The collapse that followed this orgy was not an example of one of Nassim Taleb's black swans û a massive and unpredictable event û but a clearly predictable consequence of what was going on in the markets. Indeed, plenty of economists and market watchers did see it coming. Bob Shiller, for example, a Yale economist who prodded Alan Greenspan into making his irrational exuberance comment in 1996,...
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