Bank Bailouts: Nobel Laureate Joseph Stiglitz Argues For The Creation Of New Banks (Video And Links 3-22-09)
Twice a winner of the Nobel Prize, Columbia professor Dr. Joseph Stiglitz appeared recently on CNBC's Power Lunch. I will attempt to transcribe some of his comments later but for now just watch. His thesis in this interview is that we should create new banks with taxpayer capital and NOT prop up the zombies that are full of toxic assets.
Stiglitz is a site hero for many reasons but his famous line that " The Obama Administration's bad bank proposal is Cash For Trash" explains nicely why we're very fond of his thinking.