`Black Swan' Author Taleb Says Obama's Stimulus Made Economic Crisis Worse
By Frederic Tomesco - Sep 25, 2010 11:36 AM GMT-0300
U.S. President Barack Obama and his administration weakened the country’s economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of “The Black Swan.”
“Obama did exactly the opposite of what should have been done,” Taleb said yesterday in Montreal in a speech as part of Canada’s Salon Speakers series. “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.”
Today, Taleb said, “total debt is higher than it was in 2008 and unemployment is worse.” --
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Comment: You're absolutely right, Sir Taleb, but please don't blame Obama. He doesn't know anything about economics but unfortunately so his economic team knows even less. That is the problem.
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