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Quote by Joseph Stiglitz

“What most Americans mean when they say "the end of the recession" is, "When will it be back to normal? When can we get jobs? When will the employment rate be back to 4 percent or 5 percent?"”

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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“For that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.”

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“They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.”

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“When I said "the pocket of the banks," it is not necessarily a mercenary relationship. It is a mindset.”

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“I want to see a more progressive Democratic ticket. I'm not happy with the Democratic Leadership Council's dominance of the party. And although I'm unlikely to be the person, I want Wisconsin's progressivism to influence the ticket. And we'll do better as a party if we do. We'll have more energy. We'll have a broader tent.”

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“I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"”

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“I do think there would be a receptivity to somebody who campaigned in a straightforward, cohesive way, supporting an increase in the minimum wage, being for universal health care for all Americans, and opposing trade agreements like NAFTA.”

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“Health care is still the number-one issue out there. Someone who seizes it, I think, will do very well in an election. Let's face it: Clinton's two big issues were the middle class tax cut, which he dropped, wisely, at the time to help reduce the deficit, and health care. That's what he ran on.”

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“The most significant impact is what it does in terms of the integrity of the legislative process and the executive process, as opposed to what it does for campaigns. But to remove this unheard of process in the 1990s, where members of Congress are being pushed and shoved every Tuesday to ask for $100,000, $500,000, a million dollars from corporations, unions, and individuals, this was never allowed in American history.”

“The fact that the government had to put up hundreds of billions of dollars to Citibank in guarantees was a public declaration that Citibank was a mess. Making Citibank go through financial restructuring would not have conveyed any more different information. So it's very hard to see why it would have had that kind of a panic if it were done well.”

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“We could have saved Wall Street without putting our future in jeopardy. I predicted that there would be all-around consequences - in the long run as well as in the short run. People are now saying we can't afford health care reform because we spent all the money on the banks. So, in effect, we're saying that it's better that we give rich bankers a couple of trillion than giving ordinary Americans access to health care.”