Stiglitz puts the blame where it belongs

i'm glad to see someone i respect as much as stiglitz knocking the cardboard guru, alan, off his perch...

"This man (Greenspan) has unfortunately made a lot of mistakes," said former World Bank chief economist Stiglitz, according to a preview of the interview to be published on Monday in profil magazine.

"His first one was to support all the tax cuts which were introduced under Bush -- they didn't stimulate the economy very much ... This task was then transferred more towards monetary policy, though then (Greenspan) created a flood of credits with low interest rates," Stiglitz was quoted as saying.

[...]

Stiglitz said Bush's government was also to blame.

"I reproach them, that the economy was not as resilient as it could have been due to the ongoing tax cuts and the huge costs incurred by the war in Iraq," he was quoted as saying.

He said it was a myth that Europe could decouple itself from the United States.

"Especially the weak dollar will continue to hit the European economy hard, because it will make it much harder to export," he said.

where i disagree with stiglitz is that i don't believe either greenspan or bush have made "mistakes"... i think they've followed the script to the letter... it's a trap to make an assumption that either of the sorry bastards have the slightest interest in serving the common good...

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