On Mon, 13 May 2024 17:46:14 -0700, Bob F wrote:
O'm not sure how I managed to see the full article. Freedom dies behind a
paywall.
Post by Bob Fhttps://www.washingtonpost.com/opinions/2024/05/13/stiglitz-captialism-
economics-democracy-book/?
utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-
url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-
tr%2F3db3c26%2F66423df2c6c5c3514b107509%2F5f8f75629bbc0f34d502434a%2F12%2F45%2F66423df2c6c5c3514b107509
"Freeing bankers from what they claimed to be excessively burdensome
regulations put the rest of us at risk of a downturn potentially as bad as
the Great Depression of the 1930s when the banking system imploded in
2008."
Stiglitz fails to mention that the Financial Modernization act of 1999 and
the Commodity Futures Modernization Act of 2000 were both signed into law
by Bill Clinton. Larry Summers championed both and brought his neoliberal
ideas with him when Obama inherited him.
https://www.vox.com/policy-and-politics/2019/9/20/20874204/obama-farhad-
manjoo-neoliberalism-financial-crisissanders-warren
There is an interesting paragraph on that page:
"Obama never saw that option. In the final memo Summers crafted, it was
deleted as politically impossible. But here’s the thing: Summers and Romer
are both, in the popular definition of the term, neoliberals. They’re both
economists who believe strongly in markets. Krugman and Stiglitz are also
lumped in as neoliberals."
I don't know how Stiglitz made it into that group. In any case the
Democrats have embraced neoliberalism as well as the Republicans. I
believe the death of neoliberalism under Biden has been greatly
exaggerated.