Emanuel Derman's Blog: A speech by Leo Melamed, reproduced here with his permission

Emanuel Derman's Blog: A speech by Leo Melamed, reproduced here with his permission: "Financial Innovation Conference Vanderbilt University October 16, 2008 NashvilleThe Law of Selective Gravity By Leo MelamedThe first course:"There is no way to sugar coat it: Current economic conditions have the earmarks not only of a severe U.S. recession but—dare I say it—the potential of a global depression.