P. J. O’Rourke Sarcasm
“You’re into derivatives whether you like it or not. Your adjustable rate mortgage is a derivative. You got a deal on a loan that was cheaper at any time than a fixed-rate mortgage. In return you’re taking a risk. Your risk is that the amount of interest you’ll pay in the future will be decided from a formula involving the prime rate, T-bills, and the chairman of Chase Manhattan’s boxer shorts waistband size. In this case, the underlying commodity is banker fat.”
P. J. O’Rourke
