PBS interview about financial crisis with Joe Stiglitz

PBS interview about financial crisis with Joe Stiglitz

By Chris in Paris on 5/06/2012 09:15:00 PM

It’s a long read, but it’s very good. During the interview, Stiglitz discusses the failure of regulation, the lack of transparency with the banks (even today) and where the economy may be going as Europe falters. If you enjoy economics, grab a cup of coffee and have good read.

Here’s a taste of the interview after he was asked about Geithner and Summers joining (and leading) the Obama economic team:

He was told that appointing this team would present a problem, because even if they gave the right advice, it will be tainted. People will see it as reflecting the interest of the banks and people who were linked to the deregulation, to the flawed policies. You’re bringing in the same plumber that caused the problem. …

Of course the real risk was that they would not give the right advice, and that would turn out to be the case. I wasn’t surprised, because at that point it was already clear where he was getting his advice from, who he was listening to.

The only thing that was perhaps a little bit of a surprise was the disjuncture between “Change you can believe in,” the slogan, and the team that was put in place, which was, yes, change a little bit from the Bush team, but only a little bit.

In that same section, Stiglitz throws in what many – myself included – believe about Obama and where he fits on the political scale. He may have some liberal beliefs but for the most part, he’s a “don’t-rock-the-boat conservative.

This entry was posted in Financial Crisis, Obama, Political Economy, US, US Economy and tagged , . Bookmark the permalink.

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