new pecora open letter

[Skip to the end] The ‘finanical crisis’ is not an economic concern per se. Particularly as the financial sector contributes no value added to the real economy and for the most part serves no public purpose. However, when aggregate demand falls short of politcal goals, as evidenced by the unemployment rate, capacity utilization, and other […]

Stiglitz criticizes Bad Bank Plan

[Skip to the end] He gets some things right, but always manages to get a lot wrong: That amounts to swapping taxpayers’ “cash for trash,” Stiglitz said in a panel discussion at the World Economic Forum in Davos, Switzerland today. “You shouldn’t chase good money after bad. We’re talking about a national debt that’s very […]