Nassim Taleb dissed Tim Geithner’s latest giveway on Bloomberg this afternoon (video below). As a taxpayer, he’s appalled that folks who blew it so badly are getting another gift. As a pundit, he just thinks the plan won’t work.
Bloomberg: “We’re heading in exactly the wrong direction,” Taleb said
in a Bloomberg television interview. “I want an overhaul, I want
something drastic. This is going to fail, this is not it…
“I don’t understand why I as a taxpayer need to subsidise
those who failed, by giving them options so they can rebuild
their balance sheets,” he said. “Taxpayers take the downside and
Wall Street as usual is going to take the upside, another
classical problem of socializing the losses, privatizing the
Nassim also thinks the G20 doesn’t even understand what the global problem is–let alone have the spine or willpower to fix it.