Joseph Stiglitz Lambastes Obama Stimulus

Complete video at: http://fora.tv/2009/02/19/Stiglitz_Temporary_Bank_Nationalization_Necessary

Economist Joseph Stiglitz argues that the Obama stimulus package was "badly designed and not enough." Comparing the current recession to the Great Depression, Stiglitz criticizes the package's lack of attention to state budgets.

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At a recent community forum on the economy, Professor Joseph Stiglitz argued in favor of temporary bank nationalization, calling it "not that big of a deal" and essential to changing incentive structures. "When the economy recovers, you privatize again," he said. - Columbia Business School

Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that he was the chairman of President Clinton's Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.

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[potpie921]

Excellent!!

[jhamien920]

Hmm. Very intelligent responses.

[davidedwards2754]

@GnomesAmok The imillitary spending during the second world war stimulated the economy following the depression

[GnomesAmok]

@Rastaleus2

Keynesian economics might as well be re-named utilitarian economics. Your idea of "economics" might as well be called fantasy-economics of destructive economics: promotes endless recession cycles, fails to recognize reality, ia unsupported by history, facts, analysis, etc...

[Rastaleus2]

PS Errata:, he's no longer the "annointed" one, but rather the "toxic" one. We have a poisonous virus in our gut that virtually guarantees our destruction. Where will the "toxic" one be then? In his $10M Hawaiian mansion being interviewed by Oprah's successor while his wife jet-set's to French Riviera to hobnob with the Socialist Elite. Failing to heed the lessons of history has doomed us to repeat its deadliest mistakes. Let's pray that Samson doesnt bring down the pillars on all our heads

[Rastaleus2]

Some of the comments posted further support the notion that arguing with idiots is a waste of good time. One reply claimed that the "majority" of the world considered "British" more sophisticated than "American", (relevant?). Makes one feel as if they are watching a FRASIER rerun. The day may come when "experts" promoting mind numbingly bizzare liberal agendas will be req'd to show proof of just how much of THEIR (can you spell M-O-N-E-Y) resources they have contrib. to the genl. solution.

[freedomthrough]

@Rastaleus2 No copy-pasting in that statement. And no, i'm not British, i just happen to be one of the majority in the world who consider British slightly more sophisticated than American. As a matter of fact, economies around the world did great between 1945 and 1975, as a result of domestic growth policies and the teachings of Keynes. After that, as Keynesianism has been abandoned for Neo-classic economics, economies have suffered. If you've seen the light, why are you here?

[Rastaleus2]

@freedomthrough Nice copy & paste job. L-A-B-O-U-R......U-T-I-L-I-S-A­-T-I-O-N......really? Are you British? If so, are pundits like you the reason that the British economy has done so well in the world since WW2? I think it's time to stop spouting sophistries and admit, once and for all, that 2+2 always makes 4, even in the surreal netherworld of Keynesian Economics, or Kenyan'friendly colonial-hating Presidents. Those of us shouldering the burden have seen the light, and it is liberating

[freedomthrough]

@bowchikabowbow Taxes are just a matter of regulating demand, so as to give space for the public sector. Macroeconomically, taxes don't matter too much, as long as the gov't outlays are at least as large as the total tax income. "Surpluses" are never to be used, unless there is a risk of demand outstripping total capacity (buffer stock of labour risks reaching 0%).

[freedomthrough]

@Rastaleus2 It seems you think Keynesianism is about printing whatever one likes just because one can. No, Keynesianism is about maintaining a preferred level of unemployment. As long as there is excess capacity in the economy (unemployment), there is room for stimulus :).