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Tuesday, July 21, 2009

Joseph Stiglitz, Paul Krugman, God, Sarah Palin the anti-poet, Nuclear Holocaust in Mid East

Stiglitz has warned for years that pro-market zeal would cause a global financial meltdown very much like the one that gripped the world last year. In the early '90s, as a member of Clinton's Council of Economic Advisers, Stiglitz argued (unsuccessfully) against opening up capital flows too rapidly to developing countries, saying those markets weren't ready to handle "hot money" from Wall Street. Later in the decade, he spoke out (without results) against repealing the Glass-Steagall Act, which regulated financial institutions and separated commercial from investment banking. Since at least 1990, Stiglitz has talked about the risks of securitizing mortgages, questioning whether markets and authorities would grow careless "about the importance of screening loan applicants." Malaysian economist Andrew Sheng says, "I think Stiglitz is the nearest thing there is to Keynes in this crisis." The Most Misunderstood Man in America
Joseph Stiglitz predicted the global financial meltdown. So why can't he get any respect here at home?

In a blog post Sunday morning, Paul Krugman said Hirsch "somewhat misses the point." It's not that Stiglitz is being excluded because of his criticism and his tendentious relationship with some Obama officials, Krugman says. Rather, an entire economic perspective is lacking in the White House.

God Orders Sanford to Stop Putting Words in His Mouth

Watching Sarah Palin resign the other week, I remembered how frustrating it is to listen to her speak. She uses simple words, but combines them into a fog that's hard to penetrate, out of which a few political clich├ęs like "freedom" and "reform" appear. Most politicians, of course, obfuscate to some degree, but Palin is a master, and she does it constantly. Look at how she turns a simple statement into a mind-numbing puzzle (this is from Hart Seely's terrific collection of found poems taken from actual Sarah Palin quotes):Sarah Palin, The Anti-Poet

It's the nightmare that haunts the modern Middle East --Iran succeeds in its quest for nuclear weapons and goes to war with Israel, causing massive human casualties and destruction on a demonic scale that in turn could trigger a worldwide economic collapse. Middle East atomic conflict would kill tens of millions: report

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