When Hell Freezes Over Department

The WSJ helpfully publishes a list of “10 Signs That Will Tell You The Credit Crunch Is Over.” Some of them are on the money. Here’s one that isn’t:

Traders stop blaming losses on so-called Black Swans — rare and unforeseeable events with a big impact — and instead accept that their own models are wrong.

When will that happen? Not in your lifetime.

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