Taleb: You Fools Don't Understand That We're Doomed

The Black Swan graced CNBC with His presence this morning.  In sum:

  • We’re all in denial
  • We’re replacing private debt with public debt. 
  • We’re not dealing with the cancer in our banking system. 
  • We’re not making the structural changes we need to make. 
  • We’re not being aggressive enough about restructuring debt (debt for equity swaps). 
  • Bernanke is a wimpy Greenspan sycophant
  • Obama’s rewarding the fools who got us here (Summers, Bernanke, Geithner)
  • The banksters are taking over again

 He’s pretty much right, by the way. 

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