Weather and subprime mortgages
Maybe I am a little harsh on people... strange things happen. Normal distributions are not normal. Paul Kedrosky has a wonderful post on river flows in San Diego.
http://paul.kedrosky.com/archives/2008/12/17/weather_geekery.html
The weather flows are even more abnormal than mortgage pools with 30% default rates.
The world is strange...
John Hempton