Edward Helmore's article on Nassim Nicholas Taleb and his views on the global financial crisis + black swan theory/the impact @ http://www.guardian.co.uk/books/2008/sep/28/businessandfinance.philosophy was insightful.
Useful link:
www.fooledbyrandomness.com
While peasants know they can't predict the future, Wall Street bankers believe they can. Banks hire dull people and train them to be even more dull. If they look conservative, it's only because their loans go bust on rare, very rare occasions. Bankers are not conservative at all. They are just phenomenally skilled at self-deception by burying the possibility of a large, devastating loss under the rug. 'The banking system, betting against black swans, has lost more than $1 trillion - more than was ever made in the history of banking.
- Nassim Taleb
He was spot on.
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