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A Noughties' Flashback
(March 26, 1874 – January 29, 1963 / San Francisco)

A Noughties' Flashback

Poem By Sandra Martyres

Going back to the early days of Y2K
Almost one and all will recall the times
When conflicted analysts helped to propel
Flaky tech stocks to astronomical heights
Sure the investors smiled as they watched
Their profits inflate like hot air balloons
Then after heading towards the sun
The flakes melted and fell to the ground
Many a happy dream was washed away
And many a disillusioned techie went astray
Faith in the markets was at its lowest ebb.

To avoid the vicissitudes of a depression
Central bankers opened up their vaults
And soon the markets were awash with funds
In stepped the bankers and refuelled their tanks
With all the cheap money sloshing around
The debt–fuelled monsters went on the rampage
While the indulgent regulators turned a blind eye
Soon dark stormy clouds appeared on the horizon
A financial tsunami was about to be unveiled
The first tremors appeared when Northern Rock
Shook like an aspen forcing the Government to step in
To save it from crumbling – then came the real shock

The ailing Bear Stearns fell into the arms
Of a reluctant suitor for a really paltry sum
Another iconic institution -Lehman tanked overnight
There were no takers and it faded away in broad daylight
Soon the waltzing Freddie Mac and Fannie Mae
Ran out of partners leaving the financial world in disarray
By which time the US Government decided to step in
To keep the music playing and the dancers on the floor
It also propped up AIG to prevent it going out of the door
The good news - a few big players like JP Morgan Chase
Managed to stay in the race and keep dancing with grace

Some of the other known icons went out fishing
Hoping to catch a shoal of TARP fish swimming
In a bid to help ease their thirst, hunger and pain
As they watched the evaporation of their ill-gotten gains
The tarnished Goldman was able to quickly dry its tears
By proving to be a better risk taker that all its peers
Now the focus has shifted back to the Regulators
Those worthies who actually stoked the boom
Are now left with the mops and the broom
To monitor and clean up the remaining mess
Maybe when all is finally over they will manage
To win a booby prize for sorting out the damage…

User Rating: 3,5 / 5 ( 15 votes ) 4

Comments (4)

A good article in a poem format Sandra...technical factual informative...10
You can relate this very well, Sandra and thank you for the information, best described in a poem..A magnificent piece. Love, Meggie
I am better informed by this than any media article - - so well reported and very readable - thanks Sandra - - - and may 2010 bring not a trace of monetary tsunami for you - - - greetings from Fay.
wow..those who stocked the boom are left with the broom...let them clean..an A TO Z of what did happen..great write


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