Stiglitz, Fool Or Rogue

Joseph Stiglitz is a professor of economics who got a Nobel prize which means that he is intelligent and part of  the Establishment. It is does not mean that he is right. He tells us that Al Greenspan, another Jew is part of the problem but glosses over his own role. Advizing Clinton to make firms lend to people who couldn't pay back, to make 'liar loans' was a certain road to disaster and he knew it. The problem blew up years later, after the 2001 Nobel award and the cheque had cleared. I settle for rogue.  He is great at running other people down. He is mouthy. You have to give him that as well as being a Jew. But read for yourself, think for yourself and decide for yourself.

One Percent Versus The Other Ninety Nine Percent
The rich versus the poor is the subject. Stiglitz talks the talk. Does he walk the walk? Or does he have his snout in the trough like the rest?

 

Joseph Stiglitz - The financial crisis is the fruit of dishonesty
QUOTE
Houses of cards, chickens coming home to roost - pick your cliché. The new low in the financial crisis, which has prompted comparisons with the 1929 Wall Street crash, is the fruit of a pattern of dishonesty on the part of financial institutions, and incompetence on the part of policymakers. We had become accustomed to the hypocrisy. The banks reject any suggestion they should face regulation, rebuff any move towards anti-trust measures - yet when trouble strikes, all of a sudden they demand state intervention: they must be bailed out; they are too big, too important to be allowed to fail.
UNQUOTE
Stiglitz talks the talk. Does he walk the walk? No. He was one of the policy makers with a big mouth. He colluded with Clinton. He knows about dishonesty close up.

Trustworthy? Not for my money.

 

Our Words - Joseph Stiglitz
QUOTE
The global economic crisis began in Thailand, on July 2, 1997.............But the seeds of calamity had already been planted. In the early '90s, East Asian countries had liberalized their financial and capital markets...... These changes provoked a flood of short-term capital--that is, the kind of capital that looks for the highest return in the next day, week, or month, as opposed to long-term investment in things like factories. In Thailand, this short-term capital helped fuel an unsustainable real estate boom. And,... every real estate bubble eventually bursts, often with disastrous consequences...... And, when everybody tries to pull their money out at the same time, it causes an economic problem. A big economic problem..........

But bad economics was only a symptom of the real problem: secrecy. Smart people are more likely to do stupid things when they close themselves off from outside criticism and advice. If there's one thing I've learned in government, it's that openness is most essential in those realms where expertise seems to matter most. 
UNQUOTE
He talks the talk. That's about it though. Pushing transparency in business is like pushing against ethnic cleansing in Israel.

 

Joseph Stiglitz - Wikipedia, the free encyclopedia
An anodyne biography.

 

How to prevent the next Wall Street crisis
QUOTE
Many seem taken aback by the depth and severity of the current financial turmoil. I was among several economists who saw it coming and warned about the risks. There is ample blame to be shared; but the purpose of parsing out blame is to figure out how to make a recurrence less likely.....

One can say the Fed failed twice, both as a regulator and in the conduct of monetary policy. Its flood of liquidity (money made available to borrow at low interest rates) and lax regulations led to a housing bubble. When the bubble broke, the excessively leveraged loans made on the basis of overvalued assets went sour For all the new-fangled financial instruments, this was just another one of those financial crises based on excess leverage, or borrowing, and a pyramid scheme...............
UNQUOTE
Given the prevalence of Jews in the finance industry it is clear that Stiglitz is talking about his own. Packing them off to Israel would make a difference. They might be reduced to honest work.

 

Henry Paulson's Shell Game
QUOTE
The champagne bottle corks were popping as Treasury Secretary Henry Paulson announced his trillion-dollar bailout for the banks, buying up their toxic mortgages........ There is, however, an alternative explanation for Wall Street's celebration: the banks realized that they were about to get a free ride at taxpayers' expense. No private firm was willing to buy these toxic mortgages at what the seller thought was a reasonable price; they finally had found a sucker who would take them off their hands--called the American taxpayer.

There are four fundamental problems with our financial system, and the Paulson proposal addresses only one. The first is that the financial institutions have all these toxic products--which they created--and since no one trusts anyone about their value, no one is willing to lend to anyone else. The Paulson approach solves this by passing the risk to us, the taxpayer--and for no return. The second problem is that there is a big and increasing hole in bank balance sheets--banks lent money to people beyond their ability to repay--and no financial alchemy will fix that...........

The third problem is that our economy has been supercharged by a housing bubble which has now burst......... The fourth problem is a lack of trust, a credibility gap. Regrettably, the way the entire financial crisis has been handled has only made that gap larger. 
UNQUOTE
In short the big boys walk laughing. We get screwed. Stiglitz is still skating over his involvement.

 

Errors & omissions, broken links, cock ups, over-emphasis, malice [ real or imaginary ] or whatever; if you find any I am open to comment.
 
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Updated on 14/01/2021 10:11