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Published on Jun 1, 2010
Taleb criticizes the widely used risk management measurement system of Value at Risk (VaR). The members of Congress that he is speaking were completely clueless and will therefore transform their cluelessness into uselessness as legislators. No surprise there. If there was one thing that Congress should have taken away from his statement it would be to not trust econometricians, actuaries, and others who believe they can predict future events with information/data from the past. These "experts" (that help create disasters such as the housing collapse, Social Security, and the newly created unsustainable health care legislation) believe that their intellect, education, hubris, and arrogance is reason enough for them to make decisions for over three hundred million people.