes I would rip you apart with my teeth of venom
Take out my gun and point right to heaven right to heaven
US: You can never win this war the Federal Reserve just wants it more
China: The Chinese bank has far more drive keeping our trade surpluses alive
US: I know it’s bad but it feels so good, couldn’t quite you even if I should
China: Hand in hand for better or worse, spinning faster who will let go first?
Yes I would rip you apart with my teeth of venom
Take out my gun and point right to heaven right to heaven
—
QE2
Vocals – Adam and Sarah
Guitar – Adam
Harmonica – Ryan
Written by – Ryan and Kyle
Who else could ever ease
As quantitative as me?
Who else could ever print
The types of credit I’ve lent?
Print it hard
Print it fast
Let the pundits whine
They’ve got plenty of time
But haters gonna hate
And crises don’t like to wait
Print it hard
Print it fast
I know you print for free
You’ve made money grow from trees
You look glad when you glance at me
Cause I’ve been true
My asset mix is huge
From Texas to Baton Rouge
We take on sovereign debt
And narrow MBS spreads
Print it hard
Print it fast
I know you print for free
You’ve made money grow from trees
You look glad when you glance at me
Cause I’ve been true
I wrote the book of Keynes
And now they’re singing my praise
I stimulate like war
Prepare for 600 more
Print it hard
Print it fast
And I’ve been running backwards with you
Printing loads of credit its true
And I’ve been smiling on a cloudy day
And I’ve been smiling on a cloudy
And I’ve been glad just knowing it’s you it’s you
And I’ve been smiling on a cloudy day
And I’ve been smiling on a cloudy
And I’ve been glad just knowing it’s you it’s you
—
Is It Over Yet?
Vocals – Adam and Sarah
Guitar – Adam
Mandolin – Adam
Written by – Ryan
They say the crisis ended, heading for redemption
I’m unsure of this cure
On this road ahead
All this moral hazard, readied for disaster
Sovereign debt has us bit
Is it over yet?
All those times we spent looking for the sun
Thinking where we’d been and what we had done
From Madrid to Japan down to Washington
Is it over yet?
Is it over yet?
From Madrid to Lisbon from New York to Athens
Western world starts to swirl
And begins to shake
When our cure for spending is for never ending
Easy cash credit fast
Now we’re sure to break
All those times we spent looking for the sun
Thinking where we’d been and what we had done
From Madrid to Japan down to Washington
Is it over yet?
Is it over yet?
All those times we spent looking for the sun
Thinking where we’d been and what we had done
From Madrid to Japan down to Washington
Is it over yet?
Is it over yet?
—
Our Love Is An Illiquid Asset
Vocals – Kyle and Sarah
Guitar – Kyle and Adam
Clarinet – Kyle
Written by – Ryan
Our love is illiquid it’s so hard to let go
No market for heart break or value to show
My soul is a junk bond been issued from Spain
Default is awaiting us like mist in the rain
Then we rise don’t you cry
Our love is illiquid baby we don’t cry
You keep us together like a Bernanke put
We’ve gone through inflation with recession at foot
You’ve been through my heart like a Greenspan Fed
Our love is illiquid we’ll stay til the end
Then we rise don’t you cry
Our love is illiquid baby we don’t cry
Then we rise don’t you cry
Our love is illiquid baby we don’t cry
—
Great stuff, a great read – added to bookmarks so will check back for new content and to read other people’s comments. Cheers again.
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