TPMtv: A Talk with Joseph Stiglitz

[dancthegr]

1 person jumped off a cliff when friedman died

[hbjon]

I saw a guy get caught stealing groceries and security broke the guys hand and he was hauled away in a police car. If that punishment was justice, what punishment should be levied against the bankers and insurance companies that perpetraited this crime?

[Byaahh555]

HAHAHHAHAH i love this bastard

[NeilHamp]

The government really needs to be listening to this guy, fast. Why wasnt this guy put in charge instead of Guitner?

[unrealalexk]

because obama is not for the interests of the people

[Seano71]

he's not corrupt enough, way too honest

[qweqqweqbt]

why don't americans realize our politicians are corrupt?

[incrowdcynic]

An wise old Japanese aphorism comes to mind while watching this video: "If flesh is rotten, cut it out., even if it is your own."

[livegems]

No ownership without control.

[Banker888]

Il a raison. Le gouv américain investi sans contrôler. Les PDG fera ce qui est mieux pour eux et non le gouv.

[incrowdcynic]

Que'est-ce que c'est, les PDG?

[cpaslapeine]

Président directeur-Général

[McCainThedivider]

We really have to look at what those in D.C.are doing.The Bush and Cheney mob still have their hands on our government.Very dangerous people,yet they point their finger at everyone but themselves!The proof is Gates is comfortably in place!

[throwerofturds]

@McCainThedivider

im a stong right winger but honestly believe that both parties are at fault , they both run up debt .

[daveroller]

Joseph Stiglitz is the best economist around.

[terpis]

Something telling that Summers and Geithner are the 'ins' and Stiglitz, Dean Baker, James Galbraith, and Paul Krugman--the economists on the right side of this calamitous history--are still on the outs.

[Seano71]

Krugman isn't on the right side, he wants to print shitloads of money and have more bailouts. That's part of the problem

[gosciu555]

HAa, hahahaha,, hahhhhhhhh

LOLOLOLOLOLOLOLOL,

mky god. Some people out there are just really stupid. This guy is a complete snake oil salesman, but he got a Nobel, so people think the knows something. Haha, Al Gore also got one. They are political. There you have it.

[seppukuhierarchy]

you're the idiot

[percipience62]

This is excellent.

I have no idea why big banks are being bailed out in this way. We have had decades of massive privatised profits, why are the commensurate losses being socialised ?

Stiglitz is absolutely right. Bankruptcy and temporary nationalisation is the answer. To allow these institutions to get away with what theyve done is not a moral hazard, its a moral disaster. Where is the reward for those who acted with caution and propriety ?

[averageworkinggal]

If the banks are nationalized, after the banks are recapitalized, the govt. can recoup some of that when selling the banks back to the private sector..

With Geithner's Public/Private Partnership, he

might try the idea of incentivizing the private sector to be the 'Bad Bank', which is a good idea, and depends on the cost.

[averageworkinggal]

Letting the banks fail would have caused a flight on capital from this country and brought the economy to its knees.

That's why there was TARP.

TARP was to assure no more panics as the money market panic that occurred after Lehman went under.

That's why AIG was nationalized.

To ensure no CDS shock on the heels of the moeny market shock.

Stiglitz is saying nationalize the banks temporarily to flush out the toxic assets and recapitalize.

That will cost another $1T after TARP 1&2.

[Sapien6x]

watch?v=GI0a2yeq9J8

TYT has your video. Is this copyrighted?

[JoNPiN0Y]

We should've just let the banks fail. Who cares if they were some of the biggest ones in the country... the smaller banks would've taken up the slack and there would've been the reorganization that Stiglitz was talking about. The economy then adapts to the situation.

What he's stressing is that banks should align their priorities with that which would benefit their investors. And they should pay the consequences if they do fail. We shouldn't be paying them for doing a crap job for us.

[Mocni]

The economy is not a zero sum game, wealth must be generated.

[TexanProgressive]

I don't think he means the economy as a whole is a zero sum game, but rather the bank bailouts.

[bodah44]

he's talking about the banking crisis not the economy

[JerryfromCostaRica]

banking crisis affects economy, so it is not accurate to separate the effect of bank in the economy, FYI!!!.

[daniel987878]

What for?

[Aurileus5]

Well its obvious the bank bailout was bullshit. What makes Obama's stimulus package any better? Keynesian economics isn't always effective, and pumping a shitload of money into the economy does nothing except cause inflation. This government intervention isn't going to do shit. Just watch.

[JimPivonka]

The stumulus package is less than a third the size it should be to have the imact on the economy we need. But there is absolutely no basis for saying that Keynesian economics is not always effective. Keynesian economics is a way of understanding the relationship between government spending and economic activity and is always effective in that purpose. The effectiveness of spending in stimulating the economy may vary - in this case it will be helpful, though less than needed.

[gremlock]

Is he saying "assets" or "ass sex"?

[lordennis01]

Concidering he is a nobel prize winning economist taking an interview with a foreign (at least to him) television entity, I'd say he is saying "ass sex," there is no alternative.

[MCsunday1508]

Whats wrong with claiming ownership of something you pay for? Nothing offcourse!

[putittogether]

"A little ripple"... the two largest home lenders the planet has ever known, under government control, FAILS and this is his response.

"They were just "managed poorly". And his response is to give the "poor managers" (government) more power. To "reorganize" them.

This man is clearly INSANE. He is advocating "unifying control" of all banks. Well that's just great, another socialist fascist solution to the socialist problem, of interference in the free market, and causing massive damage.

[rcramer2001]

an insane NOBEL Prize winning author? And your Nobel Prize is in?????

[JimPivonka]

The Nobel is in ECONOMICS. Maybe you have heard of that field of study? You really should look into it.

[lordennis01]

Stiglitz makes a good point, they were poorly managed as a result of trying to leverage. He is not insane, he is rather cynical, as should be. If you read his work, he clearly goes against adam smith's invisible hand but does not denounce capitalism. He thinks there should be an in-between government and economy and as he puts it, "the real challenge today is to figure out where that is."

[iTagnation]

great stuff!!!!!

[jove04]

Here is a real solution,

Freeze house mortgage payments for a year and extend the mortgage period by one year. This will create trillions of money in people's pockets to spend and save.

[jove04]

Without the following happening, the US is headed into deep poverty and disintegration. Revolution is needed now.

1) The US needs to be a parliamentary system with multiple parties.

2) AIPAC should be dissolved immediately because they have created a shadow secretive government.

3) Get rid of the Federal Reserve. They are blood sucking gangsters.

4) Reduce the American military establishment by more than 50%. These are the abusers and the real thieves of the country's Tax revenues.

[dgferreira]

Joe Stiglitz is such a great guy. He is extremely knowledgeable and a very good pedagogue. He is considered the most preeminent economist of our time (yes, it's lame, but just google "economists ranking").

I don't understand why is he not invited more often to speak on television, and instead we are bombarded with talk show hosts confidently expressing their uninformed opinions.

So, nice work TPMers. I wonder if some kind of debate could be arranged between economists with different positions.

[putittogether]

"Unify ownership and control" (referencing to the bank and the government). "Restructure the banks" Yea this guy sound like he is balancing out the Reich interview ...my ass.

How about letting the FAIL. They made bad decisions! Let the small local banks REPLACE them.

God I hate socialist fascist like this guy, the Reich interview.

[free99boy]

It's so sad to see this country go down because of immature uneducated" citizens (assumed)" like beejornk. Not him or her in particular but just the "rich kid" attitude on a global level.

The majority of college graduates don't have the same mind set as their Grandparents. I think Obama has to start telling the "us" how to help this country survive. Maybe we have to look at how the other countries survived for centuries. Maybe we have to eat shit for a while.

[marniespeaks]

KILL THE BANK!

[SubmarinerAndroid]

Sounds like he keeps saying we're buying ass sex, not assets.

[walternyc]

Good interview. However ownership and control are not necessarily "unified" in modern corporations. There are shareholders and there are managers. The issue is to have in place an adecuate incentive system to align the interest of the management with the shareholders (the taxpayers in this case). AIG retention bonuses are not the best example.

[mikebee02]

This is great. Let's get some more expert interviews.

[Colloidalsilver]

Olde men, olde patriarchy, olde ways. Break the mold!

[peoplematter1]

Nice work by TPMTV. Real content from a real expert. Please, keep it coming.

[DeletedDelusion]

It would be great to hear a different expert on this as well, they may hold many similar views, but I don't think that they'd agree on everything.

Still this was very insightful.

[eljefereal]

They had Robert Reich yesterday. Looks like this might be a series.

[coattail2]

Horray for Inflation?!?!?

Toxic debt- the great imaginary asset!

[beejornk]

monopoly money nonsense

[CGrunzdizshitz]

the amero probably wont come out for a few years maybe a decade

[archaedemos]

so whens the amero comin out?