Joseph Stiglitz - "Market Fundamentalism Is Dead"

sysopkc - forget your nationalism for a moment and take a look at a globe next time you're near one and have a look for 'little' states called Norway, Sweden, FInland and Denmark. Some of THE most interventionist countries around and they're not running from their govt. The US just has some profound distrust of its own government for some reason which noone understands - maybe because you believe the slanted and contemporarily irrelevant govt rhetoric of a handful of men from a few centuries ago

stupid argument with regard to free markets and government intervention.. free markets dont care for the public and so to slander government intervention is truly silly!

free markets ARE the public, you dont know what your talking about. Or you work for the Government, one or the other. Review a little history sir.

you misunderstood. taking care of depositors of banks for example is done by government to protect to protect their investments. without intervention banks could easily gain high risk profiles because it is a favorable position for them to earn profits. when they do eventually tie up too much liquidity into long-term assets; no other deposit-taking institutions will help, they go crying to the central bank for liquidity provision (lender of last resort). without government the system fails...

well that is true, and you are correct, although I dare call that "intervention" due to the fact that the funds are predisposed for that purpose and accounted as such. The high risk profile idea, annd the central bank role under the fractional money multiplication system is where the rub comes in with force. And the central banks arent government entities per se, but quasi-state institutions. I acknowledge your point however, you do have a position.