US Nobel economist calls financial crisis worst since Depression

[girl gone mad]

A good read, particularly the last bit.

http://news.monstersandcritics.com/business/news/article_1395989.php/US_Nobel_economist_calls_financial_crisis_worst_since_Depression

US Nobel economist calls financial crisis worst since Depression

Wellington - The current financial crisis is the worst the world has seen since the Great Depression of the 1930s and the US Federal Reserve move to cut interest rates will not make much difference, the Nobel Prize winning economist Joseph Stiglitz said on Wednesday.

'It will have some impact - it will do a little bit to stem the blood - but it's not addressing the fundamental problems underlying the collapse of the financial sector,' he told Radio New Zealand.

Stiglitz, who won the Nobel Prize in economics in 2001, is a former chief of the World Bank and chaired former US president Bill Clinton's council of economic advisers. He is in New Zealand on a speaking tour.

He said the Federal Reserve's move to cut its funds rate by three- quarters of a percentage point was 'just trying to ease the economy down rather than try to address the underlying problems.'

(snip)

'They didn't want Americans to know exactly how bad the war was for the economy so they flooded it with liquidity, they looked the other way with regulations and they deliberately, I think, postponed the problem into the future and now we're paying the price.'

[lapfog_1]

1. But, but, but.... deficits don't matter!!!

Dick Cheney can't be wrong about that, can he???

:sarcasm: :sarcasm: :sarcasm: :sarcasm:

[ngant17]

2. deficits really don't matter

to people who can afford to pay $5/gal. at the gas pumps. It could be $10/gal. and they still wouldn't care as long as they are rich enough, the rest of us can go to hell.

[tanyev]

3. "worst since Depression"

Get ready to see that phrase more and more frequently.

[dixiegrrrrl]

4. Notice this guy's bona fides

Used to Prez of world Bank?
We know by now how that bank works.
Used to be Clinton Admin. money man?

Not exactly a saintly history, but can't disagree with his point, either.

[newfie11]

5. As I remember this country

was in good shape when bill was president and were we not paying off our depts. I would love to see the US in the place it was when clinton was president!

[Hydra]

6. Interesting how they are easing us into it

"Not a recession"
"Might become a recession"
"A slight recession"
"A troubling recession"
"The worst recession since WWII"
"The worst recession since the depression"

Just say it- it's the Great Depression 2.0, and it's just as deliberate this time as it was last time.

[sendero]

7. I know..

.. the MSM is always 6 months behind where this thing really is.

It fools a lot of people who want to believe this is no big deal.

[bronxiteforever]

8. Kick. His last point in bold on the post is what the next POTUS faces.