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Nobel Economist Joseph Stiglitz Warns US Barreling Toward Second 'Great Depression' Thanks to Trump-GOP Failed Covid-19 Response

Originally published at http://www.commondreams.org/news/2020/04/22/nobel-economist-joseph-stiglitz-warns-us-barreling-toward-second-great-depression


To most people, we are already in the second great depression.
After trump steals the next election, things will only get worst.


Propping up a ponzzi scheme gets more difficult when you lose one of the legs of the stool.
That leg is presently the printing of enough cash to go around.


And the most terrifying thought: TRUMP MAY WIN LEGITIMATELY!


I think Stiglitz is saying that the stool is being replaced by a macramaed, all-weather floor mat. Good for sleeping in all sorts of conditions and environments. Just not in places with running water, toilets and cooking facilities.
With a stool you can still sit up, pretty much. You can even stand on it safely ( with help ) and reach the top kitchen shelves. McConnell, Trump & Co. and some in the old guard of the DLC ( Democratic Losers Club ) have no intention of letting the unwashed riff-raff and uncultured herd get anywhere near that shelving. Which contain the sustenance needed to actually live independently and adequately, of course.
The PTB wants you groveling and begging from your cheap floor mat. Prostrate and humiliatied before the Masters.
The object lessons for the powerless, weak and flat broke are coming in waves; ya know, " the beatings will continue until the morale improves ". A style of managing/controlling a populist inspired " redress of grievances " for the failures of the elites at evey level.


From the article:

“When the economy recovers, when the disease gets under control, people may be not in position to spend in the way that they were before.”

What if we continue–voluntarily, instead of by the present force majeure–to sit on our wallets at home? Capital is screaming bloody murder over the shutdown of the consumer economy as it is. This is the general strike and boycott that so many have urged, if only we can sustain it until our legitimate demands are met.


The US Government can not afford “medicare for all” where is the money going to come from?

The Corporations need 6 trillion dollars? Let us get them that money as quick as we can!


Wait a minute. Free money for everyone? Where is it going to come from? Time to take it back from the oligarchs and corporations instead of adding it to the regular person’s debt. If you don’t have the moxie to take it from those who have it then you don’t deserve it.


Time for a debt forgiveness.


The stock market has been inflated for the past several years. This pandemic is a “convenient” way for the powers that be to correct the markets without having to acknowledge the corruption that’s inherent in a late-stage-of-capitalism economy. If hundreds of thousands - even millions - die, that’s no problem for the powers that be…

Covid 19 is a convenient way for the fascists to “bail out” the bankers without having to acknowledge that the bankers have bungled the job of banking.


But wait a sec – if Stiglitz occasionally thinks like a human being, how did Oslo ever mess up and award this guy a Nobel in economics? Was the boss on extended leave or something?

Seriously: the economics prize is utter crap. There’s no vesting of any other kind of accomplishment in those it honors than obedience-school gold stars, usually bestowed on slick propagandists.

You don’t need a Nobel Prize to know which way the wind blows…


Stiglitz was actually interviewed by Amy Goodman on “Democracy Now!” He is correct about those two odious assholes, Trump and McConnell. Another way to assuage the worst aspect of this appalling regressive bullshit about the economy spewed by Rethugs is to provide a monthly stipend to each citizen of anywhere from $1000-$2000. This stipend would last as long as necessary and would stimulate the economy because it would be spent quickly for food, rents, utilities and other essentials. Classic Keynesian economics. Of course, idiot Rethugs will work against such a proposal because to their bankrupt ideology such a program would be socialism and we certainly can’t have any of that, can we? Hypocritically, they are always in favor of government subsidies, tax breaks and programs which can correctly referred to as socialism for the rich and corporations.
As it is, the ONLY thing that Trumpo the Traitor cares about is keeping his rich associates, oligarchs and corporations happy (CARES) while offering the equivalent of crumbs for the rest of the proles so that the illusion (something he excels at) of the country returning to normal can be created so that his chances of being re-elected will increase. If this incompetent, egomaniacal, deeply corrupt piece of shit is somehow reinstalled for another 4 years it will be our end. Trump only has one talent besides trying to falsely make himself look so splendiferous and that is creating and spreading chaos and ruin.


That may finally be the straw that breaks the camel’s back. And the way ByeDone (R-Visa) is stumbling around like the senile fool that he is, tRump won’t have to steal it.


You are correct in that Alfred Nobel never intended for this prize to be awarded for economics. I believe that it was added to the list of disciplines in the 60s with pressure from the Bank of Sweden.


What’s next, a Nobel Prize for achievement in astrology? The only difference is that astrology is a harmless pseudo-science, while economics is pseudo-science plain and simple.


I doubt if you can call it legitimate, unless you qualify that by currently enforced standards.

Trump and the GOP have never let a crisis go to waste and are so busy enriching their 1% cronies/corporations at the expense of the 99% that future economic chips will fall where they may.

During his 2016 campaign Trump told MAGA Rally audiences “I bought real estate for 10 cents on the dollar after the 2008 crash, it was a great opportunity”. The brain dead audience always cheered.
The fortune Treasury Secretary Mnuchin made on real estate distressed by the 2008 crash dwarfs Trump’s spoils.

If Yogi Berra were alive he would remind us that: “its deja vu all over again”.


They are not just enriching themselves, they are making it mandatory by law.


The only way to rid ourselves of seditionists (whom we are required to take seriously) like Trump and McConnell is _____________________.
Any suggestions? Can’t think of anything within my control.

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Filling in the blank I would say bring them to justice and sentence them to life without parole in Guantanamo. Put the FOX News celebrities and hate radio moguls including Rush Limpbaa in the same cell block so they can continue making noise that only they an the guards will ever hear.

Although I rarely question anything Stiglitz publishes “in the advanced world the US has the worst health record” is a huge insult to the GOP and the 4 decades and trillions of dollars they spent transforming the US from an “advanced world” nation into a developing nation (they formerly called them third world nations).