This is an interview from PBS, where Nassim Taleb says this is not your ordinary economic crisis and why he’s not sleeping well. It features his mentor, Benoit Mandelbrot.

My favorite new philosopher, Nasim Taleb, has had his methodology and theories on epistemology relating to investment risk vindicated. A hedge fund with which he is affiliated and which uses his methodology has shown gains of up to 110% in the current market.

I’ve promoted his books and have encouraged people to adopt Taleb’s strategies for [...]

Henry Waxman pressed hard on Alan Greenspan at the House Oversight Committee hearing on the financial crisis to get him to admit he was wrong.

Waxman: “Do you feel that your ideology pushed you to make decisions that you wish you had not made? . . . You found your view of the world…was not right?” [...]

I highly recommend this video from Marketplace explaining credit default swaps. I thought I understood them, but not really. This video by editor Paddy Hirsch will give you an excellent understanding of the problem.

Untangling credit default swaps from Marketplace on Vimeo.

How Our Government Created the Subprime Mess and Led Us to the Brink of Financial Disaster

Boom and Bust

A research paper written in March by Carmen Reinhart and Kenneth Rogoff, This Time is Different: A Panoramic View of Eight Centuries of Financial Crises, reveals that credit and business cycles have several things in common, mainly the debasement [...]