Award winning Economist blames Greenspan

[truthmatters]

http://www.bloomberg.com/apps/news?pid=20601103&sid=abh8h7M3uKBA&refer=us

He finds fault with too agressive cutting , 2001 tax cuts and lack of regulation for the current ecomomic waters.



Greenspan `Mess' Risks U.S. Recession, Stiglitz Says (Update4)

By Reed V. Landberg and Paul George

Nov. 16 (Bloomberg) -- Joseph Stiglitz, a Nobel-prize winning economist, said the U.S. economy risks tumbling into recession because of the ``mess'' left by former Federal Reserve Chairman Alan Greenspan.

``I'm very pessimistic,'' Stiglitz said in an interview in London today. ``Alan Greenspan really made a mess of all this. He pushed out too much liquidity at the wrong time. He supported the tax cut in 2001, which is the beginning of these problems. He encouraged people to take out variable-rate mortgages.''

Stiglitz said there is a 50 percent chance of a recession in the U.S. and that growth will certainly slow to less than half of its 3 percent potential. A worldwide jump in credit costs following the collapse of the subprime mortgage market is choking off finance to American consumers.



After the 2001 recession, the Fed cut its benchmark rate to a four-decade low of 1 percent. That move, along with a hands-off approach to regulation, has brought Greenspan under fire as the bursting of the housing bubble and the subprime mortgage crisis again threaten to sink the economy.

[Said1]

I actually like Stigliz, although I find his perssuasive writing style to be a bit wish-washy at times. That is, I bet the author of the article 'missed' all the positive things he said during the interview, or they were left on the cutting room floor.

[truthmatters]

``Alan Greenspan really made a mess of all this. He pushed out too much liquidity at the wrong time. He supported the tax cut in 2001, which is the beginning of these problems. He encouraged people to take out variable-rate mortgages.''


Looks like a direct quote.

[Said1]

``Alan Greenspan really made a mess of all this. He pushed out too much liquidity at the wrong time. He supported the tax cut in 2001, which is the beginning of these problems. He encouraged people to take out variable-rate mortgages.''


Looks like a direct quote.

Yes. And?

[truthmatters]

http://ezinearticles.com/?The-Sub-Prime-And-Other-Frauds---Penalties-Coming&id=825527

Lack of regulation seems to be a theme within the economic field.

The problem with this market is the lack of regulation of mortgage brokers. We regulate banks, Savings and Loan companies and the like but the brokers are not. The reason given for this is that they are not the lenders but only sales people.






Yes. And?


Its pretty clear about his opinion on the subject is all.

[Said1]

http://ezinearticles.com/?The-Sub-Prime-And-Other-Frauds---Penalties-Coming&id=825527

Lack of regulation seems to be a theme within the economic field.

Its pretty clear about his opinion on the subject is all.



Yes. And? What does that have to do with what I said? That's not clear. Please elaborate.

[truthmatters]

I actually like Stigliz, although I find his perssuasive writing style to be a bit wish-washy at times. That is, I bet the author of the article 'missed' all the positive things he said during the interview, or they were left on the cutting room floor.


He sounded pretty pessemistic about the economy to me.

What do you see as the economic highlights he would note in this current period we are in?

[Said1]

He sounded pretty pessemistic about the economy to me.

As I said, Stiglitz uses persuassive arguments - hense my comments, which were pretty rudimentary.


What do you see as the economic highlights he would note in this current period we are in?


I have no idea. I only follow your economy to the point that it effects Canada. I bet he'd probably say something about being a leader and changing policies. :laugh2:

[Mr. P]

And here at the end of the link is the REAL point of the post..

Typical for Truthnevermatters....


Faulting Bush

He also faulted President George W. Bush for cutting taxes in 2001, widening the government's budget deficit and allowing political support for free-market trading to wane.

``The richest country in the world cannot live within its means,'' Stiglitz said. ``It's a real example of macro economic mismanagement. The working out of this global imbalance will cause global problems. The depth of the conviction on free markets in the United States is not very great. We have increased those subsidies, doubled them, under President Bush.''

Lowering interest rates now will help the U.S. economy ``a little bit, not very much,'' Stiglitz said, adding that easing terms on mortgage loans would be like ``kicking the problem further down the road.''

Bush, he said, left ``the standing of America around the world at the lowest it's been'' by refusing to sign up to the Kyoto treaty on global warming and by fighting the war in Iraq.

``It's so important for there to be a global agreement to curtail the use of oil, the use of carbon,'' Stiglitz said. ``The big failure is for the United States not to go along.''

Economist, activist or anti USA?

[Said1]

And here at the end of the link is the REAL point of the post..

Typical for Truthnevermatters....



Economist, activist or anti USA?

He's a global activist, make no mistake about that. He doesn't believe in the 'invisble hand' either and thinks developed nations should abolish most subsidies.

[truthmatters]

http://en.wikipedia.org/wiki/Joseph_E._Stiglitz





here you go.


Joseph Eugene "Joe" Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Memorial Prize in Economics (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences.

[Said1]

http://en.wikipedia.org/wiki/Joseph_E._Stiglitz





here you go.


Joseph Eugene "Joe" Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Memorial Prize in Economics (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences.

What are you drawing attention to here?

[Dilloduck]

He's a global activist, make no mistake about that. He doesn't believe in the 'invisble hand' either and thinks developed nations should abolish most subsidies.

They better do it slowly is all I can say--we as soooooooo dependent on the government to provide that I'm really not sure we can even feed ourselves.

[truthmatters]

What are you drawing attention to here?


I was providing information on the man for Mr P.

[Said1]

They better do it slowly is all I can say--we as soooooooo dependent on the government to provide that I'm really not sure we can even feed ourselves.

He has some pretty wacky ideas, but is dead on when it comes to so many economic issues on a global scale. Work he did in asymetric (SP??) won a nobel. He's a super freak. And his books are pretty good too.

[Mr. P]

I was providing information on the man for Mr P.

Don't need it..he's anti. Simple.

[truthmatters]

Hes anti what?

He is a world respected economics expert.

[Mr. P]

Hes anti what?

He is a world respected economics expert.

So ? So is Greenspan.

[Dilloduck]

He has some pretty wacky ideas, but is dead on when it comes to so many economic issues on a global scale. Work he did in asymetric (SP??) won a nobel. He's a super freak. And his books are pretty good too.

Being right and being real are unfortunately two different things----getting things from theory to practice is what I want to see.

[Said1]

Being right and being real are unfortunately two different things----getting things from theory to practice is what I want to see.

Being right AND real doesn't mean anyone will listen. And you should know oh child of the sixties........:laugh2:

[Dilloduck]

Being right AND real doesn't mean anyone will listen. And you should know oh child of the sixties........:laugh2:

oh ya----I know --tell me about it ~~~:laugh2:

[manu1959]

yea yea yea.....greens pan was a genius under clinto and a moron under bush......or is this the clinton spin machine saying greenspan was a moron all along and it was really clinton.......

when are these stupid fucks going to admit that it is the entrepreneurs that make the economy go....

someone tell what succesfull business any of the arrogant fucks have ever built......

:link:

[Mr. P]

yea yea yea.....greens pan was a genius under clinto and a moron under bush......or is this the clinton spin machine saying greenspan was a moron all along and it was really clinton.......

when are these stupid fucks going to admit that it is the entrepreneurs that make the economy go....

someone tell what succesfull business any of the arrogant fucks have ever built......

:link:

Not holdin my breath on that one man. These stupid fucks you speak of think it's the government that makes the world go round.

[manu1959]

Not holdin my breath on that one man. These stupid fucks you speak of think it's the government that makes the world go round.

wonder where their salary would come from without any entrepreneurs.....

[Mr. P]

wonder where their salary would come from without any entrepreneurs.....

From those RICH bastards at the top that need to pay their FAIR share of course!

[Dilloduck]

wonder where their salary would come from without any entrepreneurs.....

We would be NO WHERE without entrepenuers AND laborers.

[manu1959]

We would be NO WHERE without entrepenuers AND laborers.

entrepenuers create opportunity.....laborers take advantage of that opportunity.....

tell what the governments roll in this equation is again......oh yea....

[Dilloduck]

entrepenuers create opportunity.....laborers take advantage of that opportunity.....

tell what the governments roll in this equation is again......oh yea....

I think they help us "divey" it all up ???

[truthmatters]

This man has more knowledge of economics that you will ever even dream about. He has a record of being spot on in his assesments and is a nobel prize winner.

Where in his findings did he say anything negative about entrepenuers?

[Dilloduck]

This man has more knowledge of economics that you will ever even dream about. He has a record of being spot on in his assesments and is a nobel prize winner.

Where in his findings did he say anything negative about entrepenuers?

Entrepeneurs and laborers are making all the money that he is analyzing ( except for the stuff that the FED just prints )

[REDWHITEBLUE2]

And here at the end of the link is the REAL point of the post..

Typical for Truthnevermatters....



Economist, activist or anti USA? I vote anti-USA