Friday, April 17, 2009

Stiglitz seems to be getting more worried

I've referred to Joseph Stiglitz's writings often over the past few months. This interview with Bloomberg resonates with many of the concerns I have about the current plans to get out of this dire situation. It just does not seem that Geithner, Summers etal really want to face reality and close some banks plus they have been fairly inarticulate as to just what they are doing or are trying to do beyond save their friends and associates. Here's Stiglitz with regard to relationships: “America has had a revolving door. People go from Wall Street to Treasury and back to Wall Street. Even if there is no quid pro quo, that is not the issue. The issue is the mindset.”

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