guardian.co.uk - 12/6/2008
—
Joseph Stiglitz: Preserving financial institutions is not an end in itself, but a means to an end. It is the flow of credit that is important
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"A Triumph of Reason and Evidence"
Economist's View —
...
Getting bang for your buck, by Joseph Stiglitz, Project Syndicate/Comment is
Free: ...For those of us who always claimed some connection to the Keynesian
tradition, this is a moment of triumph, after having been left in the
wilderness, almost shunned, for more than three decades. At one level, what is
happening now is a triumph of reason and evidence over ideology and interests. ...
Joseph Stiglitz is Pissed
The Big Picture —
... the repositories of information necessary for the maintenance of the flow of credit. But America’s financial system has changed dramatically since the 1930s. Many of America’s big banks moved out of the “lending” business and into the “moving business”. They focused on buying assets, repackaging them and selling them, while establishing a record of incompetence in assessing risk and screening for creditworthiness.
Source:
Getting Bang for Your Buck
JOSEPH STIGLITZ
The Guardian, December 5, ...
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