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My cold having gone, like all my colds, directly to my chest, I'm slightly more worried about continuing to breathe than the continued solvency of the markets. Evolution is a harsh mistress. But still--only slightly.  Economics of Contempt does not share my primary concern, so the secondary one is really freaking him out:

Being in an office directly off the trading floor (and with a Bloomberg!) for the past 2 weeks, let me just say: things are very bad, and only getting worse. I'm honestly scared for the future of the financial system.

How did we get here? There are lots of reasons, but to me, the most important reason is that traders, CEOs, and even risk managers all seem to have forgotten one extremely important thing: In a financial crisis, the correlations always go to one.

Words to live by.  Literally.

Now to go off on a tangent:  fun uses of the word "literally".  I get a ton of blast emails from various PR people, publications, and random pundit larvae.  My personal favorite came in today, headlined:  "Barney Frank was in bed with Fannie.  Literally."

This was too marvelous to actually read the email, so I don't know if he was notifying me that Barney Frank has come out as a heterosexual, or implying that Barney Frank had required the entire staff of one of our GSEs to sleep with him in exchange for his protection.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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