Captialism-Socialism Agnostic Principle

by phil on Wednesday Apr 22, 2009 11:24 AM

This one line from Nassim Nicholas Taleb (author of Black Swan), has been echoing in my mind:

No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and risk-bearing. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.