Category Archives: Banks

Occupy Wall Street? It’s About Time!

As the “Occupy Wall Street” movement continues and spreads to other cities, it’s nice to see economist and Nobel laureate Joe Stiglitz and economic historian Jeff Madrick out addressing the crowd in New York City (video and transcript here—thanks to my son Nick). From the beginning of the crisis, Stiglitz has scoffed at the idea of banks being too big to fail. On the contrary, he says, they’re not too big to be reorganized—that is, take them into bankruptcy, wipe out the equity holders, replace management, and move on—that’s the customary way of dealing with failed banks.  Jeff Madrick’s latest book is Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present (2011); he’s also a frequent contributor to the New York Review of Books.

Continue reading

Advertisements