Stiglitz: Where's Waldo?

Editor’s Comment: Once upon a imte Social Security was the third rail of politics. Nobodoy wanted to touch it during campaigns. Now the subject is foreclosures, the mortgage mess, title corruption, disruption of the real estate market, the economy and our financial system through an illegal PONZI scheme. Nobody wants to talk about except perhaps a Nobel Prize Winning Economist like Stiglitz, Simon Johnson from the IMF and dozens of central bankers around the world and some central bankers here at home whose voices are stepped on by campaign ads for 47%, 1 %, 99% and 4% (the amount of the increase of taxes on high income people).

While there are still people whose policy advice still stmes from fear of financial collapse if the mega banks are taken down, the people who really know what is going on are in complete agreement — we have done nothing to prevent the next crash, which in my opinion is coming soon.

Obama has done an amazing job of bringing us from the  brink of a great depression deeper than the first one, he can’t bring us much above 2.5% GDP growth without helping financially strapped homeowners and consumers who were screwed by the culture of debt and trickery stemming from Wall Street over the past 30 years.

But just because there were 800,000 jobs per month being lost when he took office and that could have amounted to an additional  35 million people out of work, doesn’t mean that Obama is some kind of financial genius. I’ll give them credit for saving the system, albeit in rather awkward ways.

If we want to return a robust economy with 3-4-5% GDP growth we must do something about past abuses in housing, current abuses and future abuses. Just ask anyone with real facts and real data on the economy and you’ll see what I mean.

Stiglitz Article

Posted in bubble, Corruption, Eviction, securities fraud |