In an interview, the Nobel Prize-winner and former chief economist
at the World Bank talks about the Great Depression, Obama’s stimulus
package and today’s financial crisis.
Geithner plan will rob American taxpayers: Stiglitz
Tue Mar 24, 2009 8:26am EDT
By Susan Fenton and Deborah Kan
HONG KONG (Reuters) – The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning [...]
Democracy Now’s Amy Goodman interview Nobel economics laureate and former World Bank chief economist, Joseph Stiglitz. Stiglitz says the Obama administration has failed to address the structural and regulatory flaws at the heart of the financial crisis that stand in the way of economic recovery. Stiglitz also talks about why he thinks Obama’s strategy on Afghanistan is wrong and that Obama’s plan to keep a “residual force” in Iraq will be “very expensive.” On health care, Stiglitz says a single-payer system is “the only alternative.”
ecause of the increasing severity of the economic crisis and because the banks have been given billions of taxpayer dollars but still refuse to lend money, we in the Workers’ Emergency Recovery Campaign believe the question of nationalization should be thoroughly discussed and debated. Many prominent economists are arguing that the banks can only be saved if they are nationalized. But if they are nationalized, that step raises additional questions: Why should they return to private hands if the governmen’s expertise is required to save them?