Ready for some mortgage-backed securities fun?
Meet "Merle Hazard," otherwise known as Jon Shayne, a 46-year old money manager with a philosophy degree from Harvard. In his time off from managing $120 million from his office in Nashville, he's made himself into a country music star and sings about the current state of the bond market.
His stage name, "Merle Hazard", evokes the concept of "moral hazard" -- in which bad financial choices are encouraged by transferring the negative consequences of those choices onto others.
His latest song is sung to the tune of Elvis' "In the ghetto", and begins:
"At Georgica Beach, one windy morn
A mortgage bond trader sits forlorn
In the Hamptons"
Pretty entertaining. The video includes an appearance by the supply-side economist Arthur Laffer and references to Milton Friedman.
http://www.youtube.com/watch?v=B8PwqQ5guYk
Enjoy!
Mortgage Banker
720-297-8002
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