FromBloomberg news:
Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.
…
“It’s an outrage,” especially “in the U.S. where we poured so much money into the banks,” Stiglitz said. “The administration seems very reluctant to do what is necessary. Yes they’ll do something, the question is: Will they do as much as required?”
In almost every area the pattern repeats itself. Take a problem, any problem. Propose a halfway measure to deal with it, then compromise from there to make Susan Collins happy. Oh, and give a gratuitous kick to your own supporters as you’re doing so.
Imagine this country 20 years from now, when we’ll be able to say we did something about the health care crisis, just not enough to make a real difference; and that we did something about the economic system, just not enough to prevent another, and worse, meltdown; and that we did something about the energy crisis, just not enough to actually reduce our dependence on foreign oil; and that we did something about global warming, just not enough to keep the waters from inundating our coasts. Now that’s change we can believe in!
Consider this: if Obama had been president in the ’30s, Social Security would be the privatized system Bush tried to impose.
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