muses of the moment

April 5, 2012

James Kenneth Galbraith

Filed under: Bank bailout, Economic Crisis, Good Debt Bad Debt, Odds 'n ends, The Financial Crisis, Unemployment — totallygroovygirlfriday @ 7:09 pm

A really good interview (transcript) with James Kenneth Galbraith over at nakedcapitalism.

Click here.

They cover it all, corruption, inequality, faulty data, lack of rule of law.

I have no simple formula for dealing with this, beyond what I keep repeating: 1) enforce the laws against financial fraud and 2) downsize the financial sector as a matter of public policy.

and

According to our most recent measures, using county-level data, income inequality in the US did fall after 2008 and then rose again – tracking the stock market as I found in the book. For lower-income workers, for older workers and for homeowners, the bottom fell out in the crisis and it has not been repaired.

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