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Talking Heads: Burning Down The House, S&P Style

As the credit world was unraveling around them, email communications between analysts at S&P seems to be pretty damming [1] to their neutrality position. And finally now the lawsuit [2]. There’s a fascinating re-write of the great Talking Heads song “Burning Down The House” by an S&P analyst [1].

I’ve got the entire Talking Heads [3] catalogue on my iPhone and I’ll bet that David Byrne [4] and the rest of the ‘Heads never imagined their music would used to describe a global credit bubble.

Here is the S&P email with the revised lyrics [1] – as the credit world was imploding…

“With apologies to David Byrne…here’s my version of “Burning Down the House”

“Watch out
Housing market went softer
Cooling down
Strong market is now much weaker
Subprime is boi-ling o-ver
Bringing down the house

Hold tight
CDO biz — has a bother
Hold tight
Leveraged CDOs they were after
Going — all the way down, with
Subprime mortgages

Own it
Hey you need a downgrade now
Free-mont
Huge delinquencies hit it now
Two-thousand-and-six-vintage
Bringing down the house.”

Wow. Their other songs like “Wild Wild Life”, “Road to Nowhere”, and “Psycho Killer” might have also done the trick.