Banks are going to become a utility.
I try not to comment on current events directly. I think that we've got
to progressively become a society where banks are deemed to be too
precious for us, for our currency, to take too much risk. We need to
have a banker who is just as responsible as someone working for the
water company. Banks are going to become a utility. And banks probably
will not have a lot on their balance sheet, and the risks taken will be
borne by individuals like myself who have capital, and who know the
risks, with their own money. Otherwise you're going to keep having a
cycle that's deeper every time.
Nassim Nicholas Taleb, Time Mag interview, 10/24/2008)
