(Does anyone know why Stiglitz would risk ridicule by trying to contrast
Volcker - who rapidly deregulated US banking in the 1980s during his
sado-monetarist reign - with Summers/Rubin? Is it pure self-serving
silliness because Stiglitz hates those guys for getting him fired in
1999, amongst other long-standing grudges?: "Many of the people whose
names have been floated around have actually been implicated in some of
the deregulation initiatives that got us into this mess -- or who
supported, in one way or another, these deregulation initiatives.")
November 5
NEW YORK (Reuters) - Nobel economics laureate Joseph Stiglitz said on
Wednesday that former Federal Reserve Chairman Paul Volcker would be
"the kind of person" suited to be Treasury Secretary in the incoming
Obama administration.
Volcker, one of President-elect Barack Obama's principle economic
advisers, has the deep knowledge that financial markets would need to
restore confidence and boost activity hit by the 14-month-old credit
crisis, Stiglitz said.
"I think Paul Volcker has been speaking out very clearly on what needs
to be done," he told Reuters at a post-election panel.
Investors and analysts have made up a short list for what is seen as one
of the most important roles in the administration given the tumultuous
economic and financial environment. The list includes Volcker, Bill
Clinton's Treasury Secretary Larry Summers, and Tim Geithner, President
of the Federal Reserve of New York.
"One of the problems right now is that the American people do not have
confidence in the current secretary of Treasury because in part they see
a whole range of conflicts of interest," said Stiglitz, referring to
Hank Paulson, who previously served as chairman and chief executive of
Goldman Sachs.
"Many of the people whose names have been floated around have actually
been implicated in some of the deregulation initiatives that got us into
this mess -- or who supported, in one way or another, these deregulation
initiatives.
"How can you have been such a font of wisdom when you argued for
deregulation and now you've seen the light?" Stiglitz said.
Stiglitz, a professor at Columbia University in New York, in 2001 was
awarded the Nobel Prize in economics for his analyses of markets with
asymmetric information, and he was a lead author of the 1995 Report of
the Intergovernmental Panel on Climate Change, which shared the 2007
Nobel Peace Prize.
(Reporting by Jennifer Ablan; Editing by James Dalgleish)
_______________________________________________
pen-l mailing list
[email protected]
https://lists.csuchico.edu/mailman/listinfo/pen-l
