"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."
Sunday, September 20, 2009
Posted by Mother of All Carry Trades at 7:54 PM