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US Slides Into Dangerous 1930s 'Liquidity Trap' [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

go west young man

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Sun Jan-27-08 11:02 PM
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US Slides Into Dangerous 1930s 'Liquidity Trap'

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Joseph Stiglitz puts the blame where it belongs.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/24/bcnstig124.xml&CMP=ILC-mostviewedbox

Professor Stiglitz blamed the whole US economic establishment for failing to regulate the housing and credit markets adequately, allowing huge imbalances to build up.

"The Federal Reserve and the Bush Administration didn't want to hear anything about these problems. The Fed has finally got around to closing the stable door (on subprime lending), but the after the horse has already bolted," he said.

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