Manhattan financiers are once again bundling questionable corporate bonds and bank loans into investment securities -- collateralized debt obligations -- for sale to wealthy individuals and retirees through hedge funds and unethical brokers. When the losses on shaky bonds and loans come, big banks, bless their generosity, will spread the headaches around. Wrecked personal finances and broken dreams will follow, and consumer spending will slow, taking the economic recovery into the drink. Not to be out-done by their predecessors, today's modern bankers are also writing lots of "synthetic securities." Those generate returns to investors, not from the cash flow on loan repayments, but rather from bets made by third parties about whether loans will succeed or fail. Those have as much place in sound banking as nepotism does in government employment. As in pre-crisis days, the total value of derivatives outstanding is many multiples of the actual value of the U.S. economy. When the loans and derivatives fail, many who have made promises to pay up won't have the cash -- just like 2008. Look for bank balance sheets to be rocked, lots of wealthy folks to file for bankruptcy, and the economy to suffer another migraine. Depressing? They don't call economics the dismal science for nothing. Follow @PMorici1This article was written by an independent contributor, separate from TheStreet's regular news coverage.