LIVE STREAM Today: Joseph Stiglitz Discusses America’s Downfall as Global Economic Leader

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Columbia University Professor and world renowned economist Joseph Stiglitz will be speaking today at a New America Foundation/Economic Growth Program public policy forum about his new book, Freefall: America, Free Markets, and the Sinking of the World Economy.
Stiglitz is one of those economists, along with Nouriel Roubini and others, who warned of the dangers that “too big to fail” banks, enormous trade imbalances, and lax financial regulation pose and predicted the financial crisis of 2008 and the subsequent economic recession.
In his new book, Stiglitz is very critical of what he refers to as the Obama administration’s “reshuffling of the chairs on the Titanic” approach to our present economic situation, and offers a vision of a more sustainable and equitable American political economy going forward.
Today’s event will run from 12:15 pm – 1:45 pm and will STREAM LIVE here at The Washington Note.
— Ben Katcher

Comments

8 comments on “LIVE STREAM Today: Joseph Stiglitz Discusses America’s Downfall as Global Economic Leader

  1. Paul Norheim says:

    Note to TWN staff: This “buy carte micro” spammer is actually more annoying than the
    regular ones, who often cut and paste randomly from the actual thread. This asshole
    cuts and pastes pre-election 2008 stuff from lord-knows-where, and spams it here –
    which is even more disrupting and confusing for the readers. He does exactly the same
    thing on the thread below – perhaps elsewhere too.

    Reply

  2. ... says:

    wall st isn’t main st… the ‘middle of the middle of the middle’ approach is about serving wall st while making out the exact opposite… obamas reign (servitude) to date has been catering to the former while giving good speeches to the later… many folks don’t seem to be buying it…

    Reply

  3. Dan Kervick says:

    Too bad Stiglitz isn’t in the administration. Maybe now, when at least the very worst of this long, profound recession is over, Obama and Co. will decide its safe at last to hire someone like Stiglitz.
    As I have suggested, Obama and his transition team panicked last fall (in what, granted, was a very panicked national political environment.) Worried that job one was to restore the vanished confidence of “the street”, before everyone cashed out in a panic and sent the economy crumbing into total ruin, they went for the middle of the middle of the middle of the middle of the road, in an environment where even a former head of the World Bank was apparently considered too “dangerous”. The channel of ideological acceptability narrowed to an ultra-thin stream, and as a result the administration deprived themselves of both challenging and slightly unorthodox ideas, and also political canniness and Main Street common sense and empathy. That vaunted “team of rivals” never actually existed. It was a team of technocratic political uniformity.

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  4. David says:

    JohnH, piles they are.

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  5. JohnH says:

    What Mark Twain observed in Morocco 100 years ago:
    The money changers spent their day moving money from one pile to another. At the end of the day the pile was bigger than what they started with.
    Sound familiar?

    Reply

  6. erichwwk says:

    What Murray got really right: (from wiki)
    “He [also] considered central banking and fractional reserve banking under a monopoly fiat money system a form of state-sponsored, legalized financial fraud.
    For one to oppose state regulation (what I think you mean by non-intervention), one would have to explain how one gets to competitive markets, what Adam Smith saw as the bane of “free markets”. Free markets (markets that tend to monopoly) and competitive markets are NOT identical, in fact are often at the opposite end of the spectrum.
    As Joe S. said in his talk, markets often don’t work because, under monopoly, the “invisible hand” doesn’t exist. As Adam Smith noted, men rarely meet w/o exploiting opportunities to restrain trade and screw the public.
    Joe S. is the man!!

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  7. Syed Qamar Afzal Rizvi says:

    Should not the reforms- oriented architects in the present US administration take serious notes from the sane thoughts of Murray. N Rothbard(who is and was believed to having had the strong ideology of non-interventionism)?

    Reply

  8. erichwwk says:

    Being “one of those economists” involves mainly being “incorruptible”. How could anyone trained in economics fail to see that wealth is not created by “reshuffling of the chairs on the Titanic”? As Joan Robinson pointed out to me when I was quite young, a large part of the profession IS corruptible, and makes their living by BS and essentially theft. Joe Stiglitz is one one of those economists NOT willing to use his economics training to steal from others. [i hope i’ve got it right this time, Linda 😉 ]
    Isn’t “reshuffling” PRECISELY what the financial sector was charging for, claiming each “new position” was superior to the last, and thus they were creating wealth, a process which entitled them to a transaction fee?
    This is what i wrote some time ago to an Alternet post on GDP measurement errors:
    This dilemma exists because what matters is net, not gross effort. Filling in a hole may have value if the hole is in the middle of a road, just as digging one may have value in a location where a post is desired. However, digging a hole, and then filling in the same hole has ZERO net value, even though it has the GROSS value of two holes.
    Much of reselling of existing stocks is “reshuffling the deck chairs”. When asset prices are inflated one is essentially playing the “musical chairs” version of a ponzi scheme. Everyone wins (they think) until this illusion is punctured by someone trying to cash in on this phantom wealth. Robin Crusoe, alone on an island, or hundreds of Robinson’s for that matter, provide they are of uniform age, cannot secure their retirement by financial instruments, no matter how cleverly packaged and marketed.
    http://www.alternet.org/story/79412/#comments
    “The efforts of men are utilized in two different ways: they are directed to the production or transformation of economic goods, or else to the appropriation of goods produced by others”
    —Vilfredo Pareto

    Reply

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