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Tuesday, 5 October 2010

borrow one, borrow all

Miguel moved up from Mexico, Paco from Peru
Tex lived on a trailer park, his granddaddy did, too
Like all good Americans, they longed for their own home
But when you earn ten bucks an hour you can’t afford the loan
But where there's profit to be made, the money men come round
Don’t bother with the small print, though; it’s written to confound
So borrow one and borrow all, lie to them if you must
But when the shit comes tumbling down you won’t see them for dust

Some of them took ninja loans and some got one percent
Which lasted for the day it took to get the money lent
Some of them colluded, but some were just naïve
And predatory lenders are so easy to believe
Serial defaulters and the unemployed queued up

Regulators watched them drinking from the poisoned cup

So borrow one and borrow all, Greenspan doesn’t care
So long as US trade survives the 9/11 scare

Now the steel jaws of the interest rates are closing with a snap
And the hapless victims who were lured into this honey trap
Watch as their homes are auctioned at a fraction of the price
They paid on the day they took the money men’s advice

So what does a money man do with a book of toxic loans? 
Secured against the value of a million worthless homes
He’s true unto his ethics, as everyone can see
He packages and sells them on ‘til they and with you and me

And a black hole is created as the house of cards implodes

Sucking in liquidity from all around the globe
Borrow one and borrow all, they set the demon loose
A thousand poisoned pigeons are all coming home to roost

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