Subsidies and corporate welfare in Germany

Stiglitz detailed how this surge of deficit-funded cash and wasteful spending has distorted global financial markets, helping create the global credit crunch that this week claimed Bear Stearns.He said the US Federal Reserve's move to rescue Bear Stearns created a dangerous precedent and added to a growing "Moral Hazard" on Wall St that investors can always rely on the US Federal Reserve to bail them out of bad lending and investing decisions.