I chalk this bullshit up to the late August nothing-to-do-ness that always takes hold of Wall Street. The second-stringers are manning the desks and those forced to stick around and write stuff begin to lose their minds in the surreal isolation of it all…
Here’s John Authers at the Financial Times:
Acronym anxiety is here. It is a clear sign of worry when brokers start to produce acronyms to encapsulate negativity. The emergence of “Piigs” (Portugal, Ireland, Italy Greece and Spain) was one of the first symptoms of the budding crisis on the periphery of the eurozone.
In the last week, my email inbox has brought me the Fragile Five Biits (Brazil, Indonesia, India, Turkey and South Africa) from Deutsche Bank, and Crash (Conflict, Rates, Asia, Speculation and Housing) from BofA Merrill Lynch. So we have a state of high acronym anxiety.