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Author of Black Swan (Event Theory) Nassim Taleb Criticizes the Administration and Larry Summers

Uploaded by nydivide on May 19, 2010

May 19, 2010

On May 6, US stock markets opened down and trended down most of the day on worries about the debt crisis in Greece. At 2:42 pm, with the Dow Jones down more than 300 points for the day, the equity market began to fall rapidly, dropping more than 600 points in 5 minutes for an almost 1000 point loss on the day by 2:47 pm. Twenty minutes later, by 3:07 pm, the market had regained most of the 600 point drop.[6]t-On May 6, US stock markets opened down and trended down most of the day on worries about the debt crisis in Greece http://en.wikipedia.org/wiki/2010_Flash_Crash

A Black Swan Event – An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult to predict.

Nassim Taleb states that Larry Summers and the administration have put our economic stability more at risk since the credit crisis has began by adding more debt and leverage to the system.

 

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