Move Over, Black Swan: Here Comes the Gray Rhino | 06/14/16
While the sheer size of the 2008 financial crisis may have been an unforeseeable "black swan," the market speculation and imbalances behind it were not. Each of the underlying causes--the housing bubble, problems with credit default swaps, and poor risk management--was a highly obvious threat: that is, a "gray rhino." Why do policy and business leaders consistently fail to deal with imminent crises in time to prevent widespread damage? (Carnegie New Leaders)
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