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 Post subject: U.S. Banks Are No Longer Capitalist said Stiglitz:
PostPosted: 24 Jan 2010, 3:46 pm 
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Joined: 29 Jan 2008, 6:06 pm
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Stiglitz: U.S. Banks Are No Longer Capitalist
Fri, 22 Jan 2010 03:16 PM
Forrest Jones wrote:

Financial Institutions in the United States are no longer practicing capitalism when they pay big bonuses for good performance yet pass losses onto shareholders, says Nobel laureate Joseph Stiglitz.

“In old-style 19th Century capitalism, I owned my company, I made a mistake, I bore the consequences,” Stiglitz says.

Today, (at) most of the big companies you have managers who, when things go well, walk off with a lot of money. When things go bad the shareholders bear the costs,” he told CNBC.

Socializing the loss but walking away with the gains is not capitalism, Stiglitz says.

Furthermore, the Obama administration is not doing enough to get the economy growing fast enough to really make a dent in unemployment rates.

The government's stimulus plan has made things better than they were a year earlier, Stiglitz tells NPR, but existing stimulus money is bailing out banks and not creating jobs, contrary to what Treasury Secretary Timothy Geithner has said.

“The government has rushed to save institutions it should have let sink and it has let individuals sink instead of coming to their rescue,” says Stiglitz.

“The fact is that even the growth that (Geithner) is talking about is not sufficient to really create the jobs the economy needs. Unless the economy is growing between 3 percent and 3.5 percent, it's not growing enough to create the jobs.”

Stiglitz adds the U.S. needs a new economic stimulus plan ready to be put into place beyond last year's $789 billion package.

Some economists have said stimulus packages will lead to inflation, while others say it's too early to jerk stimulus money out of the economy.

International Monetary Fund Managing Director Dominique Strauss-Kahn said recently governments around the world should keep stimulus programs in play, pointing out that private-sector demand is still weak to make up for a withdrawal in government intervention in the economy.

“If you exit too early (from the stimulus steps), then you'll have the risk of going back into recession,” says Strauss-Kahn, according to Dow Jones Newswires.

Copyright © Moneynews. All rights reserved.



Other sources:
1. Moneynews - Stiglitz: U.S. Banks Are No Longer Capitalist

"Financial Institutions in the United States are no longer practicing capitalism when they pay big bonuses for good performance yet pass ..."
moneynews.com/StreetTalk/Joseph-Stiglitz-Banks-Capitalist/2010/01/22/id/347741

2. AD: U.S. Banks Are No Longer Capitalist by Offsite , 1/23/10

"Saturday, January 23, 2010. U.S. Banks Are No Longer Capitalist ... yet pass losses onto shareholders, says Nobel laureate Joseph Stiglitz. ..."
americandaily.com/index.php/article/3078

3. AMERICAblog News: Stiglitz calls out US 'capitalism'

"Asia tracks US tumble after Obama bank proposal (AP). 38 minutes ago ..... Roger Ebert, on no longer being able to eat, drink. ..."
http://www.americablog.com/2010/01/stig ... alism.html

4. Let banks fail, says Nobel economist Joseph Stiglitz - Telegraph

"Tim Geithner's US bank rescue may not go far enough, experts warn ... "The new banks will be more credible once they no longer have these .... The reason Capitalism does not 'work' is that it is only ever allowed to play ..."
http://www.telegraph.co.uk/finance/news ... glitz.html

5. Joseph Stiglitz: Why we have to change capitalism - Telegraph

"But a closer look at the US economy suggests that there are some deeper ..... It was simply policy - to undermine the value of money in the longer term, .... Only banks have failed. The whole point of capitalism is to allow failure. ... Why is there no comment function on Philip Aldrick's cretinous ..."
http://www.telegraph.co.uk/finance/news ... alism.html

6. Stiglitz: Bank Plan Destined to Fail, Doomed By White House/Wall ...

"naked capitalism. [ Subscribe | Blogroll | Topics | Archives | Videos ... The longer the US delays winding up sick banks, the more time wasted and good money ..... seems like double speak to me and no media heads asking this simple ..."
http://www.nakedcapitalism.com/2009/04/ ... -fail.html

7. Stiglitz Doubts Recovery Can Be Sustained « naked capitalism

"So in our new branding, “the economy is no longer in a freefall” has become ... and more important, policies in place that allow banks to go back to the craps .... I see what Stiglitz calls malaise and the rest of us would probably call ..."
http://www.nakedcapitalism.com/2009/09/ ... ained.html

8. Wall Street's Toxic Message by Joseph E. Stiglitz

"Among critics of American-style capitalism in the Third World, ... engage in deregulation, open up their markets to American banks so they could learn "good" banking practices, ... We are no longer the chief source of capital. ... Globalization has made us more interdependent; what happens in one part of the world ..."
http://www.thirdworldtraveler.com/Econo ... ssage.html

9. Joseph Stiglitz

"Such claims are no longer credible, for Stiglitz is part of a small but growing group ... of Economic Advisers, not a job suited for hard-line critics o capitalism. .... While at the World Bank, Stiglitz delivered a series of prominent .... And the U.S. government knew it, charges Stiglitz, at least in the case of ..."
http://www.thirdworldtraveler.com/Heroe ... glitz.html

10. "AN UNREPENTANT COMMUNIST.....": Professor Joseph Stiglitz says ...

"After all, the US government already owns about 40% of Citigroup. ... Professor Stiglitz is a strong advocator of a Central Bank. That doesn't make him a capitalist or a believer in the free market--to the contrary. .... or that alcohol is no longer a part of my life, and that many good ideas will sadly only remain ..."
unrepentantcommunist.blogspot.com/2009/03/professor-joseph-stiglitz-says.html

11. Salon.com News | Joseph Stiglitz: "It's going to be bad, very bad"

"Hundreds of banks collapsed in the U.S. at that time. ... But this model no longer works. The Americans are completely ... The economic crisis has severely damaged the economic model of finance-driven turbo-capitalism. ..."
http://www.salon.com/news/feature/2009/ ... print.html

12. Salon Feature | Silencing Joseph Stiglitz

"... the World Bank announced that he would no longer serve as special advisor. ... During his tenure at the World Bank, Stiglitz irritated many powerful ... " There was certainly no engagement on the broad fundamental question about ... but despite the centrality of bankruptcy in modern capitalism, ..."
http://www.salon.com/news/feature/2000/ ... print.html

13. Stiglitz: Sarkozy Has Clearer Economic Vision than US - CNBC

"Obama: Bank Regulators May Have Gotten Too Tough .... might have made sense for the 20th century makes no longer makes sense for 21st century,” Stiglitz said at a conference in Paris entitled “New World, New Capitalism. ..."
http://www.cnbc.com/id/34747459

14. t r u t h o u t | Capitalist Fools

"If banks lend on the basis of artificially high asset prices, ... The proponents said, in effect, Trust us: we will create Chinese ..... Mr. Stiglitz fails to identify the true culprit, "Trickle Down Economics". ..... "The Flaw" is that we no longer have metal, (gold, silver) backing our money. ..."
http://www.truthout.org/121008R

15. Finance & Development, December 2009 - The People's Professor

"Outside his native United States, Stiglitz gets quite a different .... But with wages set above a competitive level, the wage rate no longer acts a lever to .... banks together, the investment-bank culture came out on top,” Stiglitz wrote. ... Stiglitz remains optimistic about the future of markets and capitalism. ..."
http://www.imf.org/external/pubs/ft/fan ... people.htm

16. People in Economics Joseph Stiglitz- Finance & Development ...

"U.S. economist under the age of 40—and made him a shoo- in for a Nobel Prize. A list of the most influential articles in ... the wage rate no longer acts a lever to eliminate unemploy- ... kets and capitalism. Stiglitz favored a much more gradual .... and investment banks together, the investment-bank culture ..."
http://www.imf.org/external/pubs/ft/fan ... people.pdf

17. For all Obama's talk of overhaul, the US has failed to wind in ...

"Joseph Stiglitz: With a blank cheque from taxpayers and no real reform ... Bailing out the US banks need not have meant bailing out the bankers, ... even if we had played by the ordinary rules of capitalism which say that ..... Rogoff has observed before, it's no longer the master of its own fate. ..."
http://www.guardian.co.uk/commentisfree ... ear-after1

18. Joseph Stiglitz: Fear and loathing in Davos | Comment is free ...

"That said, capitalism is a work in progress...and bank bonuses are a ... circumstances the US empire would no longer have the wherewithal to ..."
http://www.guardian.co.uk/commentisfree ... on-economy

19. Commanding Heights : Joseph Stiglitz | on PBS

"Since leaving the World Bank in 2000, he has returned to a career in academia. ... JOSEPH STIGLITZ: In Russia, the people were told that capitalism was going ..... JOSEPH STIGLITZ: No, free markets are good, but in the United States and in ... And there's a recognition that that's no longer going to be acceptable. ..."
http://www.pbs.org/wgbh/commandingheigh ... glitz.html

20. AlmightyDollar.net

"Nobel prize-winner Joseph Stiglitz turns his back on US establishment to fight ... With capitalism at what he terms a 'crossroads', just as it was during the ... Stiglitz also wants to ensure IMF loans no longer come with strings attached . ... Stiglitz resigned in summer 1999 as the World Bank's chief economist to ..."
http://www.almightydollar.net/

21. Interview with Joseph Stiglitz | The Progressive

"Stiglitz: Finance ministers and central bank governors have the seats at the table, ... capitalism knows that bankruptcy is an essential part of capitalism. ... The small businesses that did not gamble [and no longer can afford ... In the U.S., you couldn't have job creation with interest rates of 30 or 40 percent . ..."
http://www.progressive.org/0901/intv0600.html

22. Joseph Stiglitz - news

"The Rebel Within: Joseph Stiglitz and the World Bank (Anthem Studies ... that the US economy has turned into a type of “ersatz capitalism,” a .... Microsoft's online store no longer has Office, due to deliberate patent ..."
http://www.wikio.com/themes/Joseph+Stiglitz

23. Moral Bankruptcy | Mother Jones

"We have created an ersatz capitalism, socializing losses as we ... Nobel Prize- winning economist Joseph E. Stiglitz is the coauthor of The Three ..... All of us out here along the fruited plain must pay back all these trillions. ... This includes those community banks who no longer held their own ..."
motherjones.com/politics/2010/01/joseph-stiglitz-wall-street-morals

24. Capitalist Fools | CommonDreams.org

"Capitalist Fools. Behind the debate over remaking U.S. financial policy will be a ... If banks lend on the basis of artificially high asset prices, .... Joseph E. Stiglitz is University Professor at Columbia University. .... out numerous times in this longer series of exchanges, I'm not a gold bug. ..."
http://www.commondreams.org/view/2008/12/10-1

25. Daily Kos: Joseph Stiglitz on Capitalist Fools: How We Crashed the ...

"Greenspan `Mess' Risks U.S. Recession, Stiglitz Says ...... The third aggregate, M3 is no longer published. ...... No one knows how many toxic assets banks have, which leads to the credit crunch, as I understand it. ..."
http://www.dailykos.com/story/2008/12/1 ... 679/670543

26. Rebel With a Cause

"Such claims are no longer credible, for Stiglitz is part of a small but growing group ... Unless the rules of global capitalism are radically altered, he warns, ... Stiglitz's break with the World Bank has earned him a reputation in the ... Coakley's Loss: Pie in the President's Face; » US Mercenaries Set Sights on ..."
http://www.thenation.com/doc/20020610/press

27. Demand Side Blog: Joseph Stiglitz on Wall Street (from Vanity Fair)

"We are no longer the chief source of capital. ... Many countries may conclude not simply that unfettered capitalism, American-style, has failed but that ... Globalization has made us more interdependent; what happens in one part of the world .... Joseph Stiglitz wants to bring banks back down to . ..."
demandsideblog.blogspot.com/2009/06/joseph-stiglitz-on-wall-street-from.html

28. 'Too big to fail' distorts capitalism - DailyFinance

"Stiglitz said capitalism, and in particular American capitalism (corporate ... However, in the United States we have the doctrine of 'too big to fail' (or too interconnected to fail) which essentially means any bank, ... to: 1) break up these institutions so that they're no longer too big to fail or ..."
http://www.dailyfinance.com/story/inves ... m/1529121/

29. Stiglitz Scolds 'No Drama' Obama for Failing to Rebuild Economy ...

"“He didn't offer an alternative vision of capitalism.” Muddling Through ... After years of crafting policy for the World Bank and the Clinton administration ... Longer term, Stiglitz seeks a new vision of the financial system that would ... Love him or loathe him, Stiglitz gives us much to think about in this book. ..."
http://www.bloomberg.com/apps/news?pid= ... oX3CCNGfb4

30. Stiglitz Scolds 'No Drama' Obama for Failing to Rebuild Economy ...

"“He didn't offer an alternative vision of capitalism. ... After years of crafting policy for the World Bank and the Clinton administration, Stiglitz knows all the ... Longer term, Stiglitz seeks a new vision of the financial system ... Love him or loathe him, Stiglitz gives us much to think about in ..."
http://www.bloomberg.com/apps/news?pid= ... oX3CCNGfb4

31. Nobel Prize winner Stiglitz: Vienna on right track with Tech Gate ...

"Stiglitz refuted speculation that the USA was emerging from the crisis faster than Europe. ... since people are no longer able to afford new homes. ... On the one hand, European banks purchased about half of all the bad mortgage ... “ ersatz capitalism” involves the privatization of profits and the ..."
http://www.wieninternational.at/en/node/16387

32. Market Nut

"Stiglitz: U.S. Banks Are No Longer Capitalist (newsmax). Front Running the Fed ( Jesse). Saving America's Banking System (Globe & Mail) ..."
marketnut.net/

33. Steve Clemons: 7 Minutes With Joseph Stiglitz: Hopes Geithner and ...

"Stiglitz also said that the bank bailout schemes perversely bailed out the banks that made .... Only the most naive among us will believe that Obama will turn left when every ... It has been well known that capitalism is a blood sport. .... is no longer being taken on faith. The bailout and other solutions to the ..."
http://www.huffingtonpost.com/steve-cle ... 31520.html

34. Joseph Stiglitz: Investors Are "Irrationally Exuberant" About Recovery

"Joseph Stiglitz: Bank Problems Bigger Than Pre-Lehman Era ... Joseph E. Stiglitz on capitalist fools | vanityfair.com ... Just wait for the world to realize the US is no longer the country to do business with ..."
http://www.huffingtonpost.com/2009/10/0 ... 10885.html

35. Joseph Stiglitz - news

"On the invitation of "Amen Bank", the American economist and 2001 Nobel Prize in Economics, ... See Also: Five Huge Lessons From 2009 We Still Haven't Learned Stiglitz: The U.S. Will. ... Stiglitz: A Dollar Reserve System Makes No Longer Sense for 21st Century ... and the Little Guy Is Out” - naked capitalism ..."
http://www.wikio.co.uk/news/Joseph+Stiglitz

36. Obama's Ersatz Capitalism - DealBook Blog - NYTimes.com

"The Treasury hopes to get us out of the mess by replicating the flawed ... The real issue, Mr. Stiglitz writes, is that the banks made bad loans in a ..... are over since America no longer has the wealth to support this ..."
dealbook.blogs.nytimes.com/2009/04/01/obamas-ersatz-capitalism/

37. Le Revue Gauche Blog // Recent Blog Entries // bank crash ...

"US interest rate falls to 1 per centWhich means that the U.S. is no longer facing infaltion but the very real recessionary spiral of deflation. ... 2008 at 06:15 in capitalism, globalization, imf, world bank, recession, stiglitz, ..."
http://www.blogcatalog.com/blogs/le-rev ... k%20crash/

38. Globalization and Its Discontents: Amazon.co.uk: Joseph Stiglitz ...

"16) One of his fundamental criticisms of the IMF is that it is no longer ... about as if its part of the anti-globalisation even anti-capitalism camp. ... Globalization is the most important issue facing us today (try saving the ... Stiglitz concentrates on the IMF but also discusses the World bank and the WTO. ..."
http://www.amazon.co.uk/Globalization-I ... 014101038X

39. SACSIS.org.za » Video Booth » Video Booth » Joseph Stiglitz ...

"What is the role of the U.S. in the disposition of the world's economic and environmental resources? ... said if the tax payer is going to pour money into these banks, ... + If you see a message saying that this video clip is no longer ... The Myth of Free Trade and the Secret History of Capitalism ..."
sacsis.org.za/site/article/112.19

40. Joseph Stiglitz : The subtle truth about globalization: UNESCO

"And this political link can be a problem even in the US and ... But in Africa, where there is almost no access to NT, it would have the ... But there have to be longer-term institutional reforms in international economic institutions. ... In 1997, he moved on to the World Bank as chief economist and vice president. ..."
portal.unesco.org/en/ev.php-URL_ID=6609&URL_DO=DO_TOPIC&URL_SECTION=201.html

41. Joseph Stiglitz's blog | Webdiary - Founded and Inspired by Margo ...

"From the end of February 2007, Webdiary will no longer be publishing ... But he has also striven to understand what makes capitalist economies dynamic, ... of the World Bank, the report makes clear that the question is no longer whether we can ... The question is whether change will be forced upon us by a crisis or ..."
webdiary.com.au/cms/?q=blog/537

42. Neoliberalism - Wikipedia, the free encyclopedia

"No major political party in the UK at present is committed to reversing the ..... Notable critics of neoliberalism in theory or practice include economists Joseph Stiglitz, ... (Harvey 2005) claims that neoliberalism is a global capitalist class power ... Monetary Fund (IMF), the World Bank (WB), and U.S. Treasury. ..."
en.wikipedia.org/wiki/Neoliberalism

43. Review of Joseph E. Stiglitz, Globalization and its Discontents

"World Bank and the WTO (chapter one), the rest of the book is, by and large, a sequence of anecdotes and case ... financial capitalism and pressure groups. ... proach should no longer surprise the reader. Let us consider the Asian ..."
web.econ.unito.it/colombatto/Stiglitz.pdf

44. The Big Picture » Blog Archive » Stiglitz: 6 Harsh lessons We ...

"Stiglitz is making no bones about appearing centrist. ... The more intervention there is in the economy the longer and harsher ... Good banks such as JPM, WFC & USB managed themselves well and were ultimate survivors. .... why it “failed”. in what book on free market capitalism is their a chapter ..."
http://www.ritholtz.com/blog/2009/12/st ... -to-learn/

45. Stiglitz: Our Economic Problems Are Even Bigger Now, Warns of ...

"“In the U.S. and many other countries, the too-big-to-fail banks have ..... The boom bust cycles are built into the capitalist system which ..... (and upper middle) class people who are no longer gainfully employed. ..."
crooksandliars.com/susie-madrak/stiglitz-our-economic-problems-are-ev

46. Creative-i / Joseph Stiglitz: Crisis As Bad As Great Depression Or ...

"Trying to make sense of things in this crazy, capitalist world ... Two time Nobel-prize winner and former chief economist of the World Bank, Joseph Stiglitz says ... risks to finance each other because they no longer have complete ... Stiglitz is no stranger to positioning himself in opposition to ..."
http://www.creative-i.info/2008/09/18/t ... g-is-fine/

47. The Irish Economy » Blog Archive » Stiglitz on Internal Devaluation

"Fix banks so they can lend: This is not going to happen. .... of financial engineering (so that's a tsunami hitting us after we have got tangled ... One ill effect of this cantamination of capitalist legal infrastructure by ... And no one around the planet will bat an eyelid or lose a night's sleep. ..."
http://www.irisheconomy.ie/index.php/20 ... valuation/

48. New Left Review - Robert Wade: Showdown at the World Bank

"Stiglitz had no doubts as to where these policies were coming from. .... told him he was no longer a special advisor and no longer welcome in the Bank. .... other forms of capitalism, had more influence over what the Bank says and does, ... [6] William Ascher, 'The World Bank and US Control', in Margaret Karns and ..."
http://www.newleftreview.org/shtml.cgi?number=24109

49. Naomi Klein And Joseph Stiglitz Discuss The Cause And Effect Of ...

"The real bank bailout lives on courtesy of Helicopter Ben's zero interest rate policy. ... dilettante and plutocrat puppet in the history of fiat capitalism. .... Please share some of your measurable predictions for the 2010 US economy. ..... where the paper no longer reflects a man's property. ..."
http://www.zerohedge.com/article/naomi- ... ial-crisis

50. Newsmax - Newsmax.com - Breaking News, Politics, Commentary

"Frank: Abolish Fannie Mae, Freddie Mac · Roubini: Growth Will Slow to Crawl in Second Half · Stiglitz: U.S. Banks Are No Longer Capitalist ..."
http://www.newsmax.com/

51. Slovenian Philosopher Slavoj Zizek on Capitalism, Healthcare ...

"Has the mainstream media in the US replaced serious coverage with “junk .... very sympathetic things suggested by people like Stiglitz, Krugman, ... Well, sorry, but those bank managers who emphasized, in capitalism there is no Main .... No longer. I claim that what is now emerging in the Far East ..."
http://www.democracynow.org/2009/10/15/ ... zek_on_the

52. Permanent Revolution - Making Globalisation Work: The Next Steps ...

"Making Globalisation Work is fundamentally a renewal of Stiglitz's earlier work ... They no longer want to break up the financial institutions of global capital , ... But Keynes actually did more to save the capitalist system than all the pro-market ... The head of the World Bank, for example, is appointed by the US ..."
http://www.permanentrevolution.net/entry/1564

53. Wall Street and the Third World | vanityfair.com

"We are no longer the chief source of capital. ... But it has gradually dawned on central banks around the world that the dollar may not be a good store of value. ... Joseph E. Stiglitz on the economic crisis. Capitalist Fools, January 2009 ... Globalization has made us more interdependent; what happens in one part ..."
http://www.vanityfair.com/politics/feat ... rentPage=2

54. The Meltdown According to Stiglitz - BusinessWeek

""He didn't offer an alternative vision of capitalism. ... the World Bank and the Clinton Administration, Stiglitz knows all ... bailout;" a U.S. public-debt-to- gross-domestic-product ratio ... Over the longer term, Stiglitz seeks a new vision of the ... Joseph Stiglitz is no fan of globalization. ..."
http://www.businessweek.com/magazine/co ... 543966.htm

55. Globalization: A Portrait of Exploitation, Inequality, and Limits

"Globalization—as a tool of capitalism—necessitates these inequalities and the .... In Globalization and Its Discontents, Stiglitz (2002) recounts a situation .... No longer can vast oceans to the east and west and militarily benign ... US in particular—and global institutions such as the World Bank and the IMF. ..."
globalization.icaap.org/content/v5.2/dunklin.html

56. 1/22/10 Testimony of Joseph E. Stiglitz on "Compensation in the ...

"No wonder then that no bank could trust another, and no one could trust our banks. ... that it was the financial sector that brought us to the brink of disaster. ... from a longer-term perspective, profits were negative. ... "The Shock Doctrine: The Rise of Disaster Capitalism;" Sam Harris - "Letter ..."
tpmcafe.talkingpointsmemo.com/talk/blogs/a/m/amanda_lang/2010/01/12210-testimony-of-joseph-e-st.php

57. Stiglitz Testimony

"No wonder then that no bank could trust another, and no one could trust our banks. ... forget that it was the financial sector that brought us to the brink of disaster. ... from a longer‐term perspective, profits were negative. ... But in America's casino capitalism, when the banks gambled and lost, ..."
http://www.docstoc.com/docs/23031160/Stiglitz-Testimony

58. ABC Fora- Klein, Stiglitz And De Soto: Power, Economics And The ...

"The old and outdated terminology of capitalism (unmitigated) and ..... No longer is it good enough to actually produce a product or service. ... The United States has bailed out the banks who have been caught short by ..."
http://www.abc.net.au/tv/fora/stories/2 ... 431405.htm

59. Silencing Joseph Stiglitz - Salon.com

"During his tenure at the World Bank, Stiglitz irritated many powerful ... "There was certainly no engagement on the broad fundamental question ... but despite the centrality of bankruptcy in modern capitalism, .... SALON® is registered in the U.S. Patent and Trademark Office as a trademark of Salon Media Group Inc. ..."
http://www.salon1999.com/news/feature/2 ... index.html

60. The Atlantic | November 2003 | Odious Rulers, Odious Debts | Stiglitz

"... its economy while moving from a form of ersatz socialism to market capitalism. ... The important thing at this point, U.S. officials suggest, is to get Iraq on its ... Today we live in what we hope is a more civilized world: we no longer openly .... Joseph Stiglitz, a former chief economist of the World Bank, ..."
http://www.theatlantic.com/issues/2003/11/stiglitz.htm

61. networkideas.org - The Great Unravelling

"But meanwhile, the actions of the Federal Reserve – the US central bank – have at ... have now led to an enormous mess in the very heart of capitalism, Wall Street. ... Several American economists, including Joseph Stiglitz and Paul Krugman, ... That is the case no longer. It will be hard, indeed, to persuade such ..."
http://www.networkideas.org/news/apr200 ... elling.htm

62. Accountability discourses in advanced capitalism: who is now ...

"The powerful are often no longer held accountable and are able to make ..... Depositors in the UK were not initially informed of the bank's problems, with the probable ... gave them a reason to refuse to cooperate with US investigators . .... Disclosure has also been emphasised for a wider arena by Stiglitz, ..."
http://www.emeraldinsight.com/Insight/V ... 040117.pdf

63. 'Rebel' Stiglitz: IMF's Last Line of Defense?

"The WSF is today's version of "left anti-capitalism," where hundreds of .... Stiglitz provides us with a description of the axiomatic assumptions to which he ... and that the world may decide it will no longer finance the U.S. deficit. ... It was while at the Bank that Stiglitz made his famous public attacks on IMF ..."
http://www.larouchepub.com/other/2004/3107stiglitz.html

64. MyDD :: Direct Democracy for People-Powered Politics

"The British Foreign Office has repeatedly said that there is no evidence that ... While Obama wants to name some banks as "systemically important" and ... Stiglitz said the U.S. government is wary of challenging the financial ... http: //mydd.com/users/btchakir/posts/are-we-at-the-end-of-american-style-capitalism ..."
mydd.com/tags/Joseph%20Stiglitz

65. Democratic Underground - We make the changes Stiglitz - Democratic ...

"Folks, this is no longer a debate about economic theory. ... US Does Not Have Capitalism Now: Stiglitz, skippy911sc, Jan-19-10 10:52 AM, #0 ... Only if he then hires somebody else to do the bank job. kenny blankenship ..."
http://www.democraticunderground.com/di ... id=7517127

66. Chronogram Magazine - January 01, 2010 - Capitalism Hits the Fan

"... however, to prevent the “too big to fail” banks run to repay the billions of bailout ... (Joseph Stiglitz recently countered this moniker with “too big to live. ... retraction of economic stimulus pushed the US back into recession. ... Today, we can no longer postpone the traumatic impact of the end of rising ..."
http://www.chronogram.com/issue/2010/1/ ... ts-the-Fan

67. Economist's View: Stiglitz on China and Why U.S. Economic Advice ...

"Joseph Stiglitz of Columbia University, winner of the Nobel Prize in economics in 2001, ... with China no longer using the money from its trade surplus to fund our huge fiscal deficit, ... Should the Fed Have a Large Role in Bank Regulation ? .... The Curious Capitalist · The Economic Populist ..."
economistsview.typepad.com/economistsview/2005/07/stiglitz_on_chi.html

68. Economy - A crash course in capitalism

"The international role of the US economy is determining the accelerated transmission of ... Similarly, at present they are limiting the fall of the banks and not .... Krugman, Stiglitz and Soros have been endlessly repeating their theory that the ... The bankers themselves no longer know what contracts they own, ..."
http://www.internationalviewpoint.org/s ... rticle1562

69. GLOBALIZATION AND ITS DISCONTENTS, by Joseph E. Stiglitz

"Yet Mr Stiglitz is no compliant insider. He left the Bank under a cloud after ..... critique may have once contained a kernel of truth, it is no longer accurate. ..... and Its Discontents does not rise to the level of Capitalism and Freedom. ... And, Stiglitz tells us, it's encumbered by an outdated structure: The ..."
http://www.arlindo-correia.com/100902.html

70. TruthNews.us » Blog Archive » Joseph Stiglitz Warns of Dangerous ...

"The Fed's 75 basis point rate cut allows the banks to replenish their balance ... short-term rates and lending longer term, playing the credit 'carry trade', ... Professor Stiglitz blamed the whole US economic establishment for ... That is the spirit of capitalism, and it the only thing that keeps ..."
http://www.truthnews.us/?p=1799

71. Is Joseph Stiglitz vying for the "Dr. Doom" Title? | The Economic ...

"The demand and supply of bank credit: A small business snapshot from the Southeast ... Naked Capitalism. Links 1/17/10 · “Geither, Fix the Problem, Don't Fake It” ... American Manufacturing Can No Longer Compete · Now and for the Long Run ... Stiglitz Says U.S. Should Prepare 2nd Stimulus: ..."
http://www.economicpopulist.org/content ... doom-title

72. Review of Joseph Stiglitz book proposal: The Economic Role of the ...

"There is no point in going through an idea-by-idea critique of the chapters. .... in East Asia ultimately fund the bailout of banks in East Asia--seems to me to .... it took the U.S. to industrialize (and crony capitalists like Jay Gould, ... and voters will no longer respect the views of notables. ..."
econ161.berkeley.edu/Econ_Articles/reviews/stiglitz_role.html

73. Stiglitz Suggests Another Stimulus Even Though It Hasn't Worked ...

"You are no longer following Kevin Mulhern. About this author: ... There is no way that the U.S. economy can increase productivity indefinitely without an ... Macro investor, hard core capitalist, wild eyed libertarian, .... The Trouble With Quantitatively Measured Hope · Bank Regulation: A Necessary ..."
seekingalpha.com/article/179337-stiglitz-suggests-another-stimulus-even-though-it-hasn-t-worked-yet

74. Falling Down | The New Republic

"Joseph Stiglitz is University Professor at Columbia University, ... see his name used to promote the modern crony capitalism and its welfare state. ... at what point do the holes get so big that you can no longer fairly ..... to their government-set rules; it was the banks that gambled like crazy. ..."
http://www.tnr.com/article/falling-down ... 9658c99ddf

75. Professor Stiglitz and Keynes

"According to Stiglitz: Since capitalism's beginnings, the market economy has been subject to ... are longer and downturns shallower and shorter in advanced economies. ... of the World Bank, I debated the United States Treasury and the IMF concerning Russia. ... to decrease the productive capacity of the world's No . ..."
http://www.brookesnews.com/052504stiglitz.html

76. Renegade Economist » SMH:Banking problems bigger than pre-Lehman ...

"Nobel Prize-winning economist Joseph Stiglitz says the US has ... While Obama wants to name some banks as “systemically important” and ... the question now is how much longer QE is kept going, creating asset bubbles (including housing? ... As Abraham Lincoln said,'No duty is more imperative for the ..."
renegadeeconomist.com/blog/smhbanking-problems-bigger-prelehman-stiglitz.html

77. Brooksley Born, American hero - The Curious Capitalist - TIME.com

"Born says she takes no pleasure from the turn of events. .... By the letter of the law, most banks, even the big ones, more than meet their capital ... Three pretty serious figures doubt it --Stiglitz, Johnson, and Krugman. .... China censors news that Google will no longer help Chinese censors. ..."
curiouscapitalist.blogs.time.com/2009/04/07/brooksley-born-american-hero/

78. From Schumpeter to Stiglitz

"analyse evolution ± Schumpeter from capitalism to socialism and Stiglitz from socialism to capitalism. ..... consequence of transaction costs, the market economy is no longer Pareto-. eÅcient. .... Stiglitz stresses the role of banks in ... does not teach us a simple lesson. Stiglitz presents four generalizations . ..."
http://www.springerlink.com/index/WTEDR5C20GVMNFVC.pdf

79. Economists call for drastic restructuring of greed-based ...

""Greed is what we based our whole system on," said Stiglitz, a Nobel laureate and economics ... He said the "capitalist ideologies" of the 19th century, ... Right now there is no global framework that would allow this global system to work ... Contact us: Nation Internet. File attachment not accepted!"
http://www.nationmultimedia.com/2009/08 ... 110414.php

80. Keynes, Capitalism, And The Crisis John Bellamy Foster Interviewed ...

"Keynes by the time he wrote The General Theory no longer believed in .... Krugman or Stiglitz, both of whom received the Bank of Sweden's Memorial .... Keynes can help us understand the flaws of capitalism but he cannot ..."
http://www.countercurrents.org/ashley200309.htm

81. Joseph Stiglitz on the Costs of the Crisis

"According to Stiglitz, that's not capitalism. ... Stiglitz: A Dollar Reserve System Makes No Longer Sense for 21st Century · Obama's Plan Will Hurt U.S. Assets · President Obama Throws His Support to Bernanke ... Dick Bove: Obama's Bank Proposal Would Be Very Good for Stock Holders ..."
wallstreetpit.com/14362-joseph-stiglitz-on-the-costs-of-the-crisis

82. UNITED NATIONS MUST INTERVENE FOLLOWING FAILURE OF UNITED STATES ...

"JOSEPH STIGLITZ ( United States), former Chief Economist of the World Bank and a .... Already, the Inter-American Development Bank projected the value of remittances ..... The crisis was no longer the concern of a few countries, .... States exercised as economic actors within the capitalist system. ..."
http://www.un.org/News/Press/docs/2008/ga10773.doc.htm

83. Thomas F. Hellmann

"with K. Murdock and J. Stiglitz, American Economic Review, 2000, 90(1), 147-165 ... An earlier longer version of this paper is "A Unifying Theory of Credit and Equity ... Review,” published by the Atlanta Federal Reserve Bank, 87, No. ... Thomas Hellmann (2000), “Venture Capitalists: The Coaches of ..."
strategy.sauder.ubc.ca/hellmann/

84. More casino capitalism, or radical restructuring?

"The question is no longer if there will be a recession, but how severe it will be. ... When the United States investment bank Bear Stearns was bailed ... World Bank chief economist Joseph Stiglitz puts it: "(Even) Wall ..."
http://www.rediff.com/money/2008/oct/03bcrisis8.htm

85. Professor Stiglitz and Lord Keynes - Frank Shostak - Mises Institute

"According to Stiglitz,. Since capitalism's beginnings, the market economy has ... expansions are longer and downturns shallower and shorter in advanced economies. ... of the World Bank, I debated the United States Treasury and the IMF concerning Russia. ... to decrease the productive capacity of the world's No . ..."
mises.org/story/971

86. Project Syndicate - A World of Ideas

"... Paul Volcker, to reduce the market power of the banks, are being dusted off. ... read ... The EU can no longer afford its fragmented energy-supply system and lack of political cohesion, ... is exactly the sort of president that most of us would want to have in the post for that 3 a.m. ... Joseph E. Stiglitz ..."
http://www.project-syndicate.org/

87. STINGING CRITIQUES OF IMF, US TREASURY

"Stiglitz is highly critical of the IMF secrecy, and pricks the bubble of IMF .... and the IMF -and the Treasury made sure there was no open debate. ... who diverted funds to offshore banks, Stiglitz charges that the US was ... IMF did was to make East Asia's recessions deeper, longer, and harder. ..."
http://www.twnside.org.sg/title/sting.htm

88. BOOK REVIEWS

"World Bank), Joseph Stiglitz has written a new book that makes a ... dominates the world view of the U.S. Treasury and the IMF (best captured in the term ... international support when crises inevitably occur, is no longer tenable in the light ... and commercial elite of Western (especially American) capitalism and ..."
http://www.hbs.edu/bhr/archives/bookrev ... ermain.pdf

89. We Can't Break Up the Giant Banks, Can We? Yes We Can!

"... us back to a semblance of free market capitalism much quicker. ... Indeed, Nobel prize winning economist Joseph Stiglitz said today: ... “In the U.S. and many other countries, the too-big-to-fail banks ... But the bottom line is this: If the banks are no longer insolvent, they should prove it. ..."
http://www.globalresearch.ca/index.php? ... &aid=15203

90. BBC NEWS | Talk about Newsnight | The Three Trillion Dollar War by ...

"Stiglitz and Bilmes try to put numerical values not only on the damage to the world's .... cronies is they were so blatant they gave Capitalism a bad name ! ... so that by 1971 it could no longer maintain the gold exchange standard. ... World Bank/IMF loans which of course are controlled by the Fed. ..."
http://www.bbc.co.uk/blogs/newsnight/20 ... ilm_1.html

91. The great unravelling

"It is clear that in terms of the activities of the banks, the integration ... including Joseph Stiglitz and Paul Krugman, have already called for more controls on ... 14 2008: it was the day the dream of global free-market capitalism died. ... That is the case no longer. It will be hard, indeed, ..."
http://www.paecon.net/PAEReview/issue46/Ghosh46.pdf

92. John Bogle | AdvisorAnalyst Views

"Adam Smith's 'invisible hand' no longer drives 'capitalism in a healthy, ... Bloomberg: Stiglitz sees “big” losses from US bank-rescue program ..."
advisoranalyst.com/glablog/tag/john-bogle/

93. IMF/World Bank

"Firstly, with American capitalism no longer so dominant, US policy .... If you are a US bank with investments [in an economy in crisis] the main thing you ..."
pubs.socialistreviewindex.org.uk/sr244/haynes.htm

94. 演讲内容分为三个部分

"Professor STIGLITZ: First, saving banks and saving the shareholders of banks are two different ... We should try to avoid a socialist system but a capitalist profit. We used to adopt this system in the US and it is no longer working. ..."
http://www.gititire.com/tsmain/transcri ... liz_EN.doc

95. Glass-Steagall Act » New Deal 2.0

"The act's repeal in 1999 paved the way for bank investments in, ... arguing that it was necessary for the United States to remain ... Take the regulations out of capitalism and it is no longer ... 'Selling Us Short: The Limits of Markets (and Governments),' with Joe Stiglitz and Jim Chanos ..."
http://www.newdeal20.org/?p=962

96. October 2 , 2008 - Issue 293 Cover Story Capitalism Reaches a ...

"organization turns out not to be sustainable,” said Stiglitz. ... risk-happy investment banks, but more cautious state-sponsored entities,” .... Self- regulation is no longer sufficient.” The US belief in “laisser-faire ..."
http://www.blackcommentator.com/336/293 ... iendly.pdf

97. Nobel Prize Winning Economist: Crisis As Bad As Great Depression ...

"Stiglitz is no stranger to positioning himself in opposition to the ... economy in ways that provide the basis of our longer term economic growth. .... American people ever allow the private banks to control the issue of ..... The best way to destroy the capitalist system is to debauch the currency. ..."
http://www.prisonplanet.com/nobel-prize ... worse.html

98. The Social Science Journal : Central bank independence: A research ...

"Why would Labour, a party founded to use state power to redress capitalist inequities, .... The change would align Britain with the U.S. and other developed nations. ... lower interest rates by blaming a central bank it no longer controlled. .... Stiglitz, 1998 J. Stiglitz, Central banking in a democratic society, ..."
linkinghub.elsevier.com/retrieve/pii/S0362331907000444

99. Let the banks go bust and start again, says Stiglitz. Is he right ...

"'The new banks will be more credible once they no longer have .... What did the Professor say about the US Banks and Lehemans ..... The second is that for the " creative destruction" process of capitalism to work you have ..."
http://www.citywire.co.uk/personal/-/bl ... ?ID=328193

100. Bhagwati and Stiglitz Cage-match - a knol by Ryan Calkins

"4 Essentially, his argument is that as global capitalism has become ... there is no longer any other viable option for countries to consider. ... as the Chief Economist at the World Bank, Stiglitz was confronted ... As the juggernaut of globalization moves along, let us hope that Bhagwati was right. ..."
knol.google.com/k/ryan-calkins/bhagwati-and-stiglitz-cage-match/387sk6nbgepvg/5




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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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