Stiglitz, Nobel Prize-Winning Economist, Says Federal Reserve System 'Corrupt' (interview, controversial, wisdom)
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To Stiglitz, the core issue is that regional Fed banks, such as the New York Fed, have clear conflicts of interest -- a result of the banks being partly governed by a board of directors that includes officers of the very banks they're supposed to be overseeing.
The New York Fed, which was led by current Treasury Secretary Timothy Geithner during the time leading Wall Street firms like Citigroup, JPMorgan Chase, AIG, and Goldman Sachs were given hundreds of billions of dollars in taxpayer bailouts, presently has on its board of directors Jamie Dimon, the head of JPMorgan Chase.
He's been there for three years. He replaced former Citigroup chairman Sanford "Sandy" Weill.
Stiglitz,togetrher with Krugman & the dwarf Reich are the Trio Stooges of socialism...
Spiritual children of Marx...
Anything they say is untrustworthy,their ideal system is the Soviet Union...
Stiglitz,togetrher with Krugman & the dwarf Reich are the Trio Stooges of socialism...
Spiritual children of Marx...
Anything they say is untrustworthy,their ideal system is the Soviet Union...
There was a point. That point was that the banks being regulated are having a say in how they are being regulated. Depending on how this is handled it can be real trouble for the economy. It has been called regulatory capture, the entities being regulated try to regulate themselves and you get problems. The reason that there needs to be effective regulation in the economy is that what people perceive to be in their individual best interest when taken in total adds up to not being in everyone's collective best interest, that means that we need to not let everyone do stuff that together will ruin things for everyone.
Brilliant retort to a common sense filled and logical explantion of the point in the article. May I quote your words of wisdom and obvious unbiased opinion of this legitimate issue that may have a major influence on our already screwed economy? You know, you can disagree with a person's point of view on many issues, but when there is one that makes sense to take heed of, it is the mark of an intelligent person to think about it and admit it, if it in fact, makes sense. How does the point of the OP display a "commie" concept to you? I'd really love to know.
Brilliant retort to a common sense filled and logical explantion of the point in the article. May I quote your words of wisdom and obvious unbiased opinion of this legitimate issue that may have a major influence on our already screwed economy? You know, you can disagree with a person's point of view on many issues, but when there is one that makes sense to take heed of, it is the mark of an intelligent person to think about it and admit it, if it in fact, makes sense. How does the point of the OP display a "commie" concept to you? I'd really love to know.
do i think that there were crooks in the federal reserve who stole from the taxpayers?
YES
do i think stiglitz is a nut, who thinks that we need to increase government debt?
YES
Joseph Stiglitz, the 2001 Nobel Prize winner in Economics and a professor at Columbia University, offers a very controversial viewpoint in a recent interview with Henry Blodget: the U.S. GOVERNMENT NEEDS TO BORROW EVEN MORE MONEY for additional stimulus, and it needs to do so now. Warning against "deficit fetishism" that he sees sweeping through public sentiment, Stiglitz argues that additional spending could actually pay for itself over time if done prudently, and that concerns over deficits and debt levels are simply a new manifestation of the short-sightedness that led to our current problems.
i guess a broken clock is going to be right once in a while.
Last edited by floridasandy; 03-15-2010 at 03:47 PM..
Stiglitz ia a psychotic anti-rich,all he says & proposes have 1 target,to damage "the rich",therefore he proposes more expansion of government parasitical "public works " programs...
The gov deficits are good,the...Republican deficits from tax cuts to "the rich " are bad...
His ...prize was given to him by Norwegian commies...
Commies praise commies,so simple...
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