The Art of Tetman Callis

“There’s a difference between an old-fashioned financial panic and what had happened on Wall Street in 2008.  In an old-fashioned panic, perception creates its own reality: Someone shouts ‘Fire!’ in a crowded theater and the audience crushes each other to death in its rush for the exits.  On Wall Street in 2008 the reality finally overwhelmed perceptions: A crowded theater burned down with a lot of people still in their seats.  Every major firm on Wall Street was either bankrupt or fatally intertwined with a bankrupt system.” — Michael Lewis, The Big Short