The road to sustainability

tracks through the forest of stupid, veering off for extended moments in moronic triviality as we all behave like children for a little while longer. If you want to see the current dynamics of the debate over the financial crisis, gird your loins for this.

It’s amazing. On the one hand you have a couple sober realists, patiently speaking about the absolute necessity to massively de-leverage the insolvent banks… heaping ridicule on central bankers and others who didn’t see this coming but who remain in decision-making positions, insisting that banks must be nationalized. On the other, you have clowns asking for stock tips. There could be no more explicit description of the crisis itself than this display of inanity, which is at least representative if not the norm. When are we going to pull out of this? Like it’s just another slight downturn and not the collapse of the house of the mother of all pyramid schemes.

It’s a deep structural crisis. When Taleb tries to explain how executive compensation is tied to incentives that led to this mess in the first place, he’s met with demands to instead answer questions that are so far removed from the situation, they might as well be about the rock star status of Roubini and Taleb at the recent Davos summit.

Wait. That was what they were about. Nevermind.

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