I don’t understand this business of paying bankers. And it’s not because they are particularly smart.
People in the military are much smarter than bankers. They’re smart at getting bonuses subsidized by taxpayers
Erik Schatzker: Nassim, Why is this relevant to Occupy Wall Street?
Nassim Taleb: Because Wall Street does ah, ah…
Erik Schatzker: The movement, the protest
Nassim Taleb: The movement exactly. The Occupy Wall Street they don’t have a message.
And I am extremely, extremely worried about the thing you generating into class warfare.
When in fact the problem we have was Wall Street. As a very simple problem of symmetry in compensation
Erik Schatzker: So if we fix. You believe that if we fix the asymmetry in compensation. It will answer the concerns of the Occupy Wall Street Movement
Nassim Taleb: It may be. It maybe too late. This is what worries me. When, when
Erik Schatzker: What, what does that mean it’s too late?
Nassim Taleb: It may be too. I mean it may be insufficient. It will ask for more.
Because you, you don’t realize it was just like what happened in, in North Africa. In, in Egypt. And what’s happening in Syria.
You, you start giving concessions. Usually helps makes the protest. It, it makes the protest a lot more aggressive, you see.
You want to contain them protest as soon as possible with a fair measure that doesn’t hurt citizens. And addresses you know… and makes people responsible for the crisis should pain.
I mean bankers paid themselves in 2010 a lot more than before
Erik Schatzker: Nassim we have to end it there
Nassim Taleb: Thanks
With a prescription for the folks down at Zuccotti Park.
If you fix the banker’s bonuses maybe… or at least the bonuses situation maybe it would be enough. But like he just said. He’s worried that it might not be