I was changing channels yesterday, when I came across a person by the name of Taleb being interviewed, wrote the book "The Black Swan" anyone see it? Both he and a well respected mathematician were saying that they are hoping they are both very wrong. For America, it could be as bad as the Revolution...now that's taking things even further back!
Something about what Taleb was saying about banks from before -
As if we did not have enough problems, banks are now more vulnerable to the Black Swan and the ludic fallacy than ever before with “scientists” among their staff taking care of exposures. The giant firm J. P. Morgan put the entire world at risk by introducing in the nineties RiskMetrics, a phony method aiming at managing people’s risks, causing the generalized use of the ludic fallacy, and bringing Dr. Johns into power in place of the skeptical Fat Tonys. (A related method called “Value-at-Risk,” which relies on the quantitative measurement of risk, has been spreading.)
