Monday, September 14, 2009

blowup risk, tail risk, and mere stupidity

Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the "Nobel" in economics, banning leveraged buy-outs, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties. Taleb

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Blogger jonhusband said...

I read that piece by Taleb too. He's right, in my opinion, Umair Haque has been saying similar things.

Over the past 2 decades "they" have been trying to make the creation of increasingly intangible financial instruments into the next American sunrise industry. The main problem is that doing so requires duping someone (or everyone).

9/14/2009 3:17 PM  
Blogger Tom Matrullo said...

I'm not sure duping nearly everyone is much of a problem. Consider who is being duped.

9/14/2009 8:03 PM  

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