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'We're in the Middle of a Crash': Black Swan
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Anonymous Coward
User ID: 709897
7/3/2009 8:11 PM
Report abusive post | 'We're in the Middle of a Crash': Black Swan
| Quote |
The financial system is crashing and action must be taken by the US government to convert debt into equity to produce a more stable environment, Nassim Taleb, author of "The Black Swan," told CNBC Thursday.
Slideshow: The 15 States with the Worst Expected Budget Gaps
"You may have green shoots, whatever you want to call them, you may have temporary relief, but you are still in a world that's breaking," Taleb said on "Squawk Box."
Anything that's fragile like the financial system will eventually crash, he said.
"We're in the middle of a crash," Taleb said. "So if I'm going to forecast something, it is that it's going to get worse, not better."
The government needs to deleverage debt and not try stimulus packages that will inflate assets, he said.
"What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said.
"The monkey on our back is debt," he added.
As an example, Taleb said banks should not be sending demands for larger and larger sums from homeowner in arrears on their mortgage. Instead the bank should offer to lower the monthly payments in return for part-ownership of the property.
"People would be able to start from scratch on a healthy basis. You don't want to wait for foreclosure," he said.
[link to www.cnbc.com] |
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Anonymous Coward
User ID: 709897 (OP)
7/3/2009 8:13 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
watch the video.. |
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anonymous
User ID: 717272
7/3/2009 8:35 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
The financial system is crashing and action must be taken by the US government to convert debt into equity to produce a more stable environment, Nassim Taleb, author of "The Black Swan," told CNBC Thursday.
Slideshow: The 15 States with the Worst Expected Budget Gaps
"You may have green shoots, whatever you want to call them, you may have temporary relief, but you are still in a world that's breaking," Taleb said on "Squawk Box."
Anything that's fragile like the financial system will eventually crash, he said.
"We're in the middle of a crash," Taleb said. "So if I'm going to forecast something, it is that it's going to get worse, not better."
The government needs to deleverage debt and not try stimulus packages that will inflate assets, he said.
"What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said.
"The monkey on our back is debt," he added.
As an example, Taleb said banks should not be sending demands for larger and larger sums from homeowner in arrears on their mortgage. Instead the bank should offer to lower the monthly payments in return for part-ownership of the property.
"People would be able to start from scratch on a healthy basis. You don't want to wait for foreclosure," he said.
[ link to www.cnbc.com]
part ownership and reduced payments makes sense at this point.. new buyers will be hard to find unless the property is super reduced. lenders currently gain little if any thing in presuring the current owners. |
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Anonymous Coward
User ID: 709897 (OP)
7/3/2009 9:04 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
 |
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Anonymous Coward
User ID: 717660
7/3/2009 9:18 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
This is the beginning of so much hated communism in the USA...
HA HA
 |
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Treasure Bound 
Magnetically Attracting Wealth
User ID: 714405
7/3/2009 9:34 PM
 | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
can someone explain how the bank owning part of my home would be helpful? They could kick me out any at time would they? Isn't is the same as what the gov't did with the big banks and insurers with pay and bonus caps?
I think the only thing would be to :
Love = "Giving someone the ability to destroy your world, and trusting them not to" |
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Anonymous Coward
User ID: 717351
7/3/2009 9:41 PM | |
135
User ID: 698923
7/3/2009 9:49 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
the guy is right but, he needs to learn some communication skills. sounds like a bafoon. |
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Anonymous Coward
User ID: 717548
7/3/2009 9:55 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Sheet. the problem is some government politicans opened up the pandoras box on purpose that we have now.
YOu idiots just don't get it. It was set up to destroy the economy now. Its all about control. Bring the stupid serfs to their knees and then rule over them. |
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Anonymous Coward
User ID: 677992
7/3/2009 9:56 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
"As an example, Taleb said banks should not be sending demands for larger and larger sums from homeowner in arrears on their mortgage. Instead the bank should offer to lower the monthly payments in return for part-ownership of the property."
And...there's your sign..
The Truth finally comes abbout about why the government has done everything possible to make this crash happen. |
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Anonymous Coward
User ID: 717573
7/3/2009 10:00 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
that was hood appreciate
he says he is not an economist |
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135
User ID: 698923
7/3/2009 10:01 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Sheet. the problem is some government politicans opened up the pandoras box on purpose that we have now.
YOu idiots just don't get it. It was set up to destroy the economy now. Its all about control. Bring the stupid serfs to their knees and then rule over them. Quoting: Anonymous Coward 717548
absolutely |
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Anonymous Coward
User ID: 717454
7/3/2009 10:03 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
watch the video.. Quoting: Anonymous Coward 709897
No... sick of stupid financial doom crap.  |
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Anonymous Coward
User ID: 716852
7/3/2009 10:04 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Sheet. the problem is some government politicans opened up the pandoras box on purpose that we have now.
YOu idiots just don't get it. It was set up to destroy the economy now. Its all about control. Bring the stupid serfs to their knees and then rule over them.
absolutely Quoting: 135 698923
It almost too late.....do what you can...
The warnings have been ample...you have yourselves to blame. |
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Anonymous Coward
User ID: 717548
7/3/2009 10:05 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Sheet. the problem is some government politicans opened up the pandoras box on purpose that we have now.
YOu idiots just don't get it. It was set up to destroy the economy now. Its all about control. Bring the stupid serfs to their knees and then rule over them.
absolutely Quoting: 135 698923
If you were a ivy league skull and bones boy whose family has controlled the usa for a century or more you would like to make sure your ivy league offspring will kings of the idiot american masses as well.
Its all about control. And ruling over the idiot masses. |
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Anonymous Coward
User ID: 716852
7/3/2009 10:06 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
watch the video..
No... sick of stupid financial doom crap.
Perfect example of abullet target.
Double tap this POS people..LOL! |
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Anonymous Coward
User ID: 717351
7/3/2009 10:07 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
watch the video..
No... sick of stupid financial doom crap.
Perfect example of abullet target.
Double tap this POS people..LOL!
Yeah the SHILL doesn't want you to see the video.
SO WATCH IT AGAIN!
[link to www.larouchepac.com] |
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Anonymous Coward
User ID: 128244
7/3/2009 10:09 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Wow! Don't worry about what they say in that video. Just watch her hands!!! Strange indeed! |
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Anonymous Coward
User ID: 716959
7/3/2009 10:11 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
The financial system is crashing and action must be taken by the US government to convert debt into equity to produce a more stable environment, Nassim Taleb, author of "The Black Swan," told CNBC Thursday.
Slideshow: The 15 States with the Worst Expected Budget Gaps
"You may have green shoots, whatever you want to call them, you may have temporary relief, but you are still in a world that's breaking," Taleb said on "Squawk Box."
Anything that's fragile like the financial system will eventually crash, he said.
"We're in the middle of a crash," Taleb said. "So if I'm going to forecast something, it is that it's going to get worse, not better."
The government needs to deleverage debt and not try stimulus packages that will inflate assets, he said.
"What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said.
"The monkey on our back is debt," he added.
As an example, Taleb said banks should not be sending demands for larger and larger sums from homeowner in arrears on their mortgage. Instead the bank should offer to lower the monthly payments in return for part-ownership of the property.
"People would be able to start from scratch on a healthy basis. You don't want to wait for foreclosure," he said.
[ link to www.cnbc.com]
part ownership and reduced payments makes sense at this point.. new buyers will be hard to find unless the property is super reduced. lenders currently gain little if any thing in presuring the current owners.
Very commy sounding. You didn't think anyone would understand your comment right? |
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Anonymous Coward
User ID: 717301
7/3/2009 10:22 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
If you have a mortgage the bank owns your home anyway. |
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Anonymous Coward
User ID: 368888
7/3/2009 10:42 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
[link to www.youtube.com]
LaRouche Webcast: June 27, 2009
He said Obama is insane.(How does he get away with saying this?)
He says:
China and Russia are crumbling.
Looking at the collapse of global civilization.
Comparing Obama and his team to Hitler (that the health care will kill old people - won't provide certain health care for older people - same thing Hitler had said).
It was terrible under Bush and Obama has made it worse.
Rate of depression today and rate of unemployment in the USA far exceeds the rate of depression under H Hoover.
Flu - potential to kill off the excess people.
No hope for China and Russia under this system.
We bailed out the thieves who did most of the stealing and who created the bad policies.
United States is ready to crumble.
he goes on and on.... |
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Anonymous Coward
User ID: 717548
7/3/2009 10:53 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
[ link to www.youtube.com]
LaRouche Webcast: June 27, 2009
He said Obama is insane.(How does he get away with saying this?)
He says:
China and Russia are crumbling.
Looking at the collapse of global civilization.
Comparing Obama and his team to Hitler (that the health care will kill old people - won't provide certain health care for older people - same thing Hitler had said).
It was terrible under Bush and Obama has made it worse.
Rate of depression today and rate of unemployment in the USA far exceeds the rate of depression under H Hoover.
Flu - potential to kill off the excess people.
No hope for China and Russia under this system.
We bailed out the thieves who did most of the stealing and who created the bad policies.
United States is ready to crumble.
he goes on and on....
Earth to peons. The plan is workig as it was set up.
Geez, Don't you sheeple get it. ITs about control. The big wigs pull the carpet out from under you doornobs and then they control you. Its as simple as that.
The big wigs must just laugh at how stupid most people are. |
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Anonymous Coward
User ID: 709897 (OP)
7/3/2009 10:55 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
If you have a mortgage the bank owns your home anyway. Quoting: Anonymous Coward 717301
 |
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Anonymous Coward
User ID: 715311
7/3/2009 11:12 PM | |
Boardretard
User ID: 717729
7/3/2009 11:18 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Taleb is very, very smart and highly respected in elite econ circles. He doesn't sugar coat or meld into appeasement arguments like Krugman often does. And he isn't owned by the system or the gold nut fringe either.
His reputation is solid and credible. And here is what he is saying:
1) we are watching a collapse, states, credit, housing market, unemployment. And that's a LOT!
2) this is NOT an emergency but it does demand an urgent responsible response.
3) that response is not forthcoming
4) Team Obama is saving the banks and the banking paradigm rather than rescuing the economy by deleveraging and seeking solutions that would salvage credit worthiness, employment, solvency of states etc. The REAL economy.
And of course Taleb is absolutely correct. In every respect. Thanks for posting it. |
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Anonymous Coward
User ID: 717661
7/3/2009 11:19 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
If you have a mortgage the bank owns your home anyway. Quoting: Anonymous Coward 717301
What would be the best case scenario position, given this climate? Top five priorities:
1. Own your home. No debt there.
2. Have commodities on hand.
3. Have income.
4. ?
5. ? |
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Boardretard
User ID: 717729
7/3/2009 11:24 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
"As an example, Taleb said banks should not be sending demands for larger and larger sums from homeowner in arrears on their mortgage. Instead the bank should offer to lower the monthly payments in return for part-ownership of the property."
And...there's your sign..
The Truth finally comes abbout about why the government has done everything possible to make this crash happen. Quoting: Anonymous Coward 677992
That was an astute point, very clever. And wrong.
The government isn't trying to help relieve the populous of their wealth and land.
They are trying to rescue the banks and facilitate the concentration of surviving banking into the hands of the good ole boys.
And Taleb wasn't making the point that you are. You abused his commentary via careful editing. He was saying that we need to salvage what remains of the faultering economy rather than protect banking as it was. |
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daughter
User ID: 77394
7/3/2009 11:38 PM
 | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Anyone with a little bit of common sense could tell you that.
We have been heading for a fail for years. It sure isn't a secret, when people start losing their houses, they lose their retirement and the guys at the top are getting all they can, you should have you eyes wide open by then. Don't forget
jobs are few and getting one that will pay the rent, is very hard. The big boys will be sure to tell you everything is fine, and it is for them.
Always watch, where the money is going, and it sure isn't in your pocket, it is out of your pocket. |
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Anonymous Coward
User ID: 717548
7/3/2009 11:41 PM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
geez. the media puts these guys up and you folks fall for it every time.
Earth to morons. The plan is to pull the rug out from all you awhwipe bootlickers and get huge control on your stupid lives. |
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Anonymous Coward
User ID: 418975
7/4/2009 12:10 AM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
It is absolutely time to very carefully push the reset button. Anyone for colonial scrip? Greenbacks? I'm in, default on all this bs debt and make things and energy in house. A-holes will get whats coming to them soon, they won't steal the land from under us and military WILL side with the people in the end. Take your think tanks and shove them up your ass a-holes, the masses are on to you, the thing you fear most. |
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boardretard
User ID: 717729
7/4/2009 12:16 AM | | Re: 'We're in the Middle of a Crash': Black Swan | Quote |
Anyone with a little bit of common sense could tell you that.
We have been heading for a fail for years. It sure isn't a secret, when people start losing their houses, they lose their retirement and the guys at the top are getting all they can, you should have you eyes wide open by then. Don't forget
jobs are few and getting one that will pay the rent, is very hard. The big boys will be sure to tell you everything is fine, and it is for them.
Always watch, where the money is going, and it sure isn't in your pocket, it is out of your pocket. Quoting: daughter
Yea but Obuma says things are looking up and you should be full of hope and grateful for the "change".
See! he wasn't really lying! |
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