Thanks for the excellent article. This parallels nicely with Nassim Taleb's work on black swans, how statistical knowledge fails us when unpredictable extreme e

Thanks for the excellent article. This parallels nicely with Nassim Taleb's work on black swans, how statistical knowledge fails us when unpredictable extreme events are present. I recently attended a talk by an economist who advised Greenspan during the housing run-up, and I was disappointed that he didn't cover the limits of knowledge: he stated things got worse due to declining housing prices, which is a symptomatic treatment of the problem. Hopefully this kind of deeper analysis will gain traction.