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The root cause was the deregulation in the 90s and the removal of the Glass-Steagall act. Complex systems are also simple systems when viewed as a black box fr
by konjin 6y ago
The root cause was the deregulation in the 90s and the removal of the Glass-Steagall act.
Complex systems are also simple systems when viewed as a black box from the out side. A lion always eats a gazelle given a chance and a bank always explodes if not regulated to within an inch of its life.
That people like to pretend internal complexity matches external complexity is a very odd mental quirk. It is false in both directions of implication. Conway's game of life is as simple a game as you can get yet it has the most complex behavior possible.
- dkarl 6y agoThank you for making this point. The idea that it was an unpredictable failure mode of a complex system, rather than predictable exploitation of a system where safeguards against exploitation were deliberately removed as "inefficient," is exactly what will ensure a repeat in the future.