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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: NOW who wrote (54045)2/17/2006 4:55:50 AM
From: Kailash   of 110194
 
It's too bad smarts don't help much -- the Nobel laurates who ran LTCM messed up precisely because they were smart and thought they could rely on deep regularities in the market. But "there's no econometric variable for lunacy", as UCLA Anderson School's Chris Thornberg put it. The Greeks had this odd concept of hubris -- the idea that the gods are really in charge and men just puppets. Clearly the wrong idea in general, but if the system gets large and complicated enough, it starts approximating a state where control is an illusion. Bernanke might live to feel the vengeance of the Pantheon <g>
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