“Resemblances of reality to illusion are not susceptible to mathematical interference or rational inferences.”- C. Jung
“There are three kinds of lies: lies, damn lies, and statistics.” – Benjamin Disraeli, as reported by Mark Twain.
Logic is a systematic method of coming to the wrong conclusion with confidence. -Manly’s Maxim.
If you have not had a good laugh lately, please look at these three scholarly documents from the banking crisis:
Financial Stability Forum (2008): Enhancing Market and Institutional Resilience,
Report to the G7 Finance Ministers and Central Bank Governors (April).
Greenlaw, D, J Hatzius, A K Kashyap and H S Shin (2008): Leveraged Losses:
Lessons from the Mortgage Market Meltdown. Report prepared for the US Monetary
Policy Forum (February).
Brunnermeier, M K and L H Pedersen (2007): “Market liquidity and funding liquidity”, NBER Working Paper 12939 (February).
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