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Money mess 'greatest own goal in history'

Posted October 15, 2008 8:43 AM
The Swamp

Arsenal own goal small.jpg
Arsenal's Cesc Fabregas, at center, looks on as Hull City's Paul McShane, second from left, scores an own goal during their English Premier League soccer match at Arsenal's Emirates stadium in London, Saturday, Sept. 27, 2008. Hull City won the match 2-1. (AP Photo/Alastair Grant)

by Frank James

William Black, associate professor of economics and law at the University of Missouri, was testifying yesterday before the Senate Agricultural Committee (it has oversight of commodities trading) about the role financial derivatives played in the present Wall Street meltdown and offered an apt soccer metaphor which, at first, went over the head, so to speak, of the panel's chairman, Sen. Tom Harkin, an Iowa Democrat.

BLACK: ... In soccer, we would call this the greatest own goal in the history of the world, right, in terms of the deregulation, the desupervision

SEN. TOM HARKIN: What?

BLACK: -- own goals, it's a term when you score against yourself. You kick it in your own goal instead of the other team's goal. It's -- soccer is our family passion, sorry.

Own goal. Another way of saying you shot yourself in the foot. That sounds about right.

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