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To: Seeker of Truth who wrote (37334)	8/20/2003 7:11:55 PM
From: TobagoJack	Respond to of 74559

Hi Malcolm, <<patched together>> Message 15499316 <<March 14th, 2001 The world depends on one great big untested construct of systems, sub-systems, components, sub-components, all linked, all functioning, each designed for its own little piece of the universe, for its own era, with its designed in but not transparent tolerances. This is what we are all depending on. Call it Space Ship Wall Street, and get on for a ride.>> Message 15591228 March 30th, 2001 <<We live within the confines of a set of rapidly evolving, complicated and interlinked patchwork of systems and sub-systems, all designed for dedicated purposes, and sometimes at contradictory purposes (i.e. encouragement of savings vs encouragement of spending), all put in place at different times, and set with sometimes incompatible tolerances. The patchwork of systems is now weak. The system's forward health is dependent on fewer and fewer exogenous inputs and is more subject to external shocks that have built up over this extraordinary period. The equity and debt markets have demonstrated that times have changed, imbalances are causing malfunctions. All is not well.>> Message 15813707 May 17th, 2001 <<worked the machine beyond its aggregate tolerance, without understanding that (virtual or real) machines can fail. Just as a $6 faulty O-ring can cause a space shuttle to blow up, the financial system is only as strong as its weakest link. Each failure triggers the next failure, until the whole system is kaput. As DJ has just noted and I had readily admitted in the past, we lack imagination. What I lack in imagination, I compensate with suspicion and healthy fear. The system we got now simply has too many links, and weak ones at that. This explanation can be used to understand Japan as well.>> We are closer to testing day :0) Chugs, Jay