Tuesday, March 24, 2009

Stiglitz says ‘No’

Geithner rescue package 'robbery of the American people'

The US government plan to free beleaguered banks of up to $1 trillion (£690bn) of toxic assets will expose American taxpayers to too much risk, leading economist Joseph Stiglitz has cautioned. The Nobel Prize-winning economist, speaking a day after the Dow Jones Industrial Average rose by almost 7pc in support of the novel public-private partnership (PPIP), said that the plan is "very flawed" and "amounts to robbery of the American people." Professor Stiglitz on Tuesday led a list of well-known economists and high-profile industry figures who have said Treasury Secretary Tim Geithner's toxic asset plan may not be as successful as it first seems.

Posted by charlie brooker @ 11:03 PM (2156 views)
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7 thoughts on “Stiglitz says ‘No’

  • Hmmm…. consider the following:

    “Others to criticise the plan include… Bill Gross, of bond manager PIMCO, who has said he does not believe the plan will be enough to solve the banking crisis.”

    “… a number of major banks and bond houses are understood to have already agreed to sign up to the programme, with PIMCO and BlackRock among two investors to have raised their hands”

    So, one of the ‘early adopters’ doesn’t think it will work. Is this meant to inspire confidence?

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  • Is there any way for America (or UK) to return to business as usual at this stage? I am beginning to doubt that there is an orderly way out of this mess now.

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  • “I am beginning to doubt that there is an orderly way out of this mess now.”

    Many others are there before you qg, but unlike me they tend not to post.

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  • ….was there not a very noticable increase in gun purchases in the usa in the last couple of months..orderly…..mmmm lets see

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  • If the American people get out of control Bush/Obama the gun grabber have some nice big detention centres already lined up for them all.

    Engineered boom, engineered bust? Lots of secret bail outs on top of huge sums made from the boom all squirreled away out of sight.

    Weakening America and it’s people into submission? Yes.

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  • Globalisation, Centralisation.

    Power corrupts, absolute power corrupts absolutley.

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  • mountain goat says:

    Americans are standing up to the Wall Street conmen and Washington DC poodles. There is a constitutional movement in the USA to return to non-fiat gold and silver based money called the “The Constitutional Tender Act”. The Georgia House of Representatives held its first hearing on this yesterday, with both bankers and gold money proponents speaking. As this website notes Montana, Missouri, Colorado, Indiana, New Hampshire and Ohio have similar bill proposals.

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