Jeremy Grantham: The Minsky Meltdown Has Arrived - Seeking Alpha
A few years ago I reported here on the thought of Hyman Minsky, the late and extremely subtle economist who taught at Washington University. I was struggling my way through one of his books.
Above is Jeremy Grantham's quick and in my mind accurate take on Minsky's thought as it applies to the current situation in trading markets.
Grantham himself is far above the pack when it comes to knowing what is going on.