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Video: Nassim Taleb on Capitalism 2.0

January 17, 2009 11:10 am

Sounds like securitization gone awry, right? Nassim Taleb tells Charlie Rose that banks are going to be no different than utilities. Mr. Taleb also points out that we should no longer be, “Privatizing gains and socializing losses.”

That is definitely the sweetest words I have heard in a long time. ( Of course it can never top the original sweeties when my mother would say: “Andrew, your dinner is ready!”)

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Written by Andrew Horowitz · Category(s) Economy, Markets    |  Tags: • •   

5 Responses to “Video: Nassim Taleb on Capitalism 2.0”

  1. jt dsafadadf on January 18th, 2009 12:01 am

    How much is the US financial system feeling like old Detroit? With the premise of de-emphasizing the financial system (with its concentrated position in NY) for a more utilitarian system how could it realized in America?

    I do not think it possible.

    Entrenched interests and a quasi-socialist desire for central control would prevent it from happening in the US – barring a complete meltdown.

    The idea that Mr. Taleb proposes is more likely in a country with educated workers and low costs – and without strong entrenched interests. Perhaps somewhere in Eastern Europe. Or in a country with high costs but a history of national reorganisations like Japan or Korea…but it would be rough going for them as well.

  2. KD9 on January 18th, 2009 2:40 am

    Are you kidding? If we never socialized the losses (let the banks and auto manufacturers FAIL), we wouldn't even be talking about the gains. How exactly are individuals going to "take risk"? Most people don't even investigate their CDs and money funds. Now they have to research individual investments? And ask the people with paid off mortgages (or even just currently paid ones) how they like "socializing the losses". This is recipe for stagnation. If you want the government to manage YOUR business, then go to some country where they already do that. Don't add insulting regulations and caps on our shrinking capitalism.

  3. tticom on January 19th, 2009 11:29 pm

    Yes, but the problem of socialising the losses is that everyone including the poorest have to pay to bail out the rich while they, the poor are excluded from benefitting from the gains. And don't bother to mention that they benefit from a strong economy and rising prosperity drags them up with it, because it doesn't. This is something the rich delude themselves with. The poor have been getting poorer and the gap between rich and poor wider throughout all OECD countries for as long as I can remember.

  4. Jessica Ques on May 10th, 2009 9:33 am

    Nice ! :).. Thanks buddy..

  5. Q: Taleb and natural disasters – false symmetry on September 5th, 2009 10:21 am

    [...] response to financial meltdown. You shouldn’t privatize gains and socialize losses, he says. This ends up creating a high risk-taking environment with the government insuring against all sorts [...]

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