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A statistician has proclaimed that last week's crash was indeed a Black Swan. An event so rare, it can be compared to winning the lottery twice in a week.




Posted by Ed Cotton Here's a great visual from The Deal that explains the packaging and re-marketing of credit. Sort of explains how the badness was turned into goodness and everyone slept soundly at night until the day they realized the badness was real bad. It's also the system that propped up the consumer economy. An economy driven by cheap and easy credit isn't sustainable. For years, the US economy has been running on cheap credit. What happens when it goes away remains to be seen, but companies are need to get amazingly creative if they want to continue to sell in these tough times.



From Paul Kedrosky


Posted by Ed Cotton We might be in real trouble, but our experts are confused and uncertain.

"Is the global financial system headed for a meltdown? From Nobel Prize-winning economists to captains of industry, the world’s top experts are united by a common answer: We don’t know."

From Foreign Policy


Posted by Ed Cotton