When the government bailed out a i g in september of two thousand and eight, the number two creditor was goldman sacks tha. They were owed 14 billion dollars by a iG in society general. But they kept their ses anyway, because the government, you and i paid for that money to go through a i g to society general and to a and tointo a goldman saxs forn. Nothing has changed. People keep telling me about reg ndand as i told you last conversation, regulation is largely what got us here. And my fear is hi pranslation. Because all these people think that we understand policy aer mokery policy.
Nassim Taleb, author of The Black Swan and Fooled by Randomness, talks with EconTalk host Russ Roberts about his latest thoughts on robustness, fragility, debt, insurance, uncertainty, exercise, moral hazard, knowledge, and the challenges of fame and fortune.