Nassim Nicholas Taleb Blows the Cover on an Insider Scam

There's a limit to how much money the FDIC will insure for any individual on any given account. That limit is currently $250,000. Unless, that is, if you are "in" with Alan Blinder.

Blinder currently teaches at Princeton and served on President Bill Clinton's Council of Economic Advisors (Jan 1993 - June 1994), and as the Vice Chairman of the Board of Governors of the Federal Reserve from June 1994 to January 1996. Treasury Secretary Geithner is currently waving around a report by Blinder and Mark Zandi that claims the Obama Administration has done wonderful work with its political payoffs stimulus package. Stanford Professor John Taylor has issued a major critique of the Blinder-Zandi study for its weak modeling techniques and failure to use actual data.

But, issuing a bogus report which props up the current administration has its advantages. Nassim Nicholas Taleb explains: (more)