The Financial Crisis and Champagne Flutes

This is an excellent primer of the sub-prime crisis using champagne flutes to explain how it all went wrong. He also mentions the role of ratings agencies which should be considered in terms of herding and independence (or lack thereof) as discussed in chapter three of The Wisdom of Crowds.

To learn how the pension fund manager from a Norwegian village got caught up in this mess watch the slide show on the subprime crisis (some of the language may not be to everyone's tastes):


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