Wednesday, April 1, 2009

Joe Stiglitz, Mainstream?

In his op-ed in this morning's NYT, Joe Stiglitz ends up just regurgitating all the superficial mainstream arguments about the Geithner plan: it's a backdoor bailout for banks, Treasury wants investors to "overpay" for toxic assets, nationalization is the solution, yada, yada, yada. I never thought I'd see the day that Joe Stiglitz, of all people, sounded downright bland. Luckily, as if to confirm his authorship, Stiglitz throws in some of his trademark fudging of the facts. He writes:

[T]he F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later).
Whoa, a "few years" later? It took the FDIC seven years to get rid of Continental Illinois. Hardly a model of successful bank nationalizations.

5 comments:

shunted said...

I know nothing about international finance or about international law.

Citi is too big and complex to nationalize effectively. It is too big to fail. It appears that we - the government - are stuck and our options very limited. Are we to become slaves to Citi's debts, bad choices, and its size?
This is the sort of reality that people don't want to embrace.

Arjun said...

Mainstream does not mean bad or misguided. Think Evolution, or Gravity. What is your beef with the argument exactly?

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