I thought it was a Bungie Cord but then thought about a Bungie Cord for jumping off bridges with it around your ankles.
Stretchy Thing sounded less stupid than the completely wrong term.
They are both bungie cords. I just thought the description was funny considering the topic.
I was just trying to put on my best "Aww, geez" face as a man would normally do when explaining the intricacies of the bungie cord :-)