Joseph Stiglitz On CNBC April 2 2009

[Reform]

Run time: 02:50 https://www.youtube.com/watch?v=WAxnnm8UpMk   Posted on YouTube: April 02, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: April 02, 2009 By DU Member: Reform Views on DU: 977

 
I like his point at the end :P

[Postman]

1. The sun is setting on the US.

Stiglitz is exactly right. Americans are tapped out as far as taking on more debt to sustain an economy that was overvalued to begin with.

It was bound to collapse. The middle-class wage earner is what drives the economy. There was a time when all it took was one income earner in the household to sustain the middle-class lifestyle, the American dream, that drove the American economy.

The wages of the middle-class over the past 30 or so years has either stayed flat or declined. To pick up the slack, people borrowed against their houses and credit cards as well as spouses going back into the workforce in order to maintain the middle-class lifestyle....

It's over.

[pleah]

2. K&R