Common Sense, Lessons Learned and Forgotten

Nassim Taleb has a good list out on FT.com on how to avoid future black swans. Common sense advice, if you think about it, however, something that seems to have been forgotten over the excitement.
I would add to that list one point though, build-in fault-lines that stop a problem from propagating throughout the system. One such fault line was the Glass-Steagal Act of 1933 which was repealed in Gramm-Leach-Bliley Act of 1999 – sixty-six years later – and which help to bring on the current crisis. Another lesson learned and forgotten.

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