Joseph Stiglitz's Year in Review

Miscellaneous Current Events
1

“The first lesson is that markets are not self-correcting. Indeed, without adequate regulation, they are prone to excess. In 2009, we again saw why Adam Smith’s invisible hand often appeared invisible: it is not there. The bankers’ pursuit of self-interest (greed) did not lead to the well-being of society; it did not even serve their shareholders and bondholders well. It certainly did not serve homeowners who are losing their homes, workers who have lost their jobs, retirees who have seen their retirement funds vanish, or taxpayers who paid hundreds of billions of dollars to bail out the banks.”

Heh, I don’t suppose Stitglitz would have thought bankers to be less greedy if lending standards were tightened; therefore, no houses for everyone. I can just imagine the profit in offering mortgages to people who will innevitably default on them.

2

Some people can spend their whole lives ostensibly studying a subject.

and they can have wasted their time.

3

I’m sure he’ll sell a lot of books and capture the imaginations of philosophy and English professors around the world.