[IP] Joseph Stiglitz on Capitalist Fools: How We Crashed the Economy

[David Farber <dave@farber.net>]

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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