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'We're in the Middle of a Crash': Black Swan

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telling it straight
User ID: 642221
7/4/2009 12:26 AM

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.

Quoting: anonymous 717272

Yeah, that's a great plan. The banks become explicit owners with you instead of just having a collateralized interest in your home.

So, you and the bank actually own the home. And the government owns the banks! That's what I want, the government owning my home.

Cy Kotic
User ID: 685384
7/4/2009 12:35 AM

Re: 'We're in the Middle of a Crash': Black Swan	Quote
Obama's answer to our crippling debt is to go deeper in dept Brilliant that one is Whatever..

Anonymous Coward
User ID: 226702
7/4/2009 12:47 AM

Re: 'We're in the Middle of a Crash': Black Swan	Quote
Obama's answer to our crippling debt is to go deeper in dept Brilliant that one is Quoting: Cy Kotic Could it be that he is attempting to keep full-blown chaos from happening before major climate change events (worse than what is happening now) begin to occur?

Anonymous Coward
User ID: 717783
7/4/2009 12:59 AM

Re: 'We're in the Middle of a Crash': Black Swan	Quote
OLD NEWS , POSTED 2 DAYS AGO !! [link to www.godlikeproductions.com]

Anonymous Coward
User ID: 717548
7/4/2009 1:02 AM

Re: 'We're in the Middle of a Crash': Black Swan	Quote
Some of you folks don't get it. The banksters set up the collapse of the worlds economy to then rebuild it to thier liking. Live it. Learn it. Good luck peons.

Chong
User ID: 712683
7/4/2009 1:53 AM

Re: 'We're in the Middle of a Crash': Black Swan

Quote

Some of you folks don't get it. The banksters set up the collapse of the worlds economy to then rebuild it to thier liking. Live it. Learn it. Good luck peons.

Quoting: Anonymous Coward 717548

Bullshit. You give them way too much credit. Nobody *made* the economy crash. It is crashing on its own accord because nobody gave a shit about consequences. They wanted it all right now for nothing more difficult than sighning a deal with the Devil.

Fractional reserve banking DOESN'T WORK. Its is not a system with flaws, it is *THE FLAW* in the system. But yet we've dumped 7 trillion dollars (so far) to preserve it. You can't put out a fire with gasoline. And when you are on the same block with people stupid enough to try it, all you can do is walk away.

telling it straight
User ID: 642221
7/5/2009 12:38 AM

Re: 'We're in the Middle of a Crash': Black Swan

Quote

Some of you folks don't get it. The banksters set up the collapse of the worlds economy to then rebuild it to thier liking. Live it. Learn it. Good luck peons.

Bullshit. You give them way too much credit. Nobody *made* the economy crash. It is crashing on its own accord because nobody gave a shit about consequences. They wanted it all right now for nothing more difficult than sighning a deal with the Devil.

Fractional reserve banking DOESN'T WORK. Its is not a system with flaws, it is *THE FLAW* in the system. But yet we've dumped 7 trillion dollars (so far) to preserve it. You can't put out a fire with gasoline. And when you are on the same block with people stupid enough to try it, all you can do is walk away.

Quoting: Chong 712683

You are so right, poster.

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