Joseph Stiglitz on America's Economic Meltdown

Nobel prize-winning economist Joseph Stiglitz explains what drove the US economy off a cliff and what steps need to be taken to rectify the situation during a Nation Institute panel discussion held to mark the release of a new book: "Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover" by Katrina vanden Heuvel and the editors of The Nation.

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[kostyshankles]

J Stiglitz should be the treasury secretary, not Tim Geithner. Stiglitz was blacklisted by Rubin and Summers because he spoke out against globilization.

[kostyshankles]

Yes he would, just like Ken Gailbraith or Paul Krugman would. The people in charge of the treasury like Sumners, Rubin, were the ones who had a hand in deregulating it in the first place

[akkonburike]

I hope someday a historian will find this comment. Cos a total nobody figured it out first, suckers ^_^

Stiglitz and Krugman managed to fool 'em all: The political classes, Academics and high profile journalist (LMD etc) - they shouldnt have risen to prominence they are deceitful: Above somebody wrote "he spoke out against globilization", but Stigliz is pro globalization!

You could save the world - if you can drum up a few scientist to refute economics and the NYT, The Economist, Time etc ^_^

[akkonburike]

All right, to show that we aren't bullshiting you: Stigliz DEFENDED child labor with literally the same excuse -- as the early capitalist from Manchester used to DEFEND child labor (note: child labor was successfully banned from England almost a century ago).

Luckily, their credibility is snapped by self-contradictions: If 'regulating' sweatshops and child labor is impossible (according to Krugman) -- then who or what can 'regulate' finance yet alone globalization?

Globalization failed.

[KAAAching1]

agree on some points, disagree with others

[KAAAching1]

agree on some point, disagree with others

[xadam2dudex]

the US will have a lost decade between 2010 - 2020 if not longer unless the system is changed.. but those in power will never let that happen.. until the people rise up against the corrupt system the US is headed for a 3rd world country with a poor and rich society

[detox4u]

medium income is falling but mean income is rising, clever selective use of statistics, seems that ol Stieglitz is being fairly disingenuous.. The economy has always had cycles which is ameliorated or exacerbated by government interaction. Odd how he pulls sundry mix of facts, US housing, world oil prices, to explain cyclical economic behavior. The whole argument is beyond suspect.

[gen6k]

all economists should try to figure out anticapitalism, it doesnt matter how "liberal" or "conservative", how "egalitarian" they are in foreign policy or how efficiently market or welfare socialist they are, capitalism will always for eternity, produce war and expolitation....

[Shenlong86]

Historically very few countries developed from "laisse-faire" policies.....most countries developed using an mixture of aggressive imperialistic measures(colonialism) and protectionism...only when their main industries were stronger they started to use the rhetoric of "free market" to impose western style capitalism to less competitive nation...China is Growing So Fast only because they aren't following the neo-liberal policies like Sub Saharian Africa or South America

[franks2732]

@kostyshankles he spoke out and he was right, medium wealth has not increased for over 95% of the worlds population except for the top 5% no one has seen an improvement. Rather the standard of living, disposable income etc have all Plumeted. For all the talk of free markets all we see is continued wealth in the hands of the most wealthy while less money is in the hands of the most needy. What is the solution offered by the robber barons to fix the problem, give them more ability to keep more