Wednesday, August 12, 2009
Taleb: Our Leadership Is "Literally Incompetent". They Are Making Things Worse and "Rewarding The People Who Got Us Here"
Nassim Nicholas Taleb told it straight on CNBC today, saying:
- "We still have leadership that's literally incompetent"
- The government doesn't see the problem. They are just applying patches
- The risks to the economy that were there before are still there. In fact, the risk to the economy is probably worse now than before. Fewer people employed today with same level of debt. We are just converting private debt into government debt
- Government has a lack of understanding of the disease. The government is treating a guy with lung cancer for a headache. Government hasn't recognized problem of deleveraging. Structural changes have not been addressed. They're not working on a cure. Not working to remove tumor
- Obama has rewarded the people who got us there