Taleb: Bernanake, Summers and Geithner Are Idiots, "Economists Have Been No Better in Their Pre

08/16/2009 • Washington;s Blog

Nassim Nicholas Taleb wrote an open letter today to British Conservative leader David Cameron saying: I despair of the Obama administration's ability to fix this financial crisis and prevent future ones. I am appalled by the dangers it has been creating and its takeover by the same economic establishment responsible for this crisis... Be careful, too, of the so-called science of economics. Economists have been no better in their predictions than cab drivers. We have an "expert" problem, in which the expert provides you with misplaced confidence, but no information. Because we think, correctly, that the dermatologist, the baker, the chemist are true experts (they know more about their respective subjects than the rest of us), we swallow the canard that the economists at the International Monetary Fund, the World Bank, the Bank of England and the US Federal Reserve are also experts, without checking their record. This reliance on faux experts is, for the most part, what g

1 Comments in Response to Taleb: Bernanake, Summers and Geithner Are Idiots, "Economists Have Been No Better in Their Pre

Comment by Lucky Red

Entered on: 8/17/2009 3:34:50 PM

Bernake, Summers and Geithner may be idiots but they're all rolling in dough and set for life. I wish I were only half the idiot they are!

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Taleb: Bernanake, Summers and Geithner Are Idiots, "Economists Have Been No Better in Their Pre

1 Comments in Response to Taleb: Bernanake, Summers and Geithner Are Idiots, "Economists Have Been No Better in Their Pre

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