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« Debate Over AIG Bonus Outrage: Nothing Beats A $35,000 Commode | Main | Bank Bailout News Video: Ben Bernanke And Sheila Bair Discuss The Banking Crisis »
Sunday
Mar222009

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.

Related:

Stiglitz Comedy Interview on The Colbert Report (video)

Stiglitz at Davos on 'Bank Management Stupidty' (video)

Stiglitz Op-ed On How To Fix The Bank Bailouts 

 

 

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Reader Comments (12)

Hat tip to economist C.W. (Charlie) for alerting me to this outstanding article.

The Big Takeover

The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution

MATT TAIBBI

So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial — we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream. When Geithner announced the new $30 billion bailout, the party line was that poor AIG was just a victim of a lot of shitty luck — bad year for business, you know, what with the financial crisis and all. Edward Liddy, the company's CEO, actually compared it to catching a cold: "The marketplace is a pretty crummy place to be right now," he said. "When the world catches pneumonia, we get it too." In a pathetic attempt at name-dropping, he even whined that AIG was being "consumed by the same issues that are driving house prices down and 401K statements down and Warren Buffet's investment portfolio down."

http://www.rollingstone.com/politics/story/26793903/the_big_takeover/print
Mar 22, 2009 at 3:35 PM | Registered CommenterDailyBail
A CHARMING visit with Jay Leno won’t fix it. A 90 percent tax on bankers’ bonuses won’t fix it. Firing Timothy Geithner won’t fix it. Unless and until Barack Obama addresses the full depth of Americans’ anger with his full arsenal of policy smarts and political gifts, his presidency and, worse, our economy will be paralyzed. It would be foolish to dismiss as hyperbole the stark warning delivered by Paulette Altmaier of Cupertino, Calif., in a letter to the editor published by The Times last week: “President Obama may not realize it yet, but his Katrina moment has arrived.”

http://www.nytimes.com/2009/03/22/opinion/22rich.html?ref=opinion
Mar 22, 2009 at 3:37 PM | Registered CommenterDailyBail
Saturday March 21, 2009 09:08 EDT
The virtues of public anger and the need for more

With lightning speed and lockstep unanimity, opinion-making elites jointly embraced and are now delivering the same message about the public rage triggered this week by the AIG bonus scandal: This scandal is insignificant. It's just a distraction. And, most important of all, public anger is unhelpful and must be contained or, failing that, ignored.

This anti-anger consensus among our political elites is exactly wrong. The public rage we're finally seeing is long, long overdue, and appears to be the only force with both the ability and will to impose meaningful checks on continued kleptocratic pillaging and deep-seated corruption in virtually every branch of our establishment institutions. The worst possible thing that could happen now is for this collective rage to subside and for the public to return to its long-standing state of blissful ignorance over what the establishment is actually doing.


http://www.salon.com/opinion/greenwald/2009/03/21/anger/index.html
Mar 22, 2009 at 3:38 PM | Registered CommenterDailyBail
Commentary by Jonathan Weil



March 19 (Bloomberg) -- The banks demanded that the accountants give them leeway in how they report losses to investors. The accountants responded by giving away their souls.

This week, the Financial Accounting Standards Board unveiled what may be the dumbest, most bankrupt proposal in its 36-year history. If it stands, the FASB ought to change its name to the Fraudulent Accounting Standards Board. It’s that bad.

Here’s what the board is floating. Starting this quarter, U.S. companies would be allowed to report net-income figures that ignore severe, long-term price declines in securities they own. Not just debt securities, mind you, but even common stocks and other equities, too.


http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=aGdxdLHUVGrs
Mar 22, 2009 at 3:40 PM | Registered CommenterDailyBail
Investor on Private Public Partnership: "One would have to be a criminal to participate in this"



http://www.nakedcapitalism.com/2009/03/investor-on-private-public-partnership.html
Mar 22, 2009 at 3:41 PM | Registered CommenterDailyBail
Krugman very correctly hates the Geithner plan that has been leaked.


Despair over financial policy

The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won.

The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.

http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/
Mar 22, 2009 at 3:45 PM | Registered CommenterDailyBail
More on why Krugman hates the geithner plan.


More on the bank plan

Why was I so quick to condemn the Geithner plan? Because it’s not new; it’s just another version of an idea that keeps coming up and keeps being refuted. It’s basically a thinly disguised version of the same plan Henry Paulson announced way back in September. To understand the issue, let me offer some background.


Start with the question: how do banks fail? A bank, broadly defined, is any institution that borrows short and lends long. Like any leveraged investor, a bank can fail if it has made bad investments — if the value of its assets falls below the value of its liabilities, bye bye bank.


http://krugman.blogs.nytimes.com/2009/03/21/more-on-the-bank-plan/
Mar 22, 2009 at 3:46 PM | Registered CommenterDailyBail
Krugman on why Brad Delong is an administration apologist.

Delong should get a new career. I really, really, really, don't like Delong's bullshit and I read his crap everyday.


http://krugman.blogs.nytimes.com/2009/03/22/brad-delongs-defense-of-geithner/
Mar 22, 2009 at 3:47 PM | Registered CommenterDailyBail
Atrios thinks brad delong is nuts as well.

http://www.eschatonblog.com/2009/03/uh-brad.html
Mar 22, 2009 at 3:49 PM | Registered CommenterDailyBail
Mar 22, 2009 at 3:50 PM | Registered CommenterDailyBail
IF I hear one more financial employee from a bailed out firm complain, I might snap.

These fucking assholes have a sense of entitlement that is beyond imagination.

You work for a fucked up firm that is on the taxpayer dole.

Deal with it or quit.

You will get no more money from us.
Mar 22, 2009 at 5:27 PM | Unregistered CommenterDailyBail
Eeny, meeny, miny, moe
catch a bankster by the toe
when he hollers let him go!
eeny meeny miney moe
May 14, 2010 at 5:38 PM | Unregistered CommenterRecoverylessRecovery

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