I thought everybody had seen this coming, including the bankers. Everybody knew that someday the debts would be called in and the music would stop. They were just gambling that they wouldn't be holding the ticking parcel when the time came.
Bob > -----Original Message----- > From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On > Behalf Of Subash > Sent: 25 September 2008 16:04 > To: PDML > Subject: OT: Interesting take on the big crunch > > for those times, when it is raining outside (or its > equivalent) and you > have absolutely nothing else to do.... > > a bit long... but i personally enjoyed reading it, though i am not a > 'financial' guy.... > > http://www.edge.org/3rd_culture/taleb08/taleb08_index.html > > "When Nassim Taleb talks about the limits of statistics, he becomes > outraged. "My outrage," he says, "is aimed at the scientist-charlatan > putting society at risk using statistical methods. This is similar to > iatrogenics, the study of the doctor putting the patient at > risk." As a > researcher in probability, he has some credibility. In 2006, > using FNMA > and bank risk managers as his prime perpetrators, he wrote the > following: > > The government-sponsored institution Fannie Mae, when I > look at its > risks, seems to be sitting on a barrel of dynamite, vulnerable to > the slightest hiccup. But not to worry: their large staff of > scientists deemed these events "unlikely." > > > -- > PDML Pentax-Discuss Mail List > [email protected] > http://pdml.net/mailman/listinfo/pdml_pdml.net > to UNSUBSCRIBE from the PDML, please visit the link directly > above and follow the directions. > > -- PDML Pentax-Discuss Mail List [email protected] http://pdml.net/mailman/listinfo/pdml_pdml.net to UNSUBSCRIBE from the PDML, please visit the link directly above and follow the directions.
