tag:blogger.com,1999:blog-53246864840716464.post9109633859966051849..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: Taleb on VaRUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-53246864840716464.post-70602011250894295972009-09-14T20:09:53.643-07:002009-09-14T20:09:53.643-07:00Very astute comment!Very astute comment!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-44094733078859260912009-09-13T09:44:44.031-07:002009-09-13T09:44:44.031-07:00Taleb: Data shows that banks routinely lose everyt...Taleb: Data shows that banks routinely lose everything earned in their past history in single blowups -- this happened in 1982, 1991, and, of course now. Every time society bails them out -- while bank risk-takers retain their past bonuses and start the game afresh. This is an aberrant case of capitalism for the profits and socialism for the losses.<br /><br />Except it is no longer an aberrant case, but systemic and usual. It is aberrant capitalism, capitalism not as an engine for wealth creation but as a transfer mechanism. Power helps itself to more wealth, and wealth helps itself to more power.Anonymousnoreply@blogger.com