Nassim Nicholas Taleb in his book, “Fooled by randomness” writes, “It is said that science evolves from funeral to funeral. After the LTCM collapse, a new financial economist will emerge, who will integrate such knowledge into his science. He will be resisted by the older ones, but, again, they will be much closer to their funeral date than he.”
One and only one funeral comes to mind now – the sub-prime crisis, the latest funeral in a long list of never-ending deaths. Update: Here comes the next crisis in line.
P.S. On a related note, MBAs did not cause the sub-prime crisis. We are just not that intelligent.
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