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How It Went Down

A decade of growth and decadent boom 
People didn't mention the debt elephant in the room
It was the charge of the bull
Many pockets were full
The search for a higher return was the motivational pull. 

But whilst stocks and shares rocked and flared
Investors held their breath in shock and fear
They seemed to forget that markets go up and markets go down
Because as long as uncertainty shows up, the cycle goes round

But to be fair the times were good, and returns seemed sure
The earnings of many corporations, continued to soar
The zeitgeist was the age of prosperity, profit and greed
It wasn't the time to question sustainability or question the need

Many financial advisers advised that it was the right way to go
"You should take advantage now, while all these rates of interest are low"
So many consumers took out mortgages, that they just couldn't afford
Including the 'sub prime', with bad credit, and of course the poor

But let's not forget, that the consumer went along, and played ball
Creatures of habit responding to the mating call, that beckoned us all
Deposits levels came down, loan-to-value went up
House prices bubbled and brimmed and we all drank from the cup.

Now the banks merged all of these mortgages together in lumps
Sold them as safe bets to investors, who were taken for chumps
Then the US housing market crashed
Now comes the the consequences
Unsurprisingly mortgage repayments started to slump

So called safe investments soon became worthless as junk
Families who had homes repossessed now facing the funk
Securitisation of mortgages now seemed so dumb
Regulators appeared powerless, dozing and numb

Lehman Brothers collapsed. America sneezed
The world became infected. Financial markets siezed
Governments and Central Banks now stepped into the fray
To prop up a system, that should have been reconfigured that day

Many banks were bailed; too big to fail. 
The bankers who were at the wheel, too big to jail.
The humble tax payer was forced to post the cash
And many years later many banks still owe this cash

So the world was saved but here's the 'but'
The pubic purse was utilised, to escape the rut 
Now all society must pay the price; take a hit to the gut
And suffer the pain, of historic public services cuts. 

Mike Concise © 2015
www.mikeconcise.com

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