Follow @PoliticsIE
 
 
 
Page 1 of 4 1234 LastLast
Results 1 to 10 of 34

Thread: J Stiglitz: Worst Recession Since Great Depression to Come

  1. #1

    Default J Stiglitz: Worst Recession Since Great Depression to Come

    Speaking as guest anchor on today's edition of CNBC's Squawk Box, respected Professor Joseph Stiglitz declared that the US economy faces its "worst recession since the great depression".

    Prof. Stiglitz, a 2001 Nobel Prize winner for Economics and former World Bank Chief Economist, argued that the US was "most surely" in a recession and his real concern was "how long and how deep" it would last. He posited that with no savings, housing bust, and further unsustainable rises in food and energy costs (in other words higher costs and asset deflation) would drive the US economy to the worst recession in 80 years.

    He also slammed the Bush administration's fiscal stimulus plan as "too little, too late", declaring that the Bush tax plan was not well thought out. As for the current Credit Crisis, he said that while it was not over yet, the concern of policy makers should now switch to the real economy.

    Speaking on the same programme, Vice Chairman of Goldman Sachs International, Robert Hormats, said that while he felt that the FED had done enough to prevent a systematic collapse of the global financial system he agreed with much of what Stiglitz said.

    Video available at: http://www.cnbc.com/id/15840232?video=722550381&play=1

  2. #2
    Politics.ie Member
    Join Date
    Nov 2007
    Posts
    969
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Bring it on, I love a challange.

  3. #3
    Politics.ie Member
    Join Date
    Nov 2004
    Posts
    322
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Not sure if this is related to the economoc downfall but...
    Walmart and Costco are rationing rice sales to the public with only four bags per customer.
    Just 1 gram of cocaine destroys 4m2 of tropical rainforest. Give it up ya selfish b'stards.

  4. #4
    Politics.ie Newbie
    Join Date
    Dec 2006
    Posts
    5
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Quote Originally Posted by the-analyst2007
    Speaking as guest anchor on today's edition of CNBC's Squawk Box, respected Professor Joseph Stiglitz declared that the US economy faces its "worst recession since the great depression".

    Prof. Stiglitz, a 2001 Nobel Prize winner for Economics and former World Bank Chief Economist, argued that the US was "most surely" in a recession and his real concern was "how long and how deep" it would last. He posited that with no savings, housing bust, and further unsustainable rises in food and energy costs (in other words higher costs and asset deflation) would drive the US economy to the worst recession in 80 years.

    He also slammed the Bush administration's fiscal stimulus plan as "too little, too late", declaring that the Bush tax plan was not well thought out. As for the current Credit Crisis, he said that while it was not over yet, the concern of policy makers should now switch to the real economy.

    Speaking on the same programme, Vice Chairman of Goldman Sachs International, Robert Hormats, said that while he felt that the FED had done enough to prevent a systematic collapse of the global financial system he agreed with much of what Stiglitz said.

    Video available at: http://www.cnbc.com/id/15840232?video=722550381&play=1
    Anyone sourcing the reliable "conspiracy nut" sites has know about this since last autumn, the controlled media is covering up until the Goldman-Sachs of this world cut and run, leaving the average Joe Blogs to bear the terrible brunt.

  5. #5
    Politics.ie Member Catalpa's Avatar
    Join Date
    Jun 2004
    Location
    Dublin West
    Posts
    10,302
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    It's back to the spuds lads ...

  6. #6
    Politics.ie Member
    Join Date
    Jan 2008
    Location
    In a place where I'm on best behaviour
    Posts
    1,014
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Quote Originally Posted by Catalpa
    It's back to the spuds lads ...
    Do you think will the farmers go back to the fields? It's been a cushy number for many a year now.
    I can change my avatar again - but I must stay good- and play the ball not the man

  7. #7

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Full story now available at: http://www.cnbc.com/id/24311464

  8. #8

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    You can nearly hear the tumbleweed running across this thread.

    Here we have a very respected economist saying we're, to put it mildly, all f*ucked in the medium term, and no one cares...or wants to care.

  9. #9
    Politics.ie Newbie
    Join Date
    Jan 2005
    Posts
    72
    Mentioned
    0 Post(s)

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Quote Originally Posted by Bogwarrior
    Not sure if this is related to the economoc downfall but...
    Walmart and Costco are rationing rice sales to the public with only four bags per customer.
    That is to do with the global food shortages. Apparently rice prices have doubled in parts of the USA in the last month - the US seems to be the last place to have felt the pinch of food inflation. So I guess Stiglitz is right!!
    Greatest forest in the history of trees.

  10. #10

    Default Re: J Stiglitz: Worst Recession Since Great Depression to Come

    Also worth to note that the current ECB rate stands at 4% - today on Bloomberg TV the derived rate for September 2008 is 4.8%, albeit falling to 4.6% by year end......this means, and I stand to be corrected, that the market thinks the ECB will hike rates to closer to 5%.

    What does this mean for Ireland?

    (a) Property prices - freefall?

    (b) The general economy?

    Traders now think the Euro may have peaked therefore allowing the ECB to hike rates.

Page 1 of 4 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •