• The Political Commentator
This was an email sent to me by Chris McConnell of Fiduciary Forensics in which he gives his views on how the economy and financial system arrived at the point we find ourselves now.
Saturday, September 24, 2011
Hi Martin, Hi Mike,
Please disabuse your readers of anything else as THE root cause of the current economic and or financial crisis.
TBTF banks kept a massive secret from other market players, and regulators. In academic circles it’s called an “information advantage”
Joseph Stiglitz won a Nobel Prize for it in 2001.
"Market economies are characterized by a high degree of imperfections," Stiglitz said during a press conference held at Columbia. "Older models assumed perfect information, but even small degrees of information imperfections can have large economic consequences. Our models took into account asymmetries of information, which is another way of saying 'Some people know more than others.'
The following saying is not intended to be subtle, “if you wa
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