Power of Story
Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   2 comments
OpEdNews Op Eds

"Either In the Pocket of the Banks or Incompetent"

By       Message David Sirota     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

Must Read 2   Well Said 1  
View Ratings | Rate It

opednews.com Headlined to H3 4/17/09

Author 18
Become a Fan
  (9 fans)
- Advertisement -

Published on OurFuture.org

Created 04/17/2009 - 11:05am

On the same day that the New York Times [1] reports that Obama auto czar Steve Rattner has become embroiled in an SEC corruption investigation, we get this declaration by one of the most well-respected progressive voices in the world [2]:

The Obama administration's bank- rescue efforts will probably fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said.

- Advertisement -
    "All the ingredients they have so far are weak, and there are several missing ingredients,"- Stiglitz said in an interview yesterday. The people who designed the plans are "either in the pocket of the banks or they're incompetent."-

The Troubled Asset Relief Program, or TARP, isn't large enough to recapitalize the banking system, and the administration hasn't been direct in addressing that shortfall, he said. Stiglitz said there are conflicts of interest at the White House because some of Obama's advisers have close ties to Wall Street.

Stiglitz is reiterating a truth that he and many of us have been saying for months now - a truth that Obama partisans still somehow see as unacceptable to talk about. Typically, those who publicly make these kinds of statements are berated as illegitimate and/or uneducated - as if they somehow don't understand the Secret Pony Plan the Obama administration is really pushing with its no-string-attached bailouts.

- Advertisement -
But it's hard to argue that a Nobel Prize-winning progressive ecoomimst like Stiglitz isn't legitimate or educated. Indeed, it's hard to argue that he's wrong, considering his independence and his record. When someone like him blows the whistle, we should all listen.

    * An Economy for All

Campaign For America's Future

1825 K Street, NW, Suite 400, Washington, DC 20006
202-955-5665 (tel) | 202-955-5606 (fax) | www.ourfuture.org

Links:
[1] click here />[2] click here
- Advertisement -

 

- Advertisement -

Must Read 2   Well Said 1  
View Ratings | Rate It

David Sirota is a full-time political journalist, best-selling author and nationally syndicated newspaper columnist living in Denver, Colorado. He blogs for Working Assets and the Denver Post's PoliticsWest website. He is a Senior Editor at In These Times magazine, which in 2006 received the Utne Independent Press Award for political coverage. His 2006 book, Hostile Takeover, was a New York Times bestseller, and is now out in paperback. He has been a guest on, among others, CNN, MSNBC, CNBC and NPR. His writing, which draws on his (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Tax the Corporations and the Rich or Take Draconian Cuts -- the Decision Is Ours

Bush Used the IRS, FBI, CIA and Secret Service to Go After Opponents -- Where Was the Fox and GOP Outrage?

GOP: Recession's Foreclosure Victims "Want a Homeless Life"

How the Trans-Pacific Partnership Gives Corporations Special Legal Rights

Busting myths that FDR prolonged Great Depression

Tell a Friend: Tell A Friend


Copyright © 2002-2017, OpEdNews

Powered by Populum