Thursday, October 02, 2008

Fascinating explanations of how the bank crisis unfolded

Bankruptcy freezes assets. In world of high velocity transactions that's devastating ... 36 Hours of Alarm and Action as Crisis Spiraled -

Great story. I imagine an immense engine where the oil has run out. In a few moments it blows.

I wrote earlier about firewalls. This is one. We ran too close the edge, sacrificing safety for efficiency and speed.

Just like a race car.

A little too far ... blow the engine.

Our core financial system should be a Honda Accord, not a race car.

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