I'd say "incompetent" is a bit too charitable but it's a start. I've hardly had access to the news in the last few weeks but this subject has come up over and over and over with everyone I've met. When will the political leadership show leadership on a problem that is costly for everyone outside of Wall Street? Each day "change" sounds more like a pathetic joke. CNBC:
"It is a matter of risk and responsibility, and I think the risks that were there before, these problems are still there," he said. "We still have a very high level of debt, we still have leadership that's literally incompetent ..."Dumping Bernanke would be a great start but unfortunately it runs much deeper. Leadership is supposed to start at the top.
"They did not see the problem, the don't look at the core of problem. There's an elephant in the room and they did not identify it."
Pointing his finger directly at Fed Reserve Chairman Ben Bernanke and President Obama, Taleb said policymakers need to begin converting debt into equity but instead are continuing the programs that created the financial crisis.
"I don't think that structural changes have been addressed," he said. "It doesn't look like they're fully aware of the problem, or they're overlooking it because they don't want to take hard medicine."
With Bernanke's term running out, Taleb said Obama would be making a mistake by reappointing the Fed chairman.
