Even if models might never be able to predict a financial crisis, and its precise timing, we can nevertheless seek to develop models for assessing vulnerabilities. Third, a promising way of gauging the ability of the financial system to cope with disturbances is stress-testing, which is increasingly used at a macro level for assessing mainly the stability of banking systems.
Likewise, the short-term reporting schedule of corporate and fund management results is perhaps understandable, viewed from the perspective of accountability in an era in which trust in management has been weakened.