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Stiglitz on the financial crisis and whatnot

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Santtu Posted: Sat, Apr 24 2010 1:22 AM

Video here


I fear I have an embolism forming in my brain. The general arrogance, the hachet job on Adam Smith, etc. The first part is OK, nothing particularly interesting though. 

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bloomj31 replied on Sat, Apr 24 2010 1:39 AM

It's interesting how people like this see the market as an important part of the process but that the government plays the central role and that the market plays the complementary role for the government.  He says "we need to find the right balance between market and government" and one gets the sense that he means a heavy emphasis on government and a lighter emphasis on market.  But where does he think the government gets its money from?

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The general arrogance, the hachet job on Adam Smith, etc.

I found amusing how in one breath he said that the govt failed to forsee the crash, much less do anything about it, and in the next saying the govt should be more in charge of things.

I'm not sure about him. Is he brainwashed so thoroughly that he actually believes the party line, but since he's also smart he sees that it doesn't seem to fit reality? Or does he know it's all nonsense?

I mean, all the typical idiocy. WW2 got us out of the depression; in '37 we stopped spending, so that ruined the economy [ignoring that 8 solid years of spending were already behind us]; Hoover's lassiez faire killed us; saving is good for the individual in a recession, but he's harming the economy as a whole by doing it; the govt HAD to bail out the banks, or we would all be living in caves again.

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It's easy to refute an argument if you first misrepresent it. William Keizer

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