Taleb: Our Leadership Is "Literally Incompetent". They Are Making Things Worse and "Rewarding The People Who Got Us Here" → Washingtons Blog
Taleb: Our Leadership Is "Literally Incompetent". They Are Making Things Worse and "Rewarding The People Who Got Us Here" - Washingtons Blog

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
  • Giving Bernanke and the Fed more power would be like rewarding a school bus driver who crashed the bus

Watch the interview:


  1. George- are they simply incompetent or loyal to something else?

    I think you ought to reconsider your earlier involvement with masonic secretive societies...

  2. Top White House Advisor Owned Stock in "Dr. Doom's" Advisory Firm
    EPJ Exclusive:

    The top Obama economic advisor of President Obama, Larry Summers, held a stock position in the economic advisory firm of Nouriel Roubini, Roubini Global Economics, which he sold before joining the White House. Summer's spokesman, Matt Vogel, confirmed to me that Summers did hold the stock position and that he did not pay for it but received the stock as compensation for advisory work he provided to RGE.

    Roubini is known on Wall Street as "Dr. Doom" for his generally pessimistic view of the economy.

    Roubini appears to have strong access to the Administration. Back in May, I pointed out that he appeared to have unusually detailed information about how the rankings would work for the stress tests results which were not yet public.


  3. Am trying to catch up on your posts, Mr. First President, but I just don't have the time these days.
    I did notice today that the Federal Reserve claims the recession is over, or something like that, while other articles state unemployment is up and foreclosures, too. Methinks someone is lying!

    Keep up the great work, please.

  4. Our leadership is PRAGMATIC -which is ironically still looked upon by most intellects as a positive attribute of leadership. OMFG!

    WHAT pragmatism implies -for those who haven't taken the time or made the effort to think it through- is exactly the result you are looking at, and the result that you have grown accustomed to seeing.


    Reality is infinitely complex.

    Regardless the ideologue's stripes, he is still just a bullshitter in a monkey suit that he cannot take off without exposing the blood and guts directly beneath.

    Get ready. You haven't ever seen anything like what's coming next.


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