And this guy is being paid $1M a year by Manchester University to solve the
problem of world poverty!
Bruce R
----- Original Message -----
From: "Drewk" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Wednesday, September 17, 2008 8:06 PM
Subject: Stiglitz
> At
>
> http://www.cnn.com/2008/POLITICS/09/17/stiglitz.crisis/index.html?iref=topnews
>
> Joseph Stiglitz (Nobel laureate and former World Bank Senior VP) has an
> article "How to prevent the next Wall Street crisis"
>
> After listing a 6-point program chock-full of proposed regulations and
> laws,
> he acknowledges:
> "These reforms will not guarantee that we will not have another crisis."
>
> * Then why the title "How to prevent the next Wall Street crisis"?)
>
> And he goes on to explain: "The ingenuity of those in the financial
> markets
> is impressive. Eventually, they will figure out how to circumvent whatever
> regulations are imposed."
>
> * Yep. So why the 6-point program?)
>
> "But these reforms will make another crisis of this kind less likely, and,
> should it occur, make it less severe than it otherwise would be."
>
> * But if the financial markets WILL eventually circumvent whatever
> regulations are imposed, then why isn't another crisis equally likely with
> these regulations as without them? And why won't it be as severe with
> them
> as without them?
>
>
> Andrew Kliman
> akliman.squarespace.com
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