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The financial system is crashing and action must be taken by the US government to convert debt into equity to produce a more stable environment, Nassim Taleb, author of "The Black Swan," told CNBC Thursday.
"You may have green shoots, whatever you want to call them, you may have temporary relief, but you are still in a world that's breaking," Taleb said on "Squawk Box."
Anything that's fragile like the financial system will eventually crash, he said.
"We're in the middle of a crash," Taleb said. "So if I'm going to forecast something, it is that it's going to get worse, not better."
Originally posted by fromunclexcommunicate
My source has the Dow at 9284,44 down 2 19.62
S&P 896.62 down 26.71
This will take some time to sort..
Originally posted by Hastobemoretolife
There sure have been a bunch of computer glitches here lately with the NYSE.
Somebody at another forum just showed me this link Uhh, I think we are in really really big trouble.
NEW YORK (CNNMoney.com) -- Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.
Last year, 25 banks failed in the United States.