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Joseph Stiglitz on Capitalist Fools: How We Crashed the Economy
From: David Farber <dave () farber net>
Date: Wed, 10 Dec 2008 19:36:00 -0500
Begin forwarded message: From: dewayne () warpspeed com (Dewayne Hendricks) Date: December 10, 2008 12:36:25 PM EST To: Dewayne-Net Technology List <xyzzy () warpspeed com>Subject: [Dewayne-Net] Joseph Stiglitz on Capitalist Fools: How We Crashed the Economy
Joseph Stiglitz on Capitalist Fools: How We Crashed the Economy by TomP Wed Dec 10, 2008 at 05:24:18 AM PST <http://www.dailykos.com/storyonly/2008/12/10/82418/061/679/670543>Joseph Stiglitz won the Nobel Prize for economics in 2001. He was Chairman of the President's Council of Economic Advisors from 1995 to 1997 for Bill Clinton. He is also the former Senior Vice President and Chief Economist of the World Bank. He opposed financial industry deregulation under Clinton, fought with Larry Summers, who is now Obama's chief economic advisor, over regulating derivatives (Stiglitz wanted to, but Summers won and that wrong decision contributed to the mess we are in.) Stiglitz, while favoring trade, has questioned some of the faith-based beliefs of the free trade fundamentalists.
Stiglitz has an excellent article in Vanity Fair on how we got to the worst economic times since the 1930s. He points to five key mistakes— under Reagan, Clinton, and Bush II—and one national delusion.
The truth is most of the individual mistakes boil down to just one: a belief that markets are self-adjusting and that the role of government should be minimal.
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- Joseph Stiglitz on Capitalist Fools: How We Crashed the Economy David Farber (Dec 10)
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