Looking over today's business news I found this story about the failure of a Citigroup hedge fund, which was due in large part to the collapsing value of mortgage-backed securities such as collateralized debt obligations (CDOs). It's a big complicated economic story, and the best thing about it is the excuse it gives me to link to this song by my favorite country music singer, Merle Hazard. CDOs are just what Merle was singing about: check out "What We Learned From H-E-D-G-E."
Merle has more good music and central banking commentary at merlehazard.com. BTW, if you took Economics 101 you might remember the term "moral hazard," which could explain what Merle's mother had in mind when she named him.
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