» Posted by Martin Weil on October 27, 2009

I can imagine the company representatives on the Titanic II design committee repeatedly pointing out that the Titanic I tragedy was a "black swan" event: utterly unpredictable and completely, emphatically, not caused by any failures of the ship's construction, of the company's policy, or of the captain's competence. "No one could have seen this coming," would have been their constant refrain.

So begins Jeremy Grantham's (GMO) impassioned plea, Lesson Not Learned, to the Obama Administration to stop defending the failed status quo and move forward with substantive financial reform.

Previous entry: The Warning
Next entry: China's century

Back to Martin's View main page