The Wall Street Journal reports:

The synthetic CDO, a villain of the global financial crisis, is back….In the U.S., the CDO market sunk steadily in the years after the financial crisis but has been fairly flat since 2014. In Europe, the total size of market is now rising again—up 5.6% annually in the first quarter of the year and 14.4% in the last quarter of 2016, according to the Securities Industry and Financial Markets Association.

I’d normally be all over this kind of thing. This is how it starts. Pretty soon, the Wall Street boys will be breaking out the bottles of Cristal again. And it is worth keeping an eye on. But I decided to redraw the chart from the Journal, and I have to admit it’s a little hard to get too bent out of shape:

If you squint, you can see a tiny blip upward at the far right end of the chart. Granted, the scale of the chart makes it look really small. Still, after soaring 600x during the housing bubble, it’s soared…1.3x since last year.

So, yes, let’s keep an eye on this. But even I find it hard to get too worried yet.

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LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

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