mary lou zoback

The global financial disaster of 2009 has many parallels with catastrophic natural hazards. It struck pretty much without warning, its impact was greatly exacerbated by an incredibly complex system of cascading consequences, and finally, mechanisms supposedly in place to mitigate the worse impacts (regulations, in the case of the financial system) failed. There was awareness that such a meltdown could theoretically occur, but it was considered such a low-probability event that it was evidently not worth planning for.