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Stiglitz: Anger Over 'Failed Economy' is Shaping US Election


#1

Stiglitz: Anger Over 'Failed Economy' is Shaping US Election

Nadia Prupis, staff writer

Inequality is shaping the 2016 U.S. presidential election, as voters disillusioned by the financial crisis and Wall Street greed increasingly turn to populist candidates like Bernie Sanders, who has made economic inequality a central platform of his campaign, Nobel Prize-winning economist Joseph Stiglitz said on Wednesday.


#3

Whether you think Climate Change is the biggest problem we face or you think it's racism, poverty, inequality of income, role of the military, corruption in government, guns, or any of the many social problems we care about, there is a common denominator. And that is the rigged economy: the power of money, whether it's corporate influence, Wall Street behavior, or a totally unrepresentative electoral system where money buys politicians and legislation. None of our basic problems can be meaningfully addressed until we challenge and change this.


#4

Capitalism is such a waste of people's lives.


#5

Unless your in the top 1%.


#6

We have been the evil empire and the elite ruler who control all the stocks especial military industrial complex have fabricated a fraud based on Arabs with box cutters capable of hijacking four separate planes from their crews and all their passengers and in doing son in well under an hour this story all media repeating is absurd.Than how does two planes in New York knock completely down three sky scrapers excuse me the math is absurd and than their is the extensive damage surrounding structures this was by Larry own words demolition in New York.On PBS Larry same day stated he met with a fire official and they decided to pull the building.A term used demolition exactly what we all have seen over and over building seven demolition and all six conglomerates are mega war profiteers as are the stock holders all MIC stocks.Invading Iraq and Afghanistan and over throw of Libya all unnecessary wars and we are the evil empire on tax payers credit card while all profits accrue elites. Media has succeeded in promoting HRC another war hawk who learned not a damn thing from our mistakes in Iraq.The overthrow of Qaddafi another failed state same shit another day.By way latest audit DOD 8.5 Trillion unaccounted for day before 9/11 Rumsfeld announced than audit unaccounted for had been 2.3 Trillion. You are being plundered and they steal wealth running empire your credit card to flee when they bankrupt you as so many prior empires have done before.


#7

The pursuit of money, even a successful pursuit, will never satisfy anyone. Look at Donald Trump if you don't believe me. Maybe economists like Stiglitz really have no function other than to act as promoters of a "fair" modern capitalist system that not only does not exist, but that has no real justification to exist at all.


#8

How true. Undergirding the white working class racists' economic angst is the fact that whites are rapidly becoming just another--albeit largest--minority in a land they view as theirs as in their ancestors did all that murdering and enslaving for nothing. I have always found something peculiar with regards to "liberal" Massachusetts. It was, according to the research of Gerald Horne (The Counterrevolution of 1776) a main hub for the slave trade and perhaps we see vestiges of this playing out. And of course home of the Boston Tea party strong supporters of the "Revolutionary" War against England. Also home of the murderous state that executed Sacco and Vanzetti. Yea, Elizabeth Warren could have changed the outcome. But she did not. Why exactly I do not know. Another article pointing to my argument: http://www.commondreams.org/further/2016/03/02/youre-scum-your-time-will-come-trump-supporters-shove-out-young-black-protester


#9

Nice. You might really enjoy reading the works of John Lame Deer, Lakota Sioux Medicine Man.

Check this out also:

"The history of the American and the history of the Indian have now come full circle and are intertwined in the dictatorial policies of those that control the monetary system of America," said Russell Means,, Lakota Sioux


#10

I would give you 10 upvotes but that would constitute voter fraud :wink: ))!


#11

Capitalism eventually destroys everything within its reach.

There is a growing recognition that casino capitalism is driven by a kind of mad violence and form of self-sabotage and that if it does not come to an end what we will experience in all probability is the destruction of human life and the planet itself. Certainly, more recent scientific reports on the threat of ecological disaster from researchers at the University of Washington, NASA, and the Intergovernmental Panel on Climate Change reinforce this dystopian possibility. The undermining of public trust and public values has now given way to a market-driven discourse that produces a society that has lost any sense of democratic vision and social purpose and in doing so resorts to state terrorism, the criminalization of social problems, and culture of cruelty. Institutions that were once defined to protect and enhance human life now function largely to punish and maim.

….capitalism is devoid of any sense of social responsibility and is driven by an unchecked desire to accumulate capital at all costs. As power becomes global and politics remains local, ruling elites no longer make political concessions to workers or any other group that they either exploit or consider disposable.

Source: http://www.counterpunch.org/2016/02/19/the-mad-violence-of-casino-capitalism/


#12

Stiglitz sez: "The American economy is a failed economy."

Not really. It's doing exactly what it was set up to do.
Unjust? Sure, but its purveyors aren't about 'justice'. They're about 'Just us'.


#13

The flat to slight decline line of normal people's real incomes since about 1970 is elegant evidence of a perfectly managed centrally planned economy.

Corporatists have far outdone communists with backroom central planning. (And corporatist failures are piling up faster than olden-days communists.)


#14

All the 2008 crash offers to the Millenium generation is unemployment and debt, whereas the old establishment's politicians continue enriching themselves and making Wall Street more powerful and wealthier. The people as a whole are destituted, and the military-industrial complex makes huge business by spreading wars around the world. A lot of reasons explain the anger across the spectrum.


#16

No, it's a waste of their lives, too.


#17

Have you seen this article? http://www.truthdig.com/report/item/the_revenge_of_the_lower_classes_and_the_rise_of_american_fascism_20160302


#18

If anger over inequality were driving this election Bernie Sanders would have won every state so far.


#19

I lived in MA until I fled in '66. MA has always been associated with "liberal" ideology, but it's, actually, always been a bastion of fork-tongued conservative over run with police - a plethora of different kinds of cops. Been to a lot of places in my time and never seen anything like it. Boston is the East Coast San Francisco. The students in Boston are not poor for the most part.


#20

What is 'capitalism'? I would like to hear the people on this forum define it.
The earliest definition I've heard of was Karl Marx using it as an epithet, in a 'profits before people' sense, in his works advocating for communism. [In fairness to Marx, he never lived to see what Lenin and others did in implementing his system. Not that anyone has yet figured out how to implement a communist system that doesn't oppress and impoverish the people living under it...]

The analog to 'capitalism', a free market system, has produced more prosperity for more people than any other system yet devised.


#22

You are absolutely right. However, that needs to be put into the proper context since there are more people in the elite ruling class. Listed below is the reality ... not the propaganda and false narrative of the elite ruling class:

  • America’s 20 wealthiest people — a group that could fit comfortably in one single Gulfstream G650 luxury jet –­ now own more wealth than the bottom half of the American population combined, a total of 152 million people in 57 million households.

  • The Forbes 400 now own about as much wealth as the nation’s entire African-American population ­– plus more than a third of the Latino population ­– combined.

  • The wealthiest 100 households now own about as much wealth as the entire African American population in the United States. Among the Forbes 400, just 2 individuals are African American –­ Oprah Winfrey and Robert Smith.

  • The wealthiest 186 members of the Forbes 400 own as much wealth as the entire Latino population. Just five members of the Forbes 400 are Latino including Jorge Perez, Arturo Moreno, and three members of the Santo Domingo family.

  • With a combined worth of $2.34 trillion, the Forbes 400 own more wealth than the bottom 61 percent of the country combined, a staggering 194 million people.

  • The median American family has a net worth of $81,000. The Forbes 400 own more wealth than 36 million of these typical American families. That’s as many households in the United States that own cats.

We believe that these statistics actually underestimate our current national levels of wealth concentration. The growing use of offshore tax havens and legal trusts has made the concealing of assets much more widespread than ever before.

Source: http://www.ips-dc.org/billionaire-bonanza/


According to the 2014 census, 14.5% of Americans, or over 45 million people, live in poverty, up from 11.3% in 2000; a rate not seen since the early '90s.

Source: http://www.alternet.org/election-2016/45-million-americans-live-poverty-you-wouldnt-know-it-watching-2016-coverage?akid=13860.2544484.G5D0jg&rd=1&src=newsletter1048604&t=4


Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”

This is supported by a similar survey of 1,000 adults carried out earlier this year by personal finance site Bankrate.com, which also found that 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%). And among those who had savings prior to 2008, 57% said they’d used some or all of their savings in the Great Recession, according to a U.S. Federal Reserve survey of over 4,000 adults released last year. Of course, paltry savings-account rates don’t encourage people to save either.

Source: http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06

So, go ahead and celebrate the success of Capitalism. Many of us cannot be fooled. We know that Capitalism is a failed economic system except to the capitalist ruling class. The rest of us are nothing more than modern-day slaves bound to a wage system that keeps us in our subservient place at the feet of the elite ruling class.


#23

Your comment confirms that Stigletz is detached from reality and is attempting to lend legitimacy to the US election process.