I'm reading "The Black Swan" by Nassim Taleb, it's a pretty
fascinating look at the gaps in our knowledge when we think we're safe
because we're staying near the average in a non volatile market, but
really we've already driven off a cliff and the smooth sailing that we feel
is because the wheels aren't on a road. He's also got an essay in edge
magazine that hits some key points that a lot of bankers should have read
about 2 years ago...
I've always wondered what this decade will be called, my old man simpson
voice always says it's the oughts, and I'll be able to grumble when I'm an old
man "that hurricane happened back in ought- five". Now I'm afraid that this
decade will turn out to be the black swan decade, where everything from
hurricanes and tsunamis to bank failures and assholes flying planes into buildings
has happened. Personally it was the best decade, but for world history purposes
it seems like one continuous pile of poo.