behind the debates over future policy is a debate over history--a debate over the causes of our current situation. the battle for the past will determine the battle for the present. so it's crucial to get the history straight. Full Story »
Posted by Patricia L'Herrou
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With so many factors being causative to the collapse, Stiglitz finds a target-rich environment for blame. He seems to omit a complicit congress, president, and press who did almost no investigating or oversight in their roles as representatives of the public.
Politicians who depend upon huge campaign contributions in order to be competitive at election time are not likely to stand up to the sources of ... More »
Stiglitz is one of the best around, from his analysis of the 'true cost' of the Iraq debacle to this penetrating analysis of the causes of the current economic meltdown. He resolutely -- here and elsewhere -- debunks the favorite Republican paradigm, that there is a free lunch somewhere out there, if only taxes are cut enough. Unfortunately, the country will take years, maybe decades, to work its way out of the current mess, which was exacerbated by the "deficits don't matter" ... More »
Interesting comment. How does one decide who wrote what? For instance, the comment "On his watch, inflation had been brought down from more than 11 percent to under 4 percent." And Volcker did this all by himself, without any help from anyone or anything else? I find that highly unlikely. However, I trust Stiglitz. So the story may be an accurate reflection of what was said, but it may not be accurate to what actually happened, and that is where the journalist failed to deliver.
Economics have been dominated by market fundamentalists and aristocrats for years. This article is a good summary of the actions which have lead to the world-wide financial crisis.
Excellent Article. It explains the economic mess we're in in a way the ordinary person can understand, and with everyone going around blaming everyone else, a breath of fresh air.
I wonder who it was that said "if Alan Greenspan dies, we'll have to sit him up in a chair and pretend he's still running the Fed.
This is a well-written piece that effectively tracks the decisions that have brought us to the current financial crisis. However, while the author's intent is to "get the history right" - and he does an solid job of supporting his thesis - had more attention been paid to debunking alternative arguments it would have been even better.
Highly Informative. Commentary is excellent; But is little biased against free market economy and Laissez-faire capitalism.
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