Professor of risk analysis and author of Black Swan, Nassim Taleb explains how to save capitalism and why Obama will fail with Geithner's current plan.
Nassim Taleb Angry At Obama’s and Geithner’s Lies and Games
Posted by admin on October 18th, 2010
Posted in Depression Videos 
@triforcelink Isn't it the banks that are buying the houses when they give someone a mortgage with near 0% down payments?
it was a mistake- i have big fingers, ask your mother, she will tell you ya trashbag
@atlien991 you are right
i think he is more playing the big shot , i am lebanese, i know how THEY think
@elimar008 Nassim isn't flaunting a new idea here. Many have cited the problems. He's just something of a celebrity in economic theory circles.
@IdiotsForObamaCom Figure out how to spell misguided then we'll get around to discussing how little you understand about economics.
People who despise capitalism are mishuided retards and no less. I love how socialism has failed everywhere and these morons believe more people will work more and harder to support lazy bums. Liberalsim has also failed- look at Atlanta yesterday! Look at foreclosures because the govt thought everyone should have a home. Look at unemployment and the debt. LIBERALISM!! Idiots..
this debt to equity swap is discussed by Marty Armstrong in his letters from the hole,not Nassims idea, sorry
@atlien991 so where is the problem in the first half of my comment?
@triforcelink There is a lot wrong with your comment but I'll only address the most easy incorrect piece to speak to.
A mass of poor people making financial errors (which is how you apparently view victims of swindlers) still doesn't act with the coherent and organized force of one or two rich people with their wealth. The organized (and intentional) destruction will be worse.
@atlien991 the rich don't own their mistakes? are you serious? who are the ones who were buying houses which they could not afford in the first place? BP's reputation has been crushed and the company is getting closer to bankruptcy day by day. This is not about being rich or poor, its a problem of ignorance, a mass of 'poor' people can do just as much damage if not more, than a rich person with equivalent financial wealth,
@kifn2 As for the so-called race card, where has this 'card' actually gotten any race? No race besides the so-called 'white' race has benefited. The actual race card is the denial card. But whatever. This problem we are looking at of this society isn't going to be settled by letting the 'market' figure it out. Where has the market gotten us so far?
But of course you might say the market isn't allowed to work....
@kifn2 The thing that to me seems overplayed is the old canard that the most pain has been brought about by the 'well-intentioned'. This is usually deployed to malign progressives and those on the left but every ideology, left or right, claims to offer some kind of panacea. The charge is now so vague and broad it means nothing.
The problem is that the rich, let's be more specific than 'people', the rich don't own their mistakes. They walk away. The financial meltdown. The BP oil disaster.
@atlien991 i believe that people must be allowed to make mistake and like taleb, own the consequences. Suffering is part of life. More evil has been done by the good-intentioned people trying to eliminate suffering than anything else. People need to own their mistakes and be allowed to fail. The market should be allowed to punish and reward. Also, the race card has been overplayed.
@kifn2 Some of these 'mistakes' involve massive unnecessary suffering and death. Must those so-called mistakes be 'allowed' as well?
I must say that when I hear this kind of logic deployed it makes me cringe. When a regular person does something illegal, something wrong, the masses often have to be restrained from killing him (especially if he is Black).
When the rich do so much damage, we need to allow these things to happen....lest we return to the dark?
Hmm...
the problem i see with taleb is that he takes for granted that some belligerent "someone" can make something happen and that it will not cause other nasty effects. he advocates that this or that needs to be done, e.g. get rid of these people or take control of that institution. the fact is that we are human beings who will make individual and collective mistakes. we must be allowed to make them, or we regress to the dark ages.
really good interview. Thank you bloomberg.
@atlien991 My friend,have you left your sense of proportion at home?The public sector in mixed market economies is incomparable to the private property allowance in communist regimes.Simply because it is by far a bigger number,a fraction.Both mathematically and in terms of sociological significance.And by writing that I am not denying capitalism mountains of failure,by no means.Maybe I am just willing to claim that some mountains are higher than others.:D:D
@atlien991 Sense of humor?!Well,that is a nice surprise
@TodorNN Glad you're getting on board with my platform. I just need your credit card number...
@atlien991 Well,happily enough,we ,the non-understanders are so lucky to have esoteric intellectual colossuses like you to guide us into building a carefully planned ,compassionate, tolerant ,humanly orientated society,in which people will work less and get more,gay-marry and preserve the white wales for the generations ahead.The human race was so close in succeeding in this quest by abolishing private property in 20th century!Just another try -and we'll do it,i am sure of it, Enlightener !
We live in a complex system that delivers extreme deviations. Current risk management and economic analyses methods fail us in such a system because of low predictability. What should we do in such an environment? At the IMD OWP 2010, Nassim Nicholas Taleb will present simple rules (lower leverage, less reliance on deficit spending, less mathematical risk management) for a black swan robust economic system.
the corrupted banking system is making wars, enslaves people, brainwashes it owns population, do to what they are told (americans: war in Iraq and Afghanistan). This system is not good to our planet,. and we are destroying it slowly, though I do not believe in GLOBAL WARMING, also a scheme from the states! But however, the system is not based on recyckling and recovery. It's about making rich people rich, and poor people poor! NEW WORLD ORDER IS UPON US! TRUS ME GUYS, WAKE THE FUCK UP MAN!
the corrupted banking system is making wars, enslaves people, brainwashes it owns population, do to what they are told (americans: war in Iraq and Afghanistan). This system is not good to our planet,. and we are destroying it slowly, though I do not believe in GLOBAL WARMING, also a scheme from the states! But however, the system is not based on recyckling and recovery. It's about making rich people rich, and poor people poor! NEW WORLD ORDER IS UPON US! TRUS ME GUYS, WAKE THE FUCK UP MAN!
the corrupted banking system is making wars, enslaves people, brainwashes it owns population, do to what they are told (americans: war in Iraq and Afghanistan). This system is not good to our planet,. and we are destroying it slowly, though I do not believe in GLOBAL WARMING, also a scheme from the states! But however, the system is not based on recyckling and recovery. It's about making rich people rich, and poor people poor! NEW WORLD ORDER IS UPON US! TRUS ME GUYS, WAKE THE FUCK UP MAN!
the corrupted banking system is making wars, enslaves people, brainwashes it owns population, do to what they are told (americans: war in Iraq and Afghanistan). This system is not good to our planet,. and we are destroying it slowly, though I do not believe in GLOBAL WARMING, also a scheme from the states! But however, the system is not based on recyckling and recovery. It's about making rich people rich, and poor people poor! NEW WORLD ORDER IS UPON US! TRUS ME GUYS, WAKE THE FUCK UP MAN!
Black swan is actually a damm good movie I recommend it.