Friday, January 30, 2009

Short and Simple

Things I read or heard yesterday:

Joseph Stiglitz is the world’s leading economist. I wanted to see what he had to say about it all so I went to GoogleNews and found this from AP.

”"There's a tremendous arrogance about the whole process," Nobel Prize-winning economist Joseph Stiglitz told The Associated Press. The top bankers "think that it just happened, that it was nobody's fault. But they should feel sorry."

Meanwhile, its primarily midlevel banking officials who are now getting the boot.

Stiglitz said they aren't to blame. "The senior people — the ones who went to Congress and lobbied for less regulation — they should take responsibility," he said. “

Stephen Roach, of Morgan Stanley - Asia, could serve as Mr. Stiglitz's poster boy in this video from BBC World News America in which he blames everyone involved in the process while dodging the question asked about the “shameful” bonuses being paid out by the rescued banks.

And finally, Stephen Colbert has a few words for the Republicans that voted against the stimulus package -- which includes every single Republican in the House.

”Put no money where your mouth is. Refuse to accept a single penny of the $800 billion dollars for your Congressional District. “

By the way, I hope you read the very last line in that first AP article. I have to apologize to Mr. Forbes. Until I read it, I always thought he was pretty clueless. I see now that he has at least one clue.

”Billionaire and former Republican presidential candidate Steve Forbes said those responsible for the crisis will soon be sorry, even if they don't say it here in the Swiss Alps.

"I think Davos is for problem-solving," he said. "The heartfelt apologies will come when some individuals are brought before a court of law." “

Don Brown
January 30, 2009

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