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this was an interesting interview I heard the other day. Thought I might share it with you guys.

RAY SUAREZ: Finally tonight, we return to a subject on many minds these days: the financial crisis. Our economics correspondent, Paul Solman, checked back in with one particularly prominent voice in the investment world and his colleague, who guided his thinking.

Here is the pair's sobering conversation on what may lie ahead.

PAUL SOLMAN, NewsHour Economics Correspondent: One of the world's hottest investment advisers these days, Nassim Nicholas Taleb, author of "The Black Swan," who's been warning of a crash for years, betting on one, and winning big.

He's been ubiquitous in the financial media of late, from cable TV's "Colbert Report" to the BBC's "Newsnight," where he was infuriated by what he called "bogus accounting."

NASSIM NICHOLAS TALEB, Scholar and Author: The first thing I would get immediately, immediately, I would suspend something called value at risk, quantitative measures of risk used by banks, immediately.

PAUL SOLMAN: We sat down with Taleb and the man he calls his mentor, mathematician Benoit Mandelbrot, pioneer of fractal geometry and chaos theory. And even more than feeling vindicated, they're both scared.

NASSIM NICHOLAS TALEB: I don't know if we're entering the most difficult period since -- not since the Great Depression, since the American Revolution.

PAUL SOLMAN: The most serious situation we've been in since the American Revolution?

NASSIM NICHOLAS TALEB: Yes.

PAUL SOLMAN: Professor Mandelbrot, can that possibly be true?

BENOIT MANDELBROT, Mathematician: It's very serious.

PAUL SOLMAN: More serious than the Great Depression, possibly?

BENOIT MANDELBROT: Possibly. I hope not.

http://www.pbs.org/newshour/bb/business/july-dec08/psolman_10-21.html
 

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Taleb and Mandelbrot can both see the writing on the wall. They are guessing what's going on behind the scenes and what effects that will have on the sheep. It scares them.

Thanks for posting this ratskins - it is showing that the paradigm is shifting big time.

Won't be long now folks. Strap in.
 

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Because of phrases like "tinfoil hat" and the fact that most people are conditioned to disbelieve anything that resembles a "conspiracy theory", no matter how positively it can be proven.. people will still put their heads in the sand and pretend that they don't see it.. They will laugh at and poke fun at how ridiculous believing in such "fairy tales" is and talk themselves into believing ANYTHING that goes against the idea just to make them feel more secure that their little fairy tale they've been told since they were kids about this country being fair and balanced, land of the free, all men created equal, you get the point, remains alive and well in their tiny little brains..

"Connect the dots? I don't have time for that, American idol is on" - Typical American
 

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Because of phrases like "tinfoil hat" and the fact that most people are conditioned to disbelieve anything that resembles a "conspiracy theory", no matter how positively it can be proven.. people will still put their heads in the sand and pretend that they don't see it.. They will laugh at and poke fun at how ridiculous believing in such "fairy tales" is and talk themselves into believing ANYTHING that goes against the idea just to make them feel more secure that their little fairy tale they've been told since they were kids about this country being fair and balanced, land of the free, all men created equal, you get the point, remains alive and well in their tiny little brains..

"Connect the dots? I don't have time for that, American idol is on" - Typical American
Earlier this year we were told by the"experts" that Iran was going to be invaded and that the election would never happen. Will someone stand up and take credit for those "fairy tales"? And who believed in those conspiracies? C'mon. Raise your hands. Don't forget the end of the world, which was also suppose to happen last summer too. Oops! Still here. I guess those of us that put our heads in the sand and ignored those posts were the smart ones, right? Can you imagine that!

Here is a suggestion, next time someone tells you that something awful is going to happen find out where they live and find out if they are going to make $$$ by getting others to believe their tales. If they still live where the awful event is going to occur then think twice about what they have to say. It's like saying the Titanic was going to sink and then getting on-board, it destroys credibility.

Times are tough but this is nothing compared to the 70's and 80's. Been there, survived that, and we will get through this too. Oh ye of little faith...
 
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