Nassim Nicholas Taleb, author of The Black Swan, said investors who lost money in the financial crisis should sue the Swedish Central Bank for awarding the Nobel Prize to economists whose theories he said brought down the global economy.Taleb was interviewed by EconTalk's Russ Roberts this past Spring. One of the points that Taleb makes in that interview is that because failure is (in a sense) a scientific tool for exploring our world, governments should adopt policies that make failure "inexpensive". His view is that most governments today take steps that precipitate 2008-style banking failures. He's extending that argument to include big government enablers like the Swedish Central Bank.
“I want to make the Nobel accountable,” Taleb said today in an interview in London. “Citizens should sue if they lost their job or business owing to the breakdown in the financial system.”
Taleb said that the Nobel Prize for Economics has conferred legitimacy on risk models that caused investors’ losses and taxpayer-funded bailouts. Sweden’s central bank will announce the winner of this year’s award on Oct. 11.
I agree with Taleb, but I don't know about the lawsuit. I strongly feel that: too big to fail is two words too long. By that I mean that government has an obligation to pursue policies that prevent "too big" from happening and that organizations that are "too big" have to be paired back so that their failure does not have wide ranging economic impacts. I'll have more thoughts on the policy details of that after the election.