The Great Recession, Part II

The world could be headed for another economic disaster if we continue to listen to free-market ideologues.

Regrettably, the financial markets and right-wing economists have gotten the problem exactly backward: They believe that austerity produces confidence, and that confidence will produce growth. But austerity undermines growth, worsening the government's fiscal position, or at least yielding less improvement than austerity's advocates promise. On both counts, confidence is undermined, and a downward spiral is set in motion. Full Story »

Posted by Jon Mitchell
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Posted by: Posted by Jon Mitchell - Jul 7, 2011 - 9:21 AM PDT
Content Type: Article
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Edited by: Dwight Rousu - Jul 8, 2011 - 7:59 AM PDT
Dwight Rousu
4.7
by Dwight Rousu - Jul. 8, 2011

Stiglitz clearly and simply lays out a cogent story of the economic situation and the politics of stupidity that threaten to steer the common welfare of the nation and the globe back into disaster.

Stiglitz is one of the best economists we have.

I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a ... More »

See Full Review » (13 answers)
Randy Morrow
4.0
by Randy Morrow - Jul. 7, 2011

On the contrary, a resurgence of right-wing economics, driven by ideology and special interests, once again threatens the global economy—or at least the economies of ... More »

See Full Review » (11 answers)
Jon Mitchell
3.6
by Jon Mitchell - Jul. 7, 2011
See Full Review » (10 answers)

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