bTunes Recession Rock: I’m Bad, I’m Nationwide
This week, it’s somewhat difficult to find the market mood. On the one hand we seem to be in the trough of the recession with GDP at -6.2%, the worst since 1982 (and a revision that’s expected to be the same next week). And on the other hand we saw the Fed step in a few days ago with unprecedented stimulus that’s very likely to lead to all-time record low rates—at a time when we’re also seeing property prices down to 2003 levels.
So this Recession Rock installment of bTunes dates back to 1979, just before the last horrible GDP and unemployment era. Only back then they had horrible inflation to match too, so ZZ Top’s I’m Bad, I’m Nationwide is a fitting song. This is the band in their blues-rock-master prime, before MTV made them too kitschy. The song is especially fitting for the dual mood described above because while the title speaks perfectly to our economic situation, a close listen to the lyrics reveal that they mean Bad as in good. And it would be hard to disagree that everyone could use this little bit of Good from the Fed right now. It should also be noted that this song is from the band’s sixth album Deguello which roughly translates to “no surrender to be given—a fight to the death.” Also a fitting message for all market participants.
[iTunes] [Amazon MP3
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