Applaud, my friends, the comedy is over.   (Plaudite, amici, comedia finita est.)

·  An event shocks the markets when it contradicts conventional wisdom of how the financial world is supposed to work. The uncertainty leads to a dramatic disengagement by the financial community the almost always requires sales and, hence, lower prices of goods and assets. We can model the euphoria and the fear stage of business cycle. Their parameters are quite different. We have never successfully modeled the transition from euphoria to fear.