The Minsky Moment, the Moment When, Ah, That the Cycle Turns

There isn't that much of a rhythmical pattern to financial history. There are some really big crises and then there are a sort of kind of many recessions, thar nobody quite remembers. The trouble is these exogenous and indogenous shocks just come along at random or otherwise abnormally distributed intervals. And that's just too big a part of history to be explained away yet.