Joseph Stiglitz: We Bailed Out Citibank And Called It A Bailout Of Mexico - FDL

WillyT

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Sat May-21-11 12:20 PM
Original message

Joseph Stiglitz: We Bailed Out Citibank And Called It A Bailout Of Mexico - FDL

Joseph Stiglitz: We bailed out Citibank and called it a bailout of Mexico
By: Jane Hamsher - FDL
Friday May 20, 2011 8:41 am

<snip>

Joseph Stiglitz speaks about the bailouts of Mexico, Argentina and other countries at European Zeitgeist 2011:

Every loan has a lender and a borrower. And the person who�s supposed to be more informed about the criteria of lending should be the guy who manages risk, which is the bank. And these are the guys who consistently did a bad job. Now partly, it�s understandable. They are very politically connected. They were in the White House. They were in every government. And so they know that when they lend badly, their friends in the White House would bail them out. And they were perfectly correct.

I was at the Council of Economic Advisers when the first of these began, in the Mexican bailout. Why were we bailing out American lenders? Why were we using the name �Mexican bailout?� This wasn�t a bailout of Mexico.

Our elected officials have basically set up a political system that legalizes and facilitates bribery. And our failure to deal with that has created the most successful business model of the late 20th and early 21st centuries: maximize your profits by making bigger and badder loans that precipitate a �crisis� when they go belly up (which you fuel with a massive PR campaign), then you squeeze the government to make you whole.

<snip>

Link: http://fdlaction.firedoglake.com/2011/05/20/joseph-stiglitz-we-bailed-out-citibank-and-called-it-a-bailout-of-mexico/

Video Here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x585391

:wtf:

:mad:

:kick:

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WillyT

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Sat May-21-11 12:59 PM
Response to Original message

1. Kick !!!

:kick:

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truedelphi

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Sat May-21-11 01:01 PM
Response to Original message

2. The un-recc committee is busy unreccing.

Fo9r my part, I did K & R.

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WillyT

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Sat May-21-11 01:04 PM
Response to Reply #2

3. Apparently... It Is Their Only Joy In Life...

and there are more of us than them...

:evilgrin:

:hi:

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Octafish

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Sat May-21-11 01:06 PM
Response to Reply #2

4. Anything critical of Wall Street and Corporate Amerika brings out an almost visceral reaction.

Perhaps they are living paycheck to paycheck.

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Odin2005

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Sat May-21-11 01:49 PM
Response to Reply #2

7. It's the FireDogLake Hate Club.

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Octafish

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Sat May-21-11 01:07 PM
Response to Original message

5. EHM

Confessions of an Economic Hitman

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Hannah Bell

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Sat May-21-11 01:44 PM
Response to Original message

6. kr. speaking of citi's dealings in mexico, that reminds me:

Edited on Sat May-21-11 01:46 PM by Hannah Bell

VI. WILLIAM BLANEY RICHARDSON (1891) + (2) MARIA LOPEZ-COLLADO

Bill's dad (Goddard Seminary, Tufts). He was a banker.

He worked for National City Bank, first setting up the Genoa, Italy, branch, then moving on to Mexico. He opened the Mexican branch of National City Bank in 1929 & ran it until his retirement in 1956. As one person put it: He didn't "work for" Citi, he *was* Citibank in Mexico.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4771159

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WillyT

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Sat May-21-11 02:27 PM
Response to Original message

8. Sorry About The Missing Video (at second link)... Apparently It Wasn't Political Enough...

And it's too late to edit.

:wtf:

How could it NOT be more relevant???

:banghead:

:beer:

Jesus...

:evilfrown:

At least you can see it here: http://www.youtube.com/watch?v=NV-pVDztNuU

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xchrom

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Sat May-21-11 02:28 PM
Response to Original message

9. recommend

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leftstreet

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Sat May-21-11 02:30 PM
Response to Original message

10. K&R

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bvar22

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Sun May-22-11 12:33 PM
Response to Original message

11. The Corporate Holy Grail:

Too Big to FAIL!!!

Obama and the Democrats had a small Window of Opportunity to do something about this in 2008,
but completely ignored their responsibility to the American people.

Who will STAND and FIGHT for THIS American Majority?
"By their WORKS you will know them."

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DU AdBot (1000+ posts)

Sun May 12th 2024, 06:09 AM
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