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A Crude Look at the Whole: The Science of Complex Systems in Business, Life, and Society by John H. Miller

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From Flash Crashes to Economic Meltdowns: Feedback

Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.

Alan Greenspan

On Thursday, May 6, 2010, at 2:32 p.m. Eastern Standard Time, a sequence of events began that led to chaos in the securities markets for the next half an hour. During the first few minutes of this period, major United States equity indices plummeted 5–6 percent (see Figure 3.1). At 2:45 p.m. a five-second trading pause was imposed on the market, and the indices miraculously rebounded. However, the tsunami that started in the indices began to wash over the entire equities market. Trading prices for more than three hundred individual stocks deviated by more ...

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