Monday, September 3, 2007
The fallout from the mortgage meltdown and Iraq war will play out over years, not days.
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.