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Basis Points

from Slow Car Crash by Mat Ward

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lyrics

"Referring to basis points is one of the quickest and easiest ways of pretending to know what you’re talking about when it comes to money."

One percentage point is the same as 100 basis points, so instead of saying 0.62 of a percentage point, people in finance say 62 basis points. There's so much jargon in finance that to outsiders it's almost comical. This quote is from John Lanchester, who generously says the reason there's so much jargon is that people in finance need an efficient way of communicating complex problems fast. It's certainly marginally quicker to say one basis point than 0.01 of a percentage point. Those less generous may suspect the jargon is to keep out the riff raff. It's probably a bit of both.

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from Slow Car Crash, released January 19, 2017

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Mat Ward Australia

Mat Ward blends future bass, drum and bass, punk and politics to come up with a different sound. He has released albums about financial markets, Apple, Elon Musk, surveillance, the media, Mars, protest chants and the climate. He also writes books and a music column that has been shared by the likes of Ru Paul, Chuck D, Tom Morello and Al Jourgensen. ... more

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