The last eight weeks have been fascinating to watch -- at least from a cold-eyed appraisal perspective of how ineffective risk mitigation efforts have been in slowing down -- let alone stopping -- the financial contagion that has spread across the globe.
A large part of the problem has been, of course, the failure to recognize that there was a financial contagion cooking in the Wall Street financial jungle. Like the beginnings of a pandemic that is not recognized, once the contagion started to take hold, it was just too late.
