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Thread: Nobel Economist: Throw The Bankers In Jail

  1. #1

    Default Nobel Economist: Throw The Bankers In Jail

    STIGLITZ: We Have To Throw Bankers In Jail Or The Economy Won't Recover

    George Washington, Washington's Blog | Nov. 4, 2010,


    As economists such as William Black and James Galbraith have repeatedly said, we cannot solve the economic crisis unless we throw the criminals who committed fraud in jail.

    And Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future. See this, this and this.

    Nobel prize winning economist Joseph Stiglitz just agreed. As Stiglitz told Yahoo’s Daily Finance on October 20th:

    This is a really important point to understand from the point of view of our society. The legal system is supposed to be the codification of our norms and beliefs, things that we need to make our system work. If the legal system is seen as exploitative, then confidence in our whole system starts eroding. And that’s really the problem that’s going on.
    ***
    A lot of the predatory practices in automobile loans are going to be able to be continued. Why is it OK to engage in bad lending in automobiles and not in the mortgage market? Is there any principle? We all know the answer to that. No, there’s no principle. It’s money. It’s campaign contributions, lobbying, revolving door, all of those kinds of things

    Read more: http://www.businessinsider.com/nobel...#ixzz14xJv5GMV
    Last edited by zengrifter; November 12th, 2010 at 11:47 AM.
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  2. #2
    Join Date
    Nov 2010
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    Red face

    Possibly the automobile exception is due to a responsibility negotiation. In some states the Personal Property taxes are paid by the leasor, not the leasee.

    So maybe a few fees and payments buried *need to be* had, and of course the leasee needs to be had. It ain't free, even though its supposed to be *paid for* by the leasor. Insurance anyone?

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