Nassim Nicholas Taleb: “The Banks today have hijacked the government… banks should not be a machine to generate bonuses”


  • “The Core of the problem is that asymmetry in payoff socializing losses and privatizing gain and the generator of that inequity is still there, worse than ever.”
  • “I don’t think that the bad news is recession, I think the bad news is not figuring out what got us here and continuing to repeat it”
  • “… the agency problem – the tumor at the centre of the system that has not been removed: it’s when someone makes money, and gets a bonus, and when they lose money, we pay the price – the taxpayers, the future generations… “
  • “… the core of the problem is that asymmetry in payoffs… socialising losses and privatising the gain”
  • “What has happened? Since the crisis, these people who got us here, they are reaping the benefits “
  • “In 2008 when they bailed out the banks… they should have set the ground to remove that problem – they did not; the banks today have hijacked the government”
  • “The banks should be something other than machines to generate themselves bonuses, the banks should be something more like a utility – we are bailing them out because they are a utility, otherwise we would let them die like other businesses”
  • “Today the banks are much more centralised… and more powerful than they were before”
  • “The monetary policy in the US… seems to do nothing but supply banks with cheap money – that’s it”
  • “The first thing we should have done is try to remove the cancer by working on lowering indebtedness in society… transform debt to equity”
  • “It’s like a country cannot survive on air; money is air – you print money, it’s air. You need to something other than just print money and create public liabilities.”
  • “The word ‘Growth’… by itself is meaningless. It’s like saying ‘Speed’ – you need safety before growth; pseudo-growth – Madoff had growth – a Ponzi-scheme generates growth, that’s not the growth we want. We want something sustainable, something robust, something effective”
  • “People who talk about growth without robustness, are not acting responsibly – growth that makes the system collapse in two or three years is not the growth we want. We want to clean up the system”
  • “We wasted three years, doing nothing but transferring money into the pockets of bankers”
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This entry was posted in Accountability, Bankers' Bailout, Civil Disobedience, Debt for Equity, Economy, Ideology, USA / America and tagged , , , . Bookmark the permalink.

One Response to Nassim Nicholas Taleb: “The Banks today have hijacked the government… banks should not be a machine to generate bonuses”

  1. Preaching to the choir….

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