Real, meaningful, and major differences in economical views are re-emerging?

[Ideologue]

Wah wah wah wah wah
Wah wah wah
Wah wah wah wah wah
Wah wah wah wah wah wah wah
"Peace among nations" - Minsky believed that although armaments production could have a stimulative impact, that in the long-run such expenditures were de-stabilizing because of their built-in rapid obsolescence and capital-intensivity

[Razgovory]

You are better then that Ide.

[Ideologue]

You are better then that Ide.

It's just a little joke.  CC's a good guy and a grownup.  I didn't hurt his feelings.

ETA: and to be clear, I wasn't saying he wouldn't understand it, just that he doesn't particularly like those things.  There, I explained the joke, are you happy?

[Tamas]

Could we please stop the ensuing nerdrage and Languish-"debate" over what the fuck a black swan is? Who cares?

It's a movie about a ballerina.

Ok Martinus

[frunk]

Except that black swans are supposed to be about extreme events.
The reality is that non-extreme or even relative commonplace events can be destabilizing.  The last crisis was not triggered by any extreme event - just a garden variety slow-down in the housing market.

It's about extreme consequences from otherwise commonplace events.  A housing slowdown wasn't unexpected.  The impact that had on a large number of banks and the economy at large was.

[Ed Anger]

Could we please stop the ensuing nerdrage and Languish-"debate" over what the fuck a black swan is? Who cares?

It's a movie about a ballerina.

Ok Martinus

Dude. Mila Kunis and Natalie Portman dyking it up. That movie would bore Mart.

Mart: WHERE ARE THE FEET? WORST MOVIE  EVER!!!

[garbon]

Could we please stop the ensuing nerdrage and Languish-"debate" over what the fuck a black swan is? Who cares?

It's a movie about a ballerina.

Ok Martinus

Dude. Mila Kunis and Natalie Portman dyking it up. That movie would bore Mart.

Mart: WHERE ARE THE FEET? WORST MOVIE  EVER!!!

I think you misstepped with that one. There is a lot of focus on feet, as after all, it is a movie about ballerinas.

[Ed Anger]

Could we please stop the ensuing nerdrage and Languish-"debate" over what the fuck a black swan is? Who cares?

It's a movie about a ballerina.

Ok Martinus

Dude. Mila Kunis and Natalie Portman dyking it up. That movie would bore Mart.

Mart: WHERE ARE THE FEET? WORST MOVIE  EVER!!!

I think you misstepped with that one. There is a lot of focus on feet, as after all, it is a movie about ballerinas.

 

[Tamas]

Could we please stop the ensuing nerdrage and Languish-"debate" over what the fuck a black swan is? Who cares?

It's a movie about a ballerina.

Ok Martinus

Dude. Mila Kunis and Natalie Portman dyking it up.

[DGuller]

Except that black swans are supposed to be about extreme events.
The reality is that non-extreme or even relative commonplace events can be destabilizing.  The last crisis was not triggered by any extreme event - just a garden variety slow-down in the housing market.

It's about extreme consequences from otherwise commonplace events.  A housing slowdown wasn't unexpected.  The impact that had on a large number of banks and the economy at large was.

I think it was quite expected.  It's not like it wasn't a common knowledge that a lot of derivatives were based on the housing market, or that derivatives can blow up in a spectacular way. 

[The Minsky Moment]

It's about extreme consequences from otherwise commonplace events.

Historically its not that extreme.

[Neil]

Uhm, you do realize that recessions and depressions did happen before WW2, and they were much more painful/destructive than what we have now, right?

And this last one would have been like that had it not been for the post-WW2 welfare states and their automatic fiscal stabilizers, and Paulson and Bernanke firing their trillion dollar bazooka.

It isn't too late for it to turn that way, and the long-term effects are similar.  The 2000s were a lost decade for most people, and the 10s and perhaps the 20s will probably be the same.

[fhdz]

I think the recent years simply show that ultimately we have no idea. The global economy is a confidence game with a nearly countless number of actors. I think advanced physics would describe it better than any actual economic theory.

There are actually a number of people trying to do just that.

[fhdz]

I think it was quite expected.  It's not like it wasn't a common knowledge that a lot of derivatives were based on the housing market, or that derivatives can blow up in a spectacular way.

A good reason we should update and reinstate Glass-Steagall.