Stiglitz: Financial Woes Worse than a Year Ago

Stiglitz: Financial Woes Worse than a Year Ago

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Stiglitz: Financial Woes Worse than a Year Ago

Monday, September 14, 2009 10:32 AM

By: Dan Weil Article Font Size



Nobel laureate economist Joseph Stiglitz says that despite all the government intervention since the collapse of Lehman Brothers a year ago, the financial system is no safer.


In fact, the opposite is true, he told Bloomberg.


“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz maintains.


“The problems are worse than they were in 2007 before the crisis.”


Other experts share the C

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reply to post by skycopilot

Precisely, the bankers are like ferengi, wanting to profit profit profit whatever the risk! They know they are too big to fail, so they make sure they don't have this advantage removed from them! If there's another crisis leading to another bailout, providing the penny jar has some coins left, there will be riots and lynch mobs outside banks trying to burn the banks down. Otherwise there will be people queuing to withdraw their cash, and banks will close down. Either way, most probably, people will riot like hell.