British Press Blame David Bowie for Recession
By Cameron Reed
Wednesday January 14, 2009
David Bowie is to blame for the recession and the current credit crunch, the U.K. press reports today. According to a BBC Today host, it was the Thin White Duke, Ziggy Stardust himself, who opened the flood gates for the current economic problems, all thanks to his “Bowie Bonds.” Back in 1997, Bowie issued “Bowie Bonds” as a way of getting his royalty money up front. He sold bonds of his future royalties to his fans for an immediate sum of money, figuring they’d be more patient about waiting for the royalties, plus it’d give them a stake in Bowie’s catalog.
Economically, the term for this action is “securitization.” The article speculates that banks were inspired by Bowie’s foresight and started to do the same thing, except with mortgages instead of Hunky Dory. [Rolling Stone ]
Obviously this is bullshit but it’s nice to think that Bowie is a trendsetter even in the world of banking.