Video - Nassim Taleb on the BBC - Aug. 18, 2011
Back from a Bernanke hiatus, Taleb starts where he left off - annihlating Wall Street's bonus culture helped by a corrupt Federal Reserve. Quotes below. Outstanding interview.
"The core of the problem is that asymmetry in payoff socializing losses and privatizing gain and the generator of that inequity is still there, worse than ever."
"Banks got us here, and they’re reaping the benefits. As an industry, they have not suffered and the Federal Reserve is doing everything it can to finance these bonuses."
"I’m outraged. Banks should be something other than machines that generate themselves bonuses. Today, banks are vastly more centralized than they were before the crisis … much more powerful than they were before (and) they have an incredibly sneaky lobby in Washington."
Taleb says there's a tumor in the center of the financial system that has not been removed, one he calls "an agency problem." This happens when people make money they receive bonuses, but when they lose money, taxpayers and future generations pay the price.
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The Helicopter claims to have never heard of Taleb...
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