A Toast

My wish, friends and countrymen mine,
As we take leave of 2009:
Before we get aulder,
And fatter and balder,
May all of our debts be lang syne.

A Deduction of Interest

A chap of a speculative bent
Saw the market up twenty percent;
He concluded: "Give thanks
To the Fed. Reserve Banks
For how cheaply on margin is lent."

A Painful Adjustment

Stock returns may appear to have leapt ahead,
But over time, says the Journal, they've crept ahead;
Controlled for inflation,
Your wealth aggregation's
Been running to keep just two steps ahead.

Happy Holidays from California

In Sacramento, San Fran and L.A.,
Some state workers observed Boxing Day;
No, they weren't Anglicized
But simply realized
You can't work if the state cannot pay.

Night before Christmas

'Twas the night before Christmas '09,
And o'er Wall Street they looked for a sign:
A star to portend
When, in 2010,
The bull and the bear would align.

Before They Get Too Big To Fail Again

Ex-St. Louis Fed President Poole
Says, "To cut risk, revise this Tax Rule:
Strike the interest deduction -
You'll get a reduction
In leverage, as we learned in B-school."

Concentrated Thinking

"It's risky," the analyst said,
"That, pre-crash, the top 20 banks had,
of all assets, three fourths;
Post-crisis, of course,
It's seventeen twentieths instead."

The Hoped-For Snowball Effect

Said the chief of the 1st Bank of Vail  

To the board: "We'll grow 'too big to fail'. 
If we get in a jam, 
Our dear Uncle Sam 
Will schuss down the ski trail and bail."

Answers in the Stars

A bard of the macroeconomy
Found new life in the field of astronomy
He discovered black holes
Could play useful roles
In explaining our vanishing solvency.