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IPFS News Link • Economy - Economics USA

Nobel Winner Stiglitz: Worst Downturn Since Great Depression

"[The Fed] will be between a rock and hard place. And we're not over-worrying about credit. But [simultaneously], we need to start worrying about the real sector," he said.

1 Comments in Response to

Comment by Jefferson Paine
Entered on:
What, they give Nobels now for idiocy?

He attributes this recession to one of its symptoms, the inability or unwillingness of lenders to lend. No mention of the unprecedented credit expansion, with its attendant and rampant malinvestment, eradication of savings, consumer debt, etc.

As Bugs Bunny would say, "What a maroon!"

Oh ... and his proposed remedy is to increase unemployment insurance? Using WHAT, I wonder? More taxes on the backs of struggling Americans, or more borrowing that innocent generations will be saddled with? And those will help the economy how?

Really, there should be a process for taking back the damned Nobel Prize!