{"id":2355,"date":"2019-10-30T02:17:12","date_gmt":"2019-10-30T06:17:12","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=2355"},"modified":"2022-03-09T10:31:19","modified_gmt":"2022-03-09T14:31:19","slug":"synthetic-cdo","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/","title":{"rendered":"Synthetic CDO: What It Is (And Why It&#8217;s Controversial)"},"content":{"rendered":"\n<p>What is a synthetic CDO, or synthetic <a href=\"https:\/\/www.shortform.com\/blog\/what-is-a-cdo\/\">collateralized debt obligation<\/a>?<\/p>\n\n\n\n<p>A synthetic CDO is a type of CDO that bundles <a href=\"https:\/\/www.shortform.com\/blog\/credit-default-swap-example\/\">credit default swaps<\/a> into a new financial product. While a traditional CDO is valued based on cash assets like mortgage payments, the value of synthetic CDOs comes from the premiums paid on bets that certain bundles of securities (like mortgages) will default.<\/p>\n\n\n\n<p>We&#8217;ll cover what synthetic CDOs are, why they&#8217;re so confusing, and how their involvement in the 2008 financial crisis makes them controversial.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What Is a CDO?<\/h2>\n\n\n\n<p>Before we can understand what is synthetic CDO, or synthetic collateralized debt obligation, is, we need to understand the idea behind the traditional CDO. As we&#8217;ll see, this is easier said than done: CDOs are intentionally confusion.<\/p>\n\n\n\n<p>CDO stands for collateralized debt obligation. Essentially, <strong>the CDO was a product designed to conceal the true risks of <a href=\"https:\/\/www.shortform.com\/blog\/what-are-mortgage-backed-securities\/\">mortgage-backed securities<\/a>.<\/strong> The mortgage-backed security was a bond made up of thousands of loans. <strong>The logic was that the bond <em>as a whole<\/em> was secure<\/strong>, as it was highly unlikely that the underlying mortgages would all tank at once\u2014there was safety in numbers.<\/p>\n\n\n\n<p>The CDO just applied this principle to the bonds <em>themselves. <\/em><strong>A CDO bundled together the lowest-quality bonds into a whole new tower<\/strong>. It was a bundle of bundles. Bizarrely, the ratings agencies treated this repackaged product as an entirely <em>new <\/em>financial instrument and slapped a triple-A rating on it (the highest rating that can be given to an asset).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Is a Synthetic CDO?<\/h2>\n\n\n\n<p>The issue was compounded even <em>further <\/em>by the existence of synthetic CDOs. What are synthetic CDOs, and how did they amplify the problem?&nbsp;<br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Synthetic CDOs: Wall Street Alchemy<\/strong><\/h3>\n\n\n\n<p>An example comes in the shorts that the contrarian investors made. Essentially, investors such as <a href=\"https:\/\/www.shortform.com\/blog\/steve-eisman-big-short\/\">Steve Eisman<\/a>, <a href=\"https:\/\/www.shortform.com\/blog\/dr-michael-burry\/\">Michael Burry<\/a>, and Greg Lippmann\u2019s bets against the <a href=\"https:\/\/www.shortform.com\/blog\/what-is-a-subprime-mortgage\/\">subprime mortgage<\/a> market were more than just simple bets or insurance contracts. They were <em>themselves <\/em>financial instruments that created their own set of cash flows\u2014the gains they stood to make when the mortgage bonds went bad represented the losses of an actual investor who\u2019d purchased the original bonds. <strong>They were, in fact, a near replica of the original mortgage bonds<\/strong>, just with the cash flows going in the opposite direction.&nbsp;<br><\/p>\n\n\n\n<p>By the very act of purchasing credit default swaps, Eisman, Burry, and Lippmann had created a synthetic mortgage bond\u2014one which could, in turn, be rated by the ratings agencies and packaged off to <em>another <\/em>round of investors. <em>These <\/em>investors (like AIG) didn\u2019t know it, but they were essentially making a bet on the outcome of <em>another <\/em>bet. And the process could replicate itself endlessly. New synthetic CDOs could be spawned from the first generation of synthetics. Wall Street didn\u2019t even need to make new subprime loans anymore: <strong>through synthetic CDOs, they could create new derivatives out of thin air.<\/strong><br><\/p>\n\n\n\n<p>Thus, credit default swaps\u2014an insurance product that, in theory, was meant to spread risk around and make the market as a whole more stable\u2014ended up <strong>greatly increasing the risk from and exposure to the original mortgage bonds<\/strong>. The synthetic CDOs exponentially increased the size of the <a href=\"https:\/\/www.shortform.com\/blog\/mortgage-bond-market\/\">mortgage bond market<\/a>. A $10 million CDO could be transformed into $1 billion of synthetic CDOs. It was pure speculation and abstraction\u2014at this level, <strong>investors weren\u2019t even speculating on <em>actual <\/em>assets like home loans and home buyers. They were betting on the performance of bets.<\/strong><\/p>\n\n\n\n<p>This is why synthetic CDOs are so confusing: They&#8217;re not made up of actual assets. Because the value of synthetic CDOs was tied up in the <em>loss<\/em>es of people betting against the <a href=\"https:\/\/www.shortform.com\/blog\/current-housing-market\/\">housing market<\/a>, when the housing market collapsed and people starting <em>winning<\/em> their bets, the whole system of synthetic CDOs crumbled, leading to the 2008 financial crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a synthetic CDO, or synthetic collateralized debt obligation? A synthetic CDO is a type of CDO that bundles credit default swaps into a new financial product. While a traditional CDO is valued based on cash assets like mortgage payments, the value of synthetic CDOs comes from the premiums paid on bets that certain bundles of securities (like mortgages) will default. We&#8217;ll cover what synthetic CDOs are, why they&#8217;re so confusing, and how their involvement in the 2008 financial crisis makes them controversial.<\/p>\n","protected":false},"author":4,"featured_media":2442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,31],"tags":[52],"class_list":["post-2355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-money","tag-big-short","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synthetic CDO: What It Is (And Why It&#039;s Controversial) - Shortform Books<\/title>\n<meta name=\"description\" content=\"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Synthetic CDO: What It Is (And Why It&#039;s Controversial)\" \/>\n<meta property=\"og:description\" content=\"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-30T06:17:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-09T14:31:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"717\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amanda Penn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amanda Penn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\"},\"author\":{\"name\":\"Amanda Penn\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/01b0e4c9ddb993e51d03808839d538b0\"},\"headline\":\"Synthetic CDO: What It Is (And Why It&#8217;s Controversial)\",\"datePublished\":\"2019-10-30T06:17:12+00:00\",\"dateModified\":\"2022-03-09T14:31:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\"},\"wordCount\":645,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg\",\"keywords\":[\"The Big Short\"],\"articleSection\":[\"Business\",\"Money\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\",\"name\":\"Synthetic CDO: What It Is (And Why It's Controversial) - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg\",\"datePublished\":\"2019-10-30T06:17:12+00:00\",\"dateModified\":\"2022-03-09T14:31:19+00:00\",\"description\":\"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage\",\"url\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg\",\"contentUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg\",\"width\":717,\"height\":445},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.shortform.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Synthetic CDO: What It Is (And Why It&#8217;s Controversial)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\",\"url\":\"https:\/\/www.shortform.com\/blog\/\",\"name\":\"Shortform Books\",\"description\":\"The World&#039;s Best Book Summaries\",\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.shortform.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\",\"name\":\"Shortform Books\",\"url\":\"https:\/\/www.shortform.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/06\/logo-equilateral-with-text-no-bg.png\",\"contentUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/06\/logo-equilateral-with-text-no-bg.png\",\"width\":500,\"height\":74,\"caption\":\"Shortform Books\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/01b0e4c9ddb993e51d03808839d538b0\",\"name\":\"Amanda Penn\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/09\/64793342-83f4ea00-d540-11e9-9bfc-cb9ecaf5e55d.jpg\",\"contentUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/09\/64793342-83f4ea00-d540-11e9-9bfc-cb9ecaf5e55d.jpg\",\"caption\":\"Amanda Penn\"},\"description\":\"Amanda Penn is a writer and reading specialist. She\u2019s published dozens of articles and book reviews spanning a wide range of topics, including health, relationships, psychology, science, and much more. Amanda was a Fulbright Scholar and has taught in schools in the US and South Africa. Amanda received her Master's Degree in Education from the University of Pennsylvania.\",\"url\":\"https:\/\/www.shortform.com\/blog\/author\/amanda\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Synthetic CDO: What It Is (And Why It's Controversial) - Shortform Books","description":"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/","og_locale":"en_US","og_type":"article","og_title":"Synthetic CDO: What It Is (And Why It's Controversial)","og_description":"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.","og_url":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/","og_site_name":"Shortform Books","article_published_time":"2019-10-30T06:17:12+00:00","article_modified_time":"2022-03-09T14:31:19+00:00","og_image":[{"width":717,"height":445,"url":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","type":"image\/jpeg"}],"author":"Amanda Penn","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Amanda Penn","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#article","isPartOf":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/"},"author":{"name":"Amanda Penn","@id":"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/01b0e4c9ddb993e51d03808839d538b0"},"headline":"Synthetic CDO: What It Is (And Why It&#8217;s Controversial)","datePublished":"2019-10-30T06:17:12+00:00","dateModified":"2022-03-09T14:31:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/"},"wordCount":645,"commentCount":0,"publisher":{"@id":"https:\/\/www.shortform.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","keywords":["The Big Short"],"articleSection":["Business","Money"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/","url":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/","name":"Synthetic CDO: What It Is (And Why It's Controversial) - Shortform Books","isPartOf":{"@id":"https:\/\/www.shortform.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage"},"image":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","datePublished":"2019-10-30T06:17:12+00:00","dateModified":"2022-03-09T14:31:19+00:00","description":"A synthetic CDO is a CDO that bundles credit default swaps into a new financial product. Learn how they work and why they led to the 2008 financial crisis.","breadcrumb":{"@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.shortform.com\/blog\/synthetic-cdo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#primaryimage","url":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","contentUrl":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","width":717,"height":445},{"@type":"BreadcrumbList","@id":"https:\/\/www.shortform.com\/blog\/synthetic-cdo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.shortform.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Synthetic CDO: What It Is (And Why It&#8217;s Controversial)"}]},{"@type":"WebSite","@id":"https:\/\/www.shortform.com\/blog\/#website","url":"https:\/\/www.shortform.com\/blog\/","name":"Shortform Books","description":"The World&#039;s Best Book Summaries","publisher":{"@id":"https:\/\/www.shortform.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.shortform.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.shortform.com\/blog\/#organization","name":"Shortform Books","url":"https:\/\/www.shortform.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shortform.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/06\/logo-equilateral-with-text-no-bg.png","contentUrl":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/06\/logo-equilateral-with-text-no-bg.png","width":500,"height":74,"caption":"Shortform Books"},"image":{"@id":"https:\/\/www.shortform.com\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/01b0e4c9ddb993e51d03808839d538b0","name":"Amanda Penn","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/09\/64793342-83f4ea00-d540-11e9-9bfc-cb9ecaf5e55d.jpg","contentUrl":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/09\/64793342-83f4ea00-d540-11e9-9bfc-cb9ecaf5e55d.jpg","caption":"Amanda Penn"},"description":"Amanda Penn is a writer and reading specialist. She\u2019s published dozens of articles and book reviews spanning a wide range of topics, including health, relationships, psychology, science, and much more. Amanda was a Fulbright Scholar and has taught in schools in the US and South Africa. Amanda received her Master's Degree in Education from the University of Pennsylvania.","url":"https:\/\/www.shortform.com\/blog\/author\/amanda\/"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-synthetic-cdo.jpg","_links":{"self":[{"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/posts\/2355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/comments?post=2355"}],"version-history":[{"count":3,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/posts\/2355\/revisions"}],"predecessor-version":[{"id":2522,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/posts\/2355\/revisions\/2522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/media\/2442"}],"wp:attachment":[{"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/media?parent=2355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/categories?post=2355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shortform.com\/blog\/wp-json\/wp\/v2\/tags?post=2355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}