Greenspan, Bush to blame for U.S. crisis: Stiglitz

[cal04]

http://www.reuters.com/article/topNews/idUSL2719096320080427

Former Federal Reserve Chairman Alan Greenspan and the government of President George W. Bush were to blame for the U.S. financial crisis, Nobel laureate economist Joseph Stiglitz said in a magazine interview.

"This man (Greenspan) has unfortunately made a lot of mistakes," said former World Bank chief economist Stiglitz, according to a preview of the interview to be published on Monday in profil magazine.

"His first one was to support all the tax cuts which were introduced under Bush -- they didn't stimulate the economy very much ... This task was then transferred more towards monetary policy, though then (Greenspan) created a flood of credits with low interest rates," Stiglitz was quoted as saying.

(snip)
Stiglitz said Bush's government was also to blame.

"I reproach them, that the economy was not as resilient as it could have been due to the ongoing tax cuts and the huge costs incurred by the war in Iraq," he was quoted as saying.

[snappyturtle]

1. Now that a Nobel laureate has said it:

" '..........the economy was not as resilient as it could have been due to the ongoing tax cuts and the huge costs incurred by the war in Iraq"', I guess we can pat ourselves on the back.

[indepat]

2. "Greenspan, a name that will live in infamy" I've long proffered and will utter all the days of my

life for he was a major architect of the vast increase in payroll taxes and supporter of W's tax cuts to offload trillions of dollars from the lock-box mostly to the coffers of those already owning 95% or so of the nation's wealth all the while creating fiscal insanity, a real estate bubble, a faltering economy, a tanking dollar, the whole smear: I appreciate the Nobel laureate making my case. :D

[applegrove]

3. I love Stiglitz. He is a hero.

[SalmonChantedEvening]

4. As always, the smart people know ChuckleNuts for what he is.

A killer of companies, nations, and economies.

Hi cal04 :hug: :loveya:

[cal04]

5. and tells the truth

Hi SalmonChantedEvening
:hi: :loveya: