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Old 03-04-2010, 08:46 PM
 
4,538 posts, read 4,802,608 times
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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, Nobel Prize-Winning Economist, Says Federal Reserve System 'Corrupt'
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Old 03-04-2010, 10:03 PM
 
48,505 posts, read 96,675,147 times
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So a clebrity of the Nobel gift to those who they like has a opinon. The world does stop because he says so.
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Old 03-14-2010, 08:34 PM
 
1,842 posts, read 1,705,755 times
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Raed the bit and he has a point.
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Old 03-15-2010, 06:58 AM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,877 times
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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...
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Old 03-15-2010, 10:08 AM
 
1,842 posts, read 1,705,755 times
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Quote:
Originally Posted by harrymiafl View Post
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.
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Old 03-15-2010, 01:11 PM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,877 times
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No points taken from commies...
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Old 03-15-2010, 01:22 PM
 
27,624 posts, read 21,080,845 times
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Quote:
Originally Posted by harrymiafl View Post
No points taken from commies...
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.
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Old 03-15-2010, 02:42 PM
 
6,082 posts, read 6,024,486 times
Reputation: 1916
Quote:
Originally Posted by sickofnyc View Post
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.
Wanted to rep you but the Man wouldn't let me.
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Old 03-15-2010, 02:52 PM
 
12,867 posts, read 14,886,109 times
Reputation: 4459
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..
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Old 03-15-2010, 03:23 PM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,480,877 times
Reputation: 327
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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