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Writing Moral Hazard
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sfmaster
Oct 9, 2023, 7:51:26 AM10/9/23
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Good morning all. I hope that you're having a literary Columbus Day.
I've written both the first chapter and outline for "Moral Hazard." While I would like the novel to be no longer than 12 chapters total 6K words; I doubt I'll reach that goal.
Having two bondage heroines is going to be a little unwieldy, but it's essential for the plot.
After the mortgage subprime fiasco that nearly caused the world's financial system to collapse, no bankers were sent to jail. I couldn't watch a single news report without hearing the term "moral hazard" which is all but forgotten now.
In MH, two female executives who made the mistake of selling supposed Triple AAA securities that were in reality loaded with subprime junk pay the price for their misdeeds.
In the real world I know of two families in my middle class neighborhood who lost their homes because they treated their homes as piggy banks to live as high rollers. One thought he could become a landlord and bought homes; the other mortgaged his house to buy new cars and take lavish vacations. Others got low "teaser rates" on homes and mortgages they couldn't afford, and ended up in foreclosure when the rates went up.
Every 10 years, Wall Street has to cook up a new financial scheme to rope in the suckers.
sfmaster(at) att.net
I've written both the first chapter and outline for "Moral Hazard." While I would like the novel to be no longer than 12 chapters total 6K words; I doubt I'll reach that goal.
Having two bondage heroines is going to be a little unwieldy, but it's essential for the plot.
After the mortgage subprime fiasco that nearly caused the world's financial system to collapse, no bankers were sent to jail. I couldn't watch a single news report without hearing the term "moral hazard" which is all but forgotten now.
In MH, two female executives who made the mistake of selling supposed Triple AAA securities that were in reality loaded with subprime junk pay the price for their misdeeds.
In the real world I know of two families in my middle class neighborhood who lost their homes because they treated their homes as piggy banks to live as high rollers. One thought he could become a landlord and bought homes; the other mortgaged his house to buy new cars and take lavish vacations. Others got low "teaser rates" on homes and mortgages they couldn't afford, and ended up in foreclosure when the rates went up.
Every 10 years, Wall Street has to cook up a new financial scheme to rope in the suckers.
sfmaster(at) att.net
Santayana
Oct 15, 2023, 8:06:42 AM10/15/23
to
On Mon, 9 Oct 2023 04:51:23 -0700 (PDT), sfmaster <adult...@gmail.com>
said:
[...]
> I've written both the first chapter and outline for "Moral Hazard." While
> I would like the novel to be no longer than 12 chapters total 6K words; I
> doubt I'll reach that goal.
Do you mean you'll have trouble keeping it that short, or do you think
you'll have trouble writing that much material?
> Having two bondage heroines is going to be a little unwieldy, but it's
> essential for the plot.
>
> After the mortgage subprime fiasco that nearly caused the world's
> financial system to collapse, no bankers were sent to jail. I couldn't
> watch a single news report without hearing the term "moral hazard" which
> is all but forgotten now.
No bankers were sent to jail in the United States; Iceland not only refused
to bail-out their banks, they actually prosecuted & jailed their bankers.
The then-Canadian Prime Minister refused to loosen banking regulations,
such that that no banks in Canada failed. We were not entirely unscathed,
but the damage was limited.
> In MH, two female executives who made the mistake of selling supposed
> Triple AAA securities that were in reality loaded with subprime junk pay
> the price for their misdeeds.
>
> In the real world I know of two families in my middle class neighborhood
> who lost their homes because they treated their homes as piggy banks to
> live as high rollers. One thought he could become a landlord and bought
> homes; the other mortgaged his house to buy new cars and take lavish
> vacations. Others got low "teaser rates" on homes and mortgages they
> couldn't afford, and ended up in foreclosure when the rates went up.
We're not the most economically-literate people around, but we know enough
to avoid foolhardy behaviour like this.
When we renewed our mortgage a few years ago, we were offered a variable-
rate mortgage, and we said "No way in hell!" We got a fixed-rate mortgage.
The employee tried to convince us that the payments would be lower with a
variable-rate, but we said that interest rates were the lowest they'd been
in well-nigh a hundred years, and that they had nowhere to go but UP, which
is exactly what happened.
Now the media is full of people wailing that their mortgage payments have
doubled, and even tripled, and that they are at risk of losing their homes.
> Every 10 years, Wall Street has to cook up a new financial scheme to rope
> in the suckers.
Ain't that the truth!
> sfmaster(at) att.net
Santayana
said:
[...]
> I've written both the first chapter and outline for "Moral Hazard." While
> I would like the novel to be no longer than 12 chapters total 6K words; I
> doubt I'll reach that goal.
you'll have trouble writing that much material?
> Having two bondage heroines is going to be a little unwieldy, but it's
> essential for the plot.
>
> After the mortgage subprime fiasco that nearly caused the world's
> financial system to collapse, no bankers were sent to jail. I couldn't
> watch a single news report without hearing the term "moral hazard" which
> is all but forgotten now.
to bail-out their banks, they actually prosecuted & jailed their bankers.
The then-Canadian Prime Minister refused to loosen banking regulations,
such that that no banks in Canada failed. We were not entirely unscathed,
but the damage was limited.
> In MH, two female executives who made the mistake of selling supposed
> Triple AAA securities that were in reality loaded with subprime junk pay
> the price for their misdeeds.
>
> In the real world I know of two families in my middle class neighborhood
> who lost their homes because they treated their homes as piggy banks to
> live as high rollers. One thought he could become a landlord and bought
> homes; the other mortgaged his house to buy new cars and take lavish
> vacations. Others got low "teaser rates" on homes and mortgages they
> couldn't afford, and ended up in foreclosure when the rates went up.
to avoid foolhardy behaviour like this.
When we renewed our mortgage a few years ago, we were offered a variable-
rate mortgage, and we said "No way in hell!" We got a fixed-rate mortgage.
The employee tried to convince us that the payments would be lower with a
variable-rate, but we said that interest rates were the lowest they'd been
in well-nigh a hundred years, and that they had nowhere to go but UP, which
is exactly what happened.
Now the media is full of people wailing that their mortgage payments have
doubled, and even tripled, and that they are at risk of losing their homes.
> Every 10 years, Wall Street has to cook up a new financial scheme to rope
> in the suckers.
> sfmaster(at) att.net
Santayana
Tim Merrigan
Oct 15, 2023, 3:27:47 PM10/15/23
to
>On Mon, 9 Oct 2023 04:51:23 -0700 (PDT), sfmaster <adult...@gmail.com>
>said:
>
>[...]
>
>> I've written both the first chapter and outline for "Moral Hazard." While
>> I would like the novel to be no longer than 12 chapters total 6K words; I
>> doubt I'll reach that goal.
Unless you mean that each chapter is to be 6K words, that's not a
>said:
>
>[...]
>
>> I've written both the first chapter and outline for "Moral Hazard." While
>> I would like the novel to be no longer than 12 chapters total 6K words; I
>> doubt I'll reach that goal.
novel, it's a short story. Novels are defined as >40K words.
Flash Fiction: 53 - 1,000 words
Short Stories: 3,500 - 7,500
Novellettes: 7,500 - 17,000
Novellas: 17,000 - 40,000
Novels: 40,000 + words
--
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Tim Merrigan
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