{"id":2777,"date":"2011-01-03T13:25:56","date_gmt":"2011-01-03T21:25:56","guid":{"rendered":"tag:google.com,2005:reader\/item\/9b615c9e1837d22b"},"modified":"2011-01-03T13:35:51","modified_gmt":"2011-01-03T21:35:51","slug":"taleb010311","status":"publish","type":"post","link":"https:\/\/www.blackswanreport.com\/blog\/2011\/01\/taleb010311\/","title":{"rendered":"Taleb 010311"},"content":{"rendered":"<blockquote>\n<p>Shared by  JohnH<br \/>\n HatTip to Dave Lull.<\/p>\n<\/blockquote>\n<p><strong><span style=\"font-family: Bookman Old Style; color: #cc0000; font-size: large;\">C<\/span><span style=\"font-family: Bookman Old Style; color: #330033; font-size: large;\">ORPORATE    <span style=\"color: #cc0000;\">C<\/span>RIME <span style=\"color: #cc0000;\">R<\/span>EPORTER <\/span><\/strong><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">Taleb says that Ronald Reagan started it.<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cThis is why I get along with Ralph Nader,\u201d Taleb says. \u201cNader was the<br \/>\n first to say that the difference between Republicans and Democrats is cosmetic.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cIt is Ronald Reagan who bailed out the banks in 1983 and started this whole process.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">Reagan of the Milton Friedman free market philosophy?<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cExactly,\u201d Taleb said. \u201cThere is something about governments that will be susceptible<br \/>\n to the pressure of lobbyists to bailout the big corporations.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cHad Reagan not bailed out Citibank in 1983, we would not be here.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">Where would we be?<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cIf the government didn\u2019t bail out Detroit and the banks, we would have a<br \/>\n better Detroit and better banks. Smaller and more competitive companies.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cPeople forget that much of the growth of companies came from debt building.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cSmall companies are the energetic ones. The energy and innovation comes from small<br \/>\n companies in California. And these companies neither go into debt nor do they<br \/>\n get bailed out.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">Okay, so government shouldn\u2019t be bailing out the big banks.<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">But what about cracking down on corporate crime?<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cIf two adults want to speculate, they should be free to do so, conditional on society<br \/>\n not bailing them out,\u201d Taleb says.<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cThe government should be there to enforce the rule of no socialization of losses.<br \/>\n You want to make sure the banks are never big enough to take these risks at<br \/>\n the expense of society.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cThe rule is as follows \u2013 if you want a bailout, you are under our regulation.<br \/>\n And we want you small. And we don\u2019t want you to take speculative risks.<br \/>\n In other words, you are a utility. And you obey our rules.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\">\u201cIf you are not to be bailed out, then you can do what you want, providing that<br \/>\n you don\u2019t harm the public.\u201d<\/span><\/p>\n<p><span style=\"font-family: Bookman Old Style;\"> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shared by  JohnH <\/p>\n<p>HatTip to Dave Lull.<br \/>\nTaleb<br \/>\n  says that Ronald Reagan started it.<br \/>\n\u201cThis<br \/>\n  is why I get along with Ralph Nader,\u201d Taleb says. \u201cNader was the<br \/>\n  first to say that the difference between Republicans and Democrats is cosmetic.\u201d<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,4],"tags":[19,74],"class_list":["post-2777","post","type-post","status-publish","format-standard","hentry","category-feeds","category-john","tag-nassim-taleb","tag-ralph-nader"],"_links":{"self":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/2777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/comments?post=2777"}],"version-history":[{"count":3,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/2777\/revisions"}],"predecessor-version":[{"id":2785,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/2777\/revisions\/2785"}],"wp:attachment":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/media?parent=2777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/categories?post=2777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/tags?post=2777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}