Saturday, November 1, 2008


posted from

by: Joseph E. Stiglitz, Vanity Fair

Man waits in breadline in 1933.
A man waits in a breadline in San Francisco in 1933, the year unemployment hit 24.9 percent. (Photo: Dorothea Lange Collection / Oakland Museum of California)

Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the US economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America's economic sanity. When the American economy enters a downturn, you often hear the experts debating whether it is likely to be V-shaped (short and sharp) or U-shaped (longer but milder). Today, the American economy may be entering a downturn that is best described as L-shaped. read post here»

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