"I Recommend You Panic"

A fascinating BBC (May 26) interview between a Columbia University economist (who has no skin in the financial game), a hedge fund manager (who has massive amounts of skin in the game), and a Financial Times writer who is surprisingly rational.

The economist: "Don't panic."

The hedge fund manager: "I recommend you panic."

The reporter: "Things look pretty bad."

It's a classic illustration of academic theory versus practical reality, in my view. I'm going with the hedge fund manager (I like his accent and his fire in the belly). (8 minutes long)