Stiglitz on the Economy


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Stiglitz Says Bank Executives Too Optimistic About End to Rout

Mark Deen and Paul George
Bloomberg,  April 30 2008


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  1. David commented on May 11

    He was just ready to say: ” The Bush ad ministration is showing no signs of life.”

  2. BG commented on May 11

    I agree. I can’t remember a President so removed from the Office. Maybe he has come to the realization that everything he does only makes the situation worse. Just maybe, he finally got one right.

  3. DownSouth commented on May 11

    “And he (President Hoover) and his associates resolutely set themselves to build up the shaken morale of business by proclaiming that everything was all right and presently would be still better; that ‘conditions’-as the everlasting reiterated phrase of the day went-were ‘fundamentally sound.’ ‘I am convinced that through these measures we have reestablished confidence,’ said the President in his annual message in December. When the year 1930 opened, Secretary Mellon predicted ‘a revival of activity in the spring.’ ‘There is nothing in the situation to be disturbed about,’ said Secretary of Commerce Lamont in February . . . . ‘There are grounds for assuming that this is about a normal year.’ In March Mr. Lamont was more specific: he predicted that business would be normal in two months. A few days later the President himself set a definite date for the promised recovery: unemployment would be ended in sixty days. On March 16th the indefatigable cheer-leader of the Presidential optimists, Julius H. Barnes, the head of Mr. Hoover’s new National Business Survey Conference, spoke as if trouble were already a thing of the past. ‘The spring of 1930,’ said he, ‘marks the end of a period of grave concern …. American business is steadily coming back to a normal level of prosperity.’ ”

    “At first it seemed as if the Administration would succeed not only in preventing drastic and immediate wage cuts, but in restoring economic health by applying the formula of Doctor Coue**.”
    –Frederick Lewis Allen, “Only Yesterday”


    **”In the 1920’s there was a Dr. Emile Coue urging people to improve their lives by reciting, ‘Day by day, in every way, I am getting better and better.’ Despite the many criticisms at the time, his method and his phrase was very popular.
    Dr. Coue first formulated his theory of autosuggeston when, as a pharmacist, he gave medicine to people. He would praise the effectiveness of the medicine to some and say nothing to the others. He found that those people who bought the medicine with the added praises of the medicine’s effectiveness, did much better than the others using the same medications.
    Dr. Coue’s legacy for us is his phrase. Many others have extolled the value of autosuggestion and of having positive thoughts. He gave us a mantra to recite. How much simpler can it get?

  4. drey commented on May 11

    The administration already has an empty, meaningless mantra that it recites every day:

    “we believe in a strong dollar policy, we believe in a strong dollar policy, we believe in a strong dollar policy…”

  5. FT Woods commented on May 11

    I couldn’t get the audio to work. Anyone else?

  6. Unsympathetic commented on May 11

    FT, I wish I had your problem..
    The new Bloomberg video posts (on my Firefox.. might be different for other browsers..) won’t stop playing for me. So, when I load up BP, I have to scroll down and drag all the volumes to zero before continuing. (Naturally, the “stop” button on those video posts won’t work.) Anyone else?

  7. paul commented on May 12

    Problems for me too. It hangs both the browser and a separate player. If I am patient I can usually get to the task manager and kill it but once in a while I have to cold boot the PC to regain control after trying to play one of their videos. No other site does this.

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