Freefall

Freefall

America, Free Markets, and the Sinking of the World Economy

Book - 2010
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The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences. The crisis has sparked an essential debate about America's economic missteps, the soundness of this country's economy, and even the appropriate shape of a capitalist system.Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is "an insanely great economist, in ways you can't really appreciate unless you're deep into the field" (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those "too big to fail," while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new "bubble capitalism."Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges--in health care, energy, the environment, education, and manufacturing--and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a "rational" market or to the view that America's global economic dominance is inevitable and unassailable.For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a "just-enough" recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.
Publisher: New York : W.W. Norton & Co., c2010.
Edition: 1st ed.
ISBN: 9780393075960
0393075966
Characteristics: xxx, 361 p. : 25 cm.

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StarGladiator
Feb 07, 2017

When the fewmets hit the fan, when you want to understand what's going on, who you gonna call? Joe Stiglitz, the forever clueless, witless guy who appears to have ZERO learning curve, or the farsighted, super-sharp thinker, Nassim Taleb?
Me, I'll go with Prof. Taleb everyday of the week!
Stiglitz just recently came out for a cashless society - - every transaction online - - so the banksters can bleed us dry on each and every possible transaction. Now, is Stiglitz pure evil for doing this, or simply a witless fool? At this point, I really believe Stiglitz is that witless. Now Robert Reich, with his Pet Rock-like mind, exists at a cognitive level below that of Stiglitz, but Paul Krugman, faux liberal without any conscience, is really just leading the sheeple on. [I remember giving him the benefit of the doubt, and when he stated publicly in his most glib manner, that the skyrocketing price of oil in 2008 was simple supply-and-demand, I attempted to point out to him the super-speed wash sales which Goldman Sachs and Morgan Stanley were doing on ICE [InterContinental Exchange] to pump up the prices of not only oil and energy futures, but those substances used in the refining process, plus establishing a Freight Forward Futures Desk to speculate freight forward futures upwards [transportation of oil, such as supertanker rentals, railroad container cars, etc.], and Krugman acted either ultra-dense or clueless, I wondered if he was crooked or dumb [could always be both with Krugman].
Stiglitz mentions // failed policies \\ - - sorry, Joe, but there was nothing failed about policies which sold $23 trillion in securitized debt between 1997 to 2007, and between 2007 to 2009 transferred wealth of $23 trillion from the 90 percent to the uppermost .01 and .1 percent groups!
Stiglitz mentions // things that weren't supposed to happen \\ - - sorry, Joe, John Paulson specifically approached Goldman to create trash CDOs, which they both then purchased CDSes on [to the tune of $1.4 million per CDS, with a payout of $100 million per - - and that's why AIG was taken over by the gov't and Paulson and the GS boys and girls got super-rich], and ditto Magnastar Capital, et al. to the max!
Stiglitz keeps prattling on that 2008 meltdown came as a surprise to so many - - that dude needs to get out more and get online more - - plenty were forecasting it, especially Nassim Taleb.
And Stiglitz won the Nobel - - but, but . . . neither Nobel, the Nobel family nor the Nobel Foundation ever set up a prize in economics, just the Swedish Central Bank, and for some reason the Fake News people call it a Nobel Prize in Economics - - now there's your biggest scam!
// . . . the Fed's bungling . . . \\ Oh come on! They knew exactly what they were doing, tweaking the rates to keep that housing bubble perfectly primed for as long as possible.
[Oh wow, Joe, now that you've explained it all to us simple folk, I'm sure the Bankster Party [with it's r-con and faux crat wings] will rectify everything!]

jlazcan Nov 11, 2011

Big Joe Stiglitz has written an informative and easy to read book about his thoughts on the crumbling economy. His views are very pertinent to the current climate in the post 2008 economic environment. He explains very clearly how he believes we have gotten ourselves into this mess we are in. The book is definitely skewed to the left of the political spectrum and one should keep in mind that Stiglitz is the “go to guy” in Democratic circles. The man has the intelligence and pedigree to and deserves to be listened to, but many in politics will find it hard to put his plans into play considering the center right politics in the US. If you want to read a straight forward easy to read book on economics then this is a good place to start.

l
Lande
Oct 24, 2010

Nobel laureate, Joseph Stiglitz, has written an enlightening book in jargon-free language that makes complex economic issues easy to understand. Freefall is a must read insightful diagnosis of events that lead to the recent economic crises, and a delight to read compared to the mostly superficial books on the topic.
It’s a wake up call to amend our economic structure for better regulations and laws to revitalize our trust in institutional arrangements.

2
21288004246712
Jun 12, 2010

Ivory Tower lecture, the US will not shift economic and social policies to the left regardless of how flawed the current system is,

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