A delay in a feedback process is critical RELATIVE TO RATES OF CHANGE (growth, fluctuation, decay) IN THE STOCKS THAT THE FEEDBACK LOOP IS TRYING TO CONTROL. Delays that are too short cause overreaction, “chasing your tail,” oscillations amplified by the jumpiness of the response. Delays that are too long cause damped, sustained, or exploding oscillations, depending on how much too long. At the extreme they cause chaos. Overlong delays in a system with a threshold, a danger point, a range past which irreversible damage can occur, cause overshoot and collapse.