The Economist interviewed Joseph Stiglitz yesterday.
He says we are a long way from being normal, and a new normal that is very inadequate. It is unlikely that unemployment will come down, it is an astronomical level. Growth will not be strong enough to create jobs. It is a version of Japanese style malaise.
Banks are not working, they are awash in excess reserves. Giving them more reserves will not cause them to lend (Q: so is the Fed's policy just to make the bank more profits?). The violations have been massive and they are undermining the rule of law in America, bad mortgages still fester.
Friday, December 3, 2010
Stiglitz on the Economist: The U.S. Is Entering A Japanese Malaise; New Normal is Very Inadequate
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