Taleb: Stimulus Made Ecomony Worse

[pspr]

According to Nassim Taleb, “Obama did exactly the opposite of what should have been done. He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.”

http://www.bloomberg.com/news/2010-...ma-s-stimulus-made-economic-crisis-worse.html

 

[blox87]

I like Peter Schiff's analogy of giving a heroin addict more heroin lol. We need to experience the painful withdrawal in order to get better, the more heroin we shoot up (stimulus money/QE) the more pain we will have to go through later.

If you weren't buying gold/silver when you heard about the first stimulus package then you need to read up on some history.

 

[ammo]

it's easy to place blame, many people find it comforting, making it immediatetly understood and less thinking involved, a lazy practice, the truth would seem to be that all of washington is steered by lobbyists representing large business interests, the real problem or blame rests at the hands of those who profitted the most ,they represent the machine that steers the ship ,i.e. looses laws and loopholes....while everyone is laying blame at the feet of washington, the same business practices are now changing or balking at the rules for full disclosure of political funds raised during this present election....republican,democrat,tea party, nothing has changed ..the corporations,special business interests,are still hard at work...business as usual

 

[Petsamo]

Obama & the Democrats believe that feeding their constituents, the unions, we will have trickle down economics.
We don't have trickle down economics with feeding the unions.

 

[pspr]

Quote from Petsamo:

Obama & the Democrats believe that feeding their constituents, the unions, we will have trickle down economics.
We don't have trickle down economics with feeding the unions.

That's right. Obama keep preaching about his "trickle UP" economics. Give more social programs and the money will trickle up into the economy. The only problem is that Obama knows NOTHING about economics and Trickle Up doesn't work. It can't.

 

[Covertibility]

At the beginning of the year Taleb said everyone should short treasuries. His 15 minutes were up a long time.

 

[Debaser82]

Quote from Covertibility:

At the beginning of the year Taleb said everyone should short treasuries. His 15 minutes were up a long time.

Name me any talking head and I'll tell you a bad call he made.

 

[Wallace]

Taleb was interviewed on BNN Friday, said he thought the Nobel Prize for Economics
was the equivalent of the Nobel Prize for Literature - not bad
http://watch.bnn.ca/squeezeplay/september-2010/squeezeplay-september-24-2010/#clip352544

 

[BartS]

Actually shorting treasuries early this year was a very sound idea.
Obviously in april when the market rolled over the gig was up and it was time to go long....

Just because something didn't work out does not make it a bad idea...

 

[jagadish]

Corporations exist to make profit.
And they're exporting manufacturing & services jobs to China and India because they make profit out of it.
How to fix it?