Monday, September 3, 2007

The fallout from the mortgage meltdown and Iraq war will play out over years, not days.

Real crises aren't fixed overnight

It is extremely hard to know how big a crisis is while it is actually unfolding. Retrospectively, we tend to think of crises as one-day wonders (e.g. "Black Monday" or 9/11). This notion of short, sharp shocks fits in well with our human inclination to live for the moment. Perhaps it is also a symptom of our era's chronic attention-deficit disorder.

Posted by su @ 07:11 AM (347 views)
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