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shared by Benno Hansen on 29 Nov 12 - No Cached

the "non-natural" has to prove its harmlessness
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A clerk in a large company is fragile as he has only one source of income. A taxi driver is antifragile. A banker is fragile. A prostitute is antifragile.
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shared by Benno Hansen on 11 Dec 11 - No Cached

shared by Benno Hansen on 18 Jan 10 - Cached

Liberal analysts, by contrast, are more likely to focus on the way Greenspan's aversion to regulation transformed pell-mell innovation in financial products and excessive bank leverage into lethal phenomena.
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Paul Krugman, who noted in one interview: "Regulation didn't keep up with the system."
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excessive reliance on mathematical models like the VAR and the dread Gaussian copula function, which led to the underpricing of unpredictable forms of risk
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...8 more annotations...
"Financial innovation + inadequate regulation = recipe for disaster is also the favored explanation of Greenspan's successor, Ben Bernanke
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fallacies of free-market fundamentalists
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after the West won the Cold War, capitalism could go naked
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globalization spread the toxicity from one country's mortgage market to the rest of the world
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the free market itself is to blame for the recent troubles
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most libertarians and Wall Street Journal editorial page contributors continue to insist that government caused the whole ordeal
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the economy fell prey to recurring delusions about risk and bubbles
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Conservative economists—ever worried about inflation—tend to fault Greenspan for keeping interest rates too low between 2003 and 2005 as the real estate and credit bubbles inflated.
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