I've been seeing more and more people comment that we're in a black swan situation. The phrase black swan "refers to high-impact, hard-to-predict, and rare events beyond the realm of normal expectations." However, this phrase does not adequately describe the current recession. Below I will explain why.
First, a bit of history. One of the primary causes of the great depression was a series of bank failures from the years 1929-1933. In effect, there were three waves that greatly...
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