Financial downturns, plane crashes, and train wrecks

Image “Panic of 1873 bank run”, Illus. in: Frank Leslie’s Illustrated Newspaper, 1873 Oct. 4, p. 67. – see Wikipedia for further details

Tim Harford, wrote a great blog post today, “Time to bring in the crash investigators”, which opened as follows:

The NTSB is capable of providing a clear and authoritative narrative, explanations and conclusions about the crisis

After a financial train wreck, it’s time to begin to learn lessons from the disaster and prevent its recurrence.

I found that the blog post led me to a number of further thoughts around this topic, which I have set out below.

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