Streams

Joseph Stiglitz on the Price of Inequality

Monday, September 03, 2012

The top 1 percent of Americans control 40 percent of the nation’s wealth. Nobel Prize–winning economist Joseph Stiglitz explains the factors that have made America the most unequal advanced industrial country and argues that our inequality cripples growth, tramples on the rule of law, and undermines democracy. In The Price of Inequality: How Today's Divided Society Endangers Our Future Stiglitz examines our current state and its implications for democracy, monetary and budgetary policy, and globalization, and he includes a plan for a more fair and prosperous future for everyone.

Guests:

Joseph Stiglitz

Comments [4]

David

Jim B: The nation state is obsolete, but not for the reason you may believe.

http://mises.org/books/economicsethics.pdf

Sep. 03 2012 11:02 PM
Chris Garvey from Libertarian Party

The founders understood that when you give incumbents the power to regulate speech, the incumbents will silence their opponents.
All the campaign finance laws have been designed by the incumbents to hamstring non-establishment parties and candidates, which they have.
The 1st Amendment was supposed to prevent such repressive schemes.

Sep. 03 2012 01:52 PM
Jim B

As I, a very lay layman, understand it, the Republican argument is ultimately grounded in the mobility of capital producing the greatest market efficiencies, so in a sense, the very idea of the nation state is somewhat obsolete. Shouldn't Prof. Stiglitz address this basic point in his critique, since he, like the rest of us, is still talking about the national economy?

Sep. 03 2012 01:44 PM
Chris Garvey from free market is not crony capitalism

Rather than go past the revenue maximizing peak tax rate of 18% (flat to 28% above which revenue drops) for capital gains, let's lower the ordinary income tax on wages and ordinary income to the revenue maximizing 18% (including the 15% to Social Security, leaving 3% for the income tax).

We can save more than the entire present tax revenues by not giving welfare to super rich bankers:

Federal Reserve gave $16.1 Trillion since 2007 to:
Citigroup: $2.5 trillion ($2,500,000,000,000)

Morgan Stanley: $2.04 trillion ($2,040,000,000,000)

Merrill Lynch: $1.949 trillion ($1,949,000,000,000)

Bank of America: $1.344 trillion ($1,344,000,000,000)

Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)

Bear Sterns: $853 billion ($853,000,000,000)

Goldman Sachs: $814 billion ($814,000,000,000)

Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)

JP Morgan Chase: $391 billion ($391,000,000,000)

Deutsche Bank (Germany): $354 billion ($354,000,000,000)

UBS (Switzerland): $287 billion ($287,000,000,000)

Credit Suisse (Switzerland): $262 billion ($262,000,000,000)

Lehman Brothers: $183 billion ($183,000,000,000)

Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)

BNP Paribas (France): $175 billion ($175,000,000,000)

Federal Reserve's nearly 100 year history was posted on Senator Sander's webpage.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Sep. 03 2012 01:40 PM

Leave a Comment

Email addresses are required but never displayed.

The Morning Brief

Enter your email address and we’ll send you our top 5 stories every day, plus breaking news and weather.