A Moment of Insight

OK, it just goes to show that anyone can be brilliant some of the time. Bush's first Treasury Secretary Paul O'Neill turned out not be as delusional as the other economic players during Bush II's first term, but he was no shining light. And yet he does offer the world's best one sentence explanation of the spread of the subprime problems into a general financial crisis.

If you have 10 bottles of water, and one bottle had poison in it, and you didn’t know which one, you probably wouldn’t drink out of any of the 10 bottles; that’s basically what we’ve got there.

Glad we straightened that out.