I am no libertarian and i consider Austrians to be living in a theoretical world. Economies should be based on science i.e falsifiable and testable facts. Although i do not consider Joseph Stiglitz an advocate for me - he goes too far on this one. The false dichotomy of "left" and "right" is the root of all the problem. It is the reason, in my option, why we cannot have a serious and realistic debate about the problems we face.
"If we only had more money..." I hear that given as the reason for every governmental program failure. For those of you that have forgotten, the government has no money. They take more money from citizens(tax) or they print more(inflation). Neither of those are acceptable avenues.
So let me get this straight, Maintaining a 0% savings is unsustainable BUT he was the Clinton adviser who suggested that we force banks to make high risk loans to low income individuals? Sounds like a sound plan, Send this to all the libertarians you know so they can see this wonderful person in action.
@H1TMANactual Now that we can see the results of deregulation and reaganomics I think its fair to say; Milton Friedman was a very intelligent and brilliant man, he was also however, wrong!
@H1TMANactual I agree that the current crisis is due to government failing, in the sense that the government failed to propperly regulate and monitor the financial sector. This mess is what you get when you let wall street run wild, and clearly monetarism is not the end all and be all that some people want it to be, if it was we wouldnt be in the situation we are now.
@Siind It's obvious you don't know anything about the subject and I don't have the patience to explain the role of Fannie and Freddie in the crisis to you, so this conversation is over.
I disagree with most of the things Stiglitz said (except for that the bailouts, and few other critiques to obama's adm) one thing though that i wanted to say is about his investment advice! If this guy is so smart (no doubt he is), how come he mentioned nothing about the investment on gold or silver. Silver in its own has more than doubled since than and gold has increased way over what he suggested.
@kacaku12 It doesn't matter if you disagree or not. Unless you have a Nobel Prize, or can at least publish in an economic journal, nobody cares what you think. He has basically been proven correct FYI. If you disagree, look up Alan Greenspan's apology and try to explain it otherwise.
I like that you just openly admitted to disagreeing with Stiglitz on everything except when he talks bad about Obama. You're a shill. Stiglitz makes sense and many of the Obama administrations actions have worked and would work better if he had done MORE, not less, but all that matters to you is disagreeing with anything that challenges your pre-formed beliefs on this subject
Andrew Leonard & Joseph Stiglitz: Jew to Jew [or should I say, Left-Wing Jew to Left-Wing Jew]. I'm sure Leonard will ask some questions that aren't "softballs."
Government intervention by the Federal Reserve in providing the money for the credit expansion and Congress and Executive branch in promoting home ownership with the assistance of Fannie Mae are two of primary causes of the financial crisis.
Government interventionism not the free markets resulted in both the Great Depression and the Great Recession.
The Keynesians want to ignore the Austrian school.
Wrong, lack of regulation on these CORPORATIONS resulted in mis-allocation of money. The government didn't force AIG to bundle bad loans. The Fed doesn't just make money out of thin air, its bank credit, its worthless for anything but bank circulation. Hoover was a government activist? Next you tell me Grover Cleveland was a socialist.
Government intervention by the Federal Reserve in providing the money for the credit expansion and Congress and Executive branch in promoting home ownership with the assistance of Fannie Mae are two of primary causes of the financial crisis.
Government interventionism not the free markets resulted in both the Great Depression and the Great Recession.
The Keynesians want to ignore the Austrian school.
The traffic lights were removed and the gangsta thugs have over run the intersections with their Humveys. The so called "free market" is for criminal sociopaths.
@wjksea, the traffic lights were removed and the gangsta thugs were given 3 tonnes of ammunition (easy credit) as well as a guarantee that any damage they cause will be covered (F & F loan guarantees) - and THEN they over ran the intersections.
A truly FREE market - works fine.
The hybrid, corporatist market that has been in place in the last 10 years - doesn't.
The warnings about this were loud and clear long ago: /watch?v=826q7RqTEk8 (you can fast forward it to 2 minutes)
It's actually not that difficult to truely fix the mess we're in: We need to re-introduce tough and comprehensive regulation of the banking and shadow banking industry. If we fail to regulate banking properly, our financial system will remain crisis ridden, volatile and malfunctioning. The major obstacle is the lack of guts and courage of politicians and regulators to make the deep structural changes to the banking sector that are necessary. Change the rules of Party funding!
. The known universe 14,000,000,000 BCE . Earth 5,000,000,000 BCE . Homo sapiens 300,000 BCE . Fire (applied) 200,000 BCE . The underlying law of nature (discovered & applied) 2003 CE
the bigger businesses to compete internationally, it makes it very hard to compete with a small business that is on its own. especially when it doesnt have the power, financial or political, to lobby congress for the same breaks that more powerful ones can.
the point of free market is not efficiency... i hate this stiglitz's simplifications.... The point of free market and liberal ideology is FREEDOM / Liberty to choose!!! (free market fundamentalizam is category made by stiglitz but no serious economist takes that seriously)
@grizlero your version of the free market ONLY works if the consumer is educated and very well informed. In the REAL world, the free market is a system setup wherein smart people can take full advantage of stupid people- and even setup a system that perpetuates mass stupidity, thereby assuring the continuance of their control for a long period of time.
And your point is also simplification. Even if that, what you say is true, it doesnt make any good argument for regulation, because you will have just different kind of control, administrative controle, with self interest of buirocrats and regulators. Therefore, FREE market economy ensures the best chances for poeople to have economic freedoms and right to choose.
@grizlero the right to choose and the ability to choose wisely are two entirely different things- and the former is of no use without the latter.
My point was not simplistic at all.
It gets to the heart of our problems- that our system CANNOT function as it is supposed to without an informed, educated consumer acting as a check on market malfeasance.
What a shame. The whole point of this talk is to ignore austrian economics, and portray the monetarist as free-marketers. Monetarist want a monopoly on money, how can they be free marketeers? Greenspan was the head of the most interventionist agency, the Fed.
Stiglitz you need to get your discourse straight and stop lying.
I am no libertarian and i consider Austrians to be living in a theoretical world. Economies should be based on science i.e falsifiable and testable facts. Although i do not consider Joseph Stiglitz an advocate for me - he goes too far on this one. The false dichotomy of "left" and "right" is the root of all the problem. It is the reason, in my option, why we cannot have a serious and realistic debate about the problems we face.
odijie12 1 month ago in playlist More videos from commonwealthclub
"If we only had more money..." I hear that given as the reason for every governmental program failure. For those of you that have forgotten, the government has no money. They take more money from citizens(tax) or they print more(inflation). Neither of those are acceptable avenues.
JoshuaSny 1 month ago
I would love to debate him. If only!
H1TMANactual 2 months ago
So let me get this straight, Maintaining a 0% savings is unsustainable BUT he was the Clinton adviser who suggested that we force banks to make high risk loans to low income individuals? Sounds like a sound plan, Send this to all the libertarians you know so they can see this wonderful person in action.
lowtaxas 3 months ago
Stiglitz is a REAL economist, a REAL intellectual, and a real person. Send this video to every "libertarian" you know, maybe theyll start to get it.
GnomesAmok 6 months ago 5
@GnomesAmok Wasn't Milton Friedman also a REAL economist and a REAL intellectual?
Stiglitz sure has made a career out of showing market failure. What he forgets is that there also such a thing as government failure.
H1TMANactual 2 months ago
@H1TMANactual Now that we can see the results of deregulation and reaganomics I think its fair to say; Milton Friedman was a very intelligent and brilliant man, he was also however, wrong!
Siind 1 month ago
@Siind If you're referring to the current crisis, it was a govt failure, not a market failure.
And if it wasn't for monetarism and Volcker, you'd be pushing barrels of dollars to get bread.
H1TMANactual 1 month ago
@H1TMANactual I agree that the current crisis is due to government failing, in the sense that the government failed to propperly regulate and monitor the financial sector. This mess is what you get when you let wall street run wild, and clearly monetarism is not the end all and be all that some people want it to be, if it was we wouldnt be in the situation we are now.
Siind 1 month ago
@Siind It's obvious you don't know anything about the subject and I don't have the patience to explain the role of Fannie and Freddie in the crisis to you, so this conversation is over.
H1TMANactual 1 month ago
Why are honest and knowledgeable people worse self-organized than financial Mafia, who created bailout?
alauc 7 months ago
I do not un
alauc 7 months ago
I disagree with most of the things Stiglitz said (except for that the bailouts, and few other critiques to obama's adm) one thing though that i wanted to say is about his investment advice! If this guy is so smart (no doubt he is), how come he mentioned nothing about the investment on gold or silver. Silver in its own has more than doubled since than and gold has increased way over what he suggested.
kacaku12 10 months ago
@kacaku12 It doesn't matter if you disagree or not. Unless you have a Nobel Prize, or can at least publish in an economic journal, nobody cares what you think. He has basically been proven correct FYI. If you disagree, look up Alan Greenspan's apology and try to explain it otherwise.
DarrinRT 9 months ago
@kacaku12
I like that you just openly admitted to disagreeing with Stiglitz on everything except when he talks bad about Obama. You're a shill. Stiglitz makes sense and many of the Obama administrations actions have worked and would work better if he had done MORE, not less, but all that matters to you is disagreeing with anything that challenges your pre-formed beliefs on this subject
GnomesAmok 6 months ago
Andrew Leonard & Joseph Stiglitz: Jew to Jew [or should I say, Left-Wing Jew to Left-Wing Jew]. I'm sure Leonard will ask some questions that aren't "softballs."
Yea right!
vince33x 10 months ago
@vince33x Amazingly intelligent point. It is so wonderful to see how far we have come.
walterwz 6 months ago
RESPECT
In sending respect to the World Bank I ask for the same respect be given to the nations who become vulnerable by your strategies and policies.
jsf
hotsatsuma2 11 months ago
Government intervention by the Federal Reserve in providing the money for the credit expansion and Congress and Executive branch in promoting home ownership with the assistance of Fannie Mae are two of primary causes of the financial crisis.
Government interventionism not the free markets resulted in both the Great Depression and the Great Recession.
The Keynesians want to ignore the Austrian school.
Hoover was also a government interventionist.
raymondpronk 1 year ago
@raymondpronk
Wrong, lack of regulation on these CORPORATIONS resulted in mis-allocation of money. The government didn't force AIG to bundle bad loans. The Fed doesn't just make money out of thin air, its bank credit, its worthless for anything but bank circulation. Hoover was a government activist? Next you tell me Grover Cleveland was a socialist.
GnomesAmok 6 months ago
@GnomesAmok Nope but the govt did reduce the RISKS for AIG, loans that would not otherwise have been made.
H1TMANactual 2 months ago
Government intervention by the Federal Reserve in providing the money for the credit expansion and Congress and Executive branch in promoting home ownership with the assistance of Fannie Mae are two of primary causes of the financial crisis.
Government interventionism not the free markets resulted in both the Great Depression and the Great Recession.
The Keynesians want to ignore the Austrian school.
raymondpronk 1 year ago
@raymondpronk
The Austrian school wants to ignore the Austrian school, because it doesn't make any logical sense and is not based on results.
GnomesAmok 6 months ago
The traffic lights were removed and the gangsta thugs have over run the intersections with their Humveys. The so called "free market" is for criminal sociopaths.
wjksea 1 year ago
@wjksea Very insightful. You should write a book too.
614grind 1 year ago
@wjksea, the traffic lights were removed and the gangsta thugs were given 3 tonnes of ammunition (easy credit) as well as a guarantee that any damage they cause will be covered (F & F loan guarantees) - and THEN they over ran the intersections.
A truly FREE market - works fine.
The hybrid, corporatist market that has been in place in the last 10 years - doesn't.
The warnings about this were loud and clear long ago: /watch?v=826q7RqTEk8 (you can fast forward it to 2 minutes)
LibertyDownUnder 1 year ago
It's actually not that difficult to truely fix the mess we're in: We need to re-introduce tough and comprehensive regulation of the banking and shadow banking industry. If we fail to regulate banking properly, our financial system will remain crisis ridden, volatile and malfunctioning. The major obstacle is the lack of guts and courage of politicians and regulators to make the deep structural changes to the banking sector that are necessary. Change the rules of Party funding!
psa12 1 year ago
GREAT BOOK- Dont read it, study it.
rickbar123 1 year ago
This has been flagged as spam show
TedDGPoulos 1 year ago
the bigger businesses to compete internationally, it makes it very hard to compete with a small business that is on its own. especially when it doesnt have the power, financial or political, to lobby congress for the same breaks that more powerful ones can.
juhahn 1 year ago
we dont have free market though, some of our industries are protected by subsidies.
which protects us from competion: when i say us i mean certain bigger businesses.
even though it helps
juhahn 1 year ago
the point of free market is not efficiency... i hate this stiglitz's simplifications.... The point of free market and liberal ideology is FREEDOM / Liberty to choose!!! (free market fundamentalizam is category made by stiglitz but no serious economist takes that seriously)
grizlero 1 year ago
@grizlero your version of the free market ONLY works if the consumer is educated and very well informed. In the REAL world, the free market is a system setup wherein smart people can take full advantage of stupid people- and even setup a system that perpetuates mass stupidity, thereby assuring the continuance of their control for a long period of time.
I just described the history of US economics.
Have a nice day.
tristramshandy3 1 year ago
@tristramshandy3
And your point is also simplification. Even if that, what you say is true, it doesnt make any good argument for regulation, because you will have just different kind of control, administrative controle, with self interest of buirocrats and regulators. Therefore, FREE market economy ensures the best chances for poeople to have economic freedoms and right to choose.
grizlero 1 year ago
@grizlero the right to choose and the ability to choose wisely are two entirely different things- and the former is of no use without the latter.
My point was not simplistic at all.
It gets to the heart of our problems- that our system CANNOT function as it is supposed to without an informed, educated consumer acting as a check on market malfeasance.
I wish more "capitalists" understood capitalism.
Have a nice day.
tristramshandy3 1 year ago
What a shame. The whole point of this talk is to ignore austrian economics, and portray the monetarist as free-marketers. Monetarist want a monopoly on money, how can they be free marketeers? Greenspan was the head of the most interventionist agency, the Fed.
Stiglitz you need to get your discourse straight and stop lying.
hugolp 2 years ago
HUGO STIGLITZ
alexmigda 2 years ago