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When I said the pocket of the banks, it is not necessarily a mercenary relationship. It is a mindset.
Joseph Stiglitz
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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
Economist
Non-Fiction Writer
Professor
Science Writer
University Teacher
Writer
Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
Mercenary
Pocket
Banks
Pockets
Necessarily
Relationship
More quotes by Joseph Stiglitz
There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
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Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.
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America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.
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Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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One has to always ask the question: Where can one be most effective in helping shape policies? It is always difficult when you're inside because you're very constrained.
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For that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.
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I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: What kind of financial or banking system do we want? Macro, you would say: What are the underlying problems in the structure of our economy?
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If you're injured in an automobile accident, and you sue the driver, you get much more for your injury than if you're fighting for your country. There's a double standard here.
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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
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Similarly, payments for a dead soldier amount to only $500,000, which is far less than standard estimates of the lifetime economic cost of a death. This statistical value of a life in the US amounts to circa $6.5 million.
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The Bush administration has been doing everything it can to hide the huge number of returning veterans who are severely wounded - 17,000 so far including roughly 20 percent with serious brain and head injuries. Even the estimate of $500 billion ignores the lifetime disability and healthcare costs that taxpayers will have to spend for years to come.
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If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
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I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard.
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
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I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
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GDP tells you nothing about sustainability
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They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.
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The life prospects of an American are more dependent on the income and education of his parents than in any of the other advanced industrial countries.
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The roots of the crisis in East Asia were in private sector decisions. The biggest problems were the misallocation of investment, most notably to speculative real estate, and risky financing, especially borrowing short-term debt on international markets.
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The grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.
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