http://www.bloomberg.com/apps/news?pid=20601087&sid=a1GMxUFBOhrY&pos=5
“We have this very strange situation today in America where we have given banks hundreds of billions of dollars and the president has to beg the banks to lend and they refuse,” Stiglitz said yesterday. “What we did was the wrong thing. It has weakened the economy and has increased our deficit, making it more difficult for the future.”
While the U.S. economy grew at a 3.5 percent annual rate in the third quarter, the first expansion in more than a year, the economist said the recession is “nowhere near” its end, citing rising unemployment and weak demand.
Me: We can not bitch an moan about bonuses paid and shitty bank lending when there was an option available earlier this year to seize crappy, insolvent banks. Risky pieces could have been sold off, lenders could be told to lend as we would own that bank.
We do have a surreal situation where we own pieces of banks but we have no say, they pay their yuppie employees what they want, they give the taxpayers the finger. It’s total crap.
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