Word: stiglitz
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Columbia economics professor and Nobel laureate Joseph E. Stiglitz chastised regulators, bankers, and economists for their role in the ongoing financial crisis before a full audience at Brattle Theatre last night...
...Stiglitz, a former World Bank Chief Economist who is known for his critical views of modern globalization, lambasted “market fundamentalists” for their devout adherence to capitalism, which resulted in loosened regulations and increased risk-taking...
...Stiglitz participated in a question-and-answer session with J. Cullen Murphy Jr., the editor-at-large at Vanity Fair, as part of a book tour promoting his recent release on the financial crisis titled “Freefall: America, Free Markets, and the Sinking of the World Economy...
...Stiglitz also criticized the Obama administration and the Federal Reserve for lending money to banks without a vision of what a stable financial system should look like or an acknowledgement of the danger of risk-encouraging incentives...
...Joseph Stiglitz, the Nobel Prize-winning economist, argues that a single-minded fixation on growth masked the warning signs of the financial crisis. Temporary profits in the financial industry, increasing debt loads, and the real estate bubble all contributed to a false rise in our economic measurements. (See how Nobel winners spend their prize money...