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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: koan12/24/2008 11:44:32 PM
2 Recommendations   of 116555
 
Watching Stiglitz (2001 nobel prize winner) on Bloomberg. He gives Paulson an F and implies both Greenspan and Bernanke deserve the same.

His primary point though is exactly the same as Krugman's (2008 nobel prize winner) that the free market capitalism was an ideology bordering on religion and not economic science. And good economists knew it does not work.

Stiglitz said we have lots of historic proof (unregulated capitalism) does not work e.g. when it was tried in Chile under Pinochet and it took them 20 years to dig out of that hole. Russia (my note). Krugman backs Stiglitz up as he harps on the neo cons in his recent book.

But this has been the economic philosophy since Reagan and even coopted to some degree by Clinton (allowing repeal of Glass Steagall for one thing), but with better regulation. Since 2001 the poor have gotten poorer and the rich richer.

And lord only knows where this ends up.

I do not expect the neo cons to give up there supply side ideology though, IMO, as it is really a matter, to a large degree, of a power struggle, between the haves and have nots.

The supplyside economics, to a large degree, is used as an excuse for the rich's tinkle down economics. One always wants to get their money first.
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