Nobel Economist Stiglitz: “US Privatized Profits, Socialized Losses Is Not Capitalism.” It’s Fascism

January 26, 2010

[ Damn right ]

Joseph Stiglitz understands half the US economic disaster when he explains current policy is “no way to run an economy that’s going to work,” “there’s moral hazard everywhere,” and newly-invented and unregulated financial markets have only increased risk, not decreased it.

The Nobel Laureate, former chief economist for the World Bank, and current Columbia university economics professor understands fully that US economic policy is designed to benefit an elite-class of financial market “traders.”
He accurately articulates that gambling losses in fraudulent credit default swaps, collateralized debt obligations, and leveraged investments/bets without the capital to back their losses are socialized by the TRILLIONS in an unprecedented transfer of wealth from taxpayers to a financial oligarchy.
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And Mr. Stiglitz understands the consequences of a shattered economy on near-record unemployment in the US most accurately measured at 22%.
Mr. Stiglitz accurately gives a high school-level definition of such an economic system as “not capitalism.”
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