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Quote by Joseph Stiglitz

“The recovery of the banks is what happens when you reduce competition, lend money to them at zero interest rates, allow them to gamble. That particular style of restoration actually inhibits the economic recovery.”

Quote by Joseph Stiglitz

Author

Joseph Stiglitz

Joseph Stiglitz is a renowned economist born on February 9, 1943, in the United States. He has made extensive contributions to the field of economics, particularly in the areas of development economics, globalization, and financial policy. Stiglitz served as Chief Economist and Senior Vice President at the World Bank and was awarded the Nobel Prize in Economics in 1998. more

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“Wall Street banks have used the same tactic that Bush used in the war on terror - fear - and they've basically said that if you don't do what we tell you, the sky will fall. If you don't do what we tell you, it will be the end of capitalism as we know it. The failure of Lehman Brothers lent some credence to those fears.”

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“Temporary nationalization of the banks that are in very bad shape would mean basically that the government is the temporary owner. I always believe that the government should focus on its comparative advantages, and banking is not one of them. It should, therefore, if it nationalizes banks, sell them back to the private sector.”

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“Health care is very different from other sectors of the economy in several respects, one of which is the fact that the risk can be very high beyond people's ability. That leads to insurance.”

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“There is a growing consensus that the European systems have worked better than the American: They have been able to deliver better health care to more people at lower cost.”

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“I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.”

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“Unfettered market American-style capitalism doesn't work. Developing countries can't afford that kind of luxury. They just can't afford it. Period. If there's a mistake, they can't afford to put out $2 trillion.”

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“If the President asked you to help, I don't think anybody could refuse, unless one felt that one couldn't be effective.”

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“One has to always ask the question: Where can one be most effective in helping shape policies? It is always difficult when you're inside because you're very constrained.”

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“I've been playing music most of my life.”

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“When you're young and you play music, you have a peer group, you come out of a scene. There's a lot of people you know, and then you have some success, and it all goes away.”

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