Roubini and Taleb: Government's Socialization of Losses Is Destroying the Real Economy

Washington's Blog:

"Roubini has previously written:

We're essentially continuing a system where profits are privatized and...losses socialized.

Now Nassim Nicholas Taleb is saying the same thing:

After finishing The Black Swan, I realized there was a cancer. The cancer was a huge buildup of risk-taking based on the lack of understanding of reality. The second problem is the hidden risk with new financial products. And the third is the interdependence among financial institutions."