Why the Financial Crisis?


	Why the Financial Crisis?

baydawg

7-29-2009 12:47 PM

44 views

tags:

imagination, vision, risk, financial crisis, causation, analysis

baydawg says:

answering the Queen--everybody just doing their job----This is what scares me about the Peak Oil idea...

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/be73c4aa-05f7-41da-a3a9-b03645804494/3BB99D27-7070-4F34-BA4D-93E0AF475702/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner" href="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner" style="font-size: 11px;">www.24hgold.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner">A
  group of eminent economists has written to the Queen explaining why [almost]
  no one foresaw the timing, extent and severity of the recession.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner">blames "a failure of the collective
  imagination of many bright people"</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner"> "financial wizards" managed to
  convince themselves and the world's politicians that they had found clever
  ways to spread risk throughout financial markets - whereas "it is
  difficult to recall a greater example of wishful thinking combined with
  hubris".</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner">"Everyone
  seemed to be doing their own job properly on its own merit. And according to
  standard measures of success, they were often doing it well," they say.
  "The failure was to see how collectively this added up to a series of
  interconnected imbalances over which no single authority had jurisdiction."</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.24hgold.com/english/news-gold-silver--difficult-to-recall-a-greater-example-of-wishful-thinking-combined-with-hubris-.aspx?article=2226995124G10020&redirect=false&contributor=Michael+J.+Panzner">principally a failure of the collective imagination of many
  bright people, both in this country and internationally, to understand the
  risks to the system as a whole.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3BB99D27-7070-4F34-BA4D-93E0AF475702/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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