Nassim Taleb Says Banks ‘Hijack Us,’ Can’t Be Trusted
By Barry Ritholtz - February 7th, 2009, 10:15AM
Nassim Nicholas Taleb, author of the best-selling “The Black Swan” and founder of Universa Investments, talks with Bloomberg’s Francine Lacqua and Erik Schatzker about the financial crisis and the outlook for U.S. banks. Taleb speaks on the sidelines of the World Economic Forum meeting in Davos, Switzerland.
Bloomberg, January 29, 2009
February 7th, 2009 at 4:03 pm
This must be a wrong video, because I don’t hear him say the banks, hijack us, anywhere in this video.
February 8th, 2009 at 5:16 pm
Taleb and Roubini are both calling for nationalization.
I am thinking that is still on O’s, Geithner’s, and Summer’s table. Perhaps that is why Tim postponed the unveiling of their plan originally scheduled for Monday. Perhaps instead of a bad bank / good bank plan, they are thinking about a good bank / bad bank plan, with us getting the good and them getting what they deserve: the bad with equity and bond holders wiped out. But I’m not holding my breath waiting for that to happen!
It sure makes good common sense to me though: instead of dumping hundreds of billions more dollars down the bank rat hole, we could just take the damn things over, and use the money elsewhere!
Then after the recession / depression is over in a few years, we could spin them off with a series of IPOs and pay down of some of the national debt with the proceeds.
Now that would be change we could believe in!