Thursday, October 02, 2008

Joseph Stiglitz, Nobel laurete on the financial crisis in US ... A good day for democracy !!

A very good article..

http://www.hindu.com/2008/10/02/stories/2008100255921100.htm

In environmental economics, there is the widely accepted principle that the polluter pays for the cleanup. The Wall Street has polluted the US economy with toxic mortgages. It now has to pay for the cleanups ..

Paulson, Bernanke and the administration believed that they could force Americans into doing whatever they asked. But Americans had been forced before — into signing a blank cheque for the Iraq war. They have learnt a hard lesson and their fingers are badly burnt.

With growing deficit, of about 9 trillion dollars (the Iraq and Afghanistan bill is not yet settled..), the average American has come to understand that the whole American dream is a big bubble, which could burst at the opportune (??) moment. That would be chaos for Americans, not the rest of the world. The rest of the world is taking enough steps or already has, to insulate itself from such events..

Now that it is accountable time for the 435 reps in the US Lower House, it is very unlikely they would be forced to sign the new version of the bail out plan with false promises and assurances. Even if they are bullied into by Bush and co., citing national interests and patriotism etc., the end is in sight..

A good day for democracy all over the world.. The polluter pays and not the society ..


ge..

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