Thu 8 Jan 2009
Stiglitz & Feldstein: conversation about Obama’s economic stimulus
Posted by Prieur du Plessis under Investment, Markets, Money
The video clip below features Charlie Rose discussing Barack Obama’s economic stimulus package with Joseph Stiglitz, Nobel Prize winner and professor at Columbia University, and Martin Feldstein, professor at Harvard University and former Council of Economic Advisors chairman/National Bureau of Economic Research president. Good stuff.
Click here or on the image below to view the clip.
Source: Charlie Rose, January 6, 2009.
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January 8th, 2009 at 12:45 pm
Excellent IV. Illustrates the dire strait of the US economy. We are many years away from seeing the mess resolved. At least 10 IMO.
January 8th, 2009 at 6:40 pm
I listened to that discussion real time, and kept wondering why neither Stiglitz nor Feldstein mentioned how the fat cat bankers would game the system. If Uncle Sammy kicks in billions as a bail out (or allows the bankers the luxury of retroactive tax credits against losses) they’ll surreptitiously tell appraisers to lowball house values in order to increase the write downs they can stick on the taxpayer. OTOH, if Uncle Sammy shrugs and the fat cats become bagholders for all those 100 to 125% LTV mortgages, they’ll likely cherry pick high appraisals and skim profits and bonuses some other way.
Shoot the bankers and hedge fund operators, bail out homeowners and longterm stockholders.