Nobel Laurelate and professor at Columbia University Joseph Stiglitz:

“It’s not just that the people at the top are getting richer. Actually, they’re gaining, and everybody else is decreasing… And right now, we are worse than Old Europe.”

See also this Stiglitz column:
Of the 1%, by the 1%, for the 1% (Vanity Fair)

Part I

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Part II

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Hat tip Jesse’s Café Américain

Category: Bailouts, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

11 Responses to “Video: Of the 1%, by the 1%, for the 1%”

  1. Jojo says:

    Yes, but what is or can anyone not in the top 1% do about this? Unfortunately, not much to nothing.

    All we can is rant on the web.

  2. The rich obviously pay too little in taxes and the legal system is enabling them to do that… you can check out this excellent article on BusinessWeek:
    http://www.businessweek.com/magazine/toc/11_16/B4224no_taxes.htm

  3. BusSchDean says:

    What HE SAID!! Stiglitz offers a powerful combination of pleasant demeanor and no bullshit economic brilliance. Of course, like any economist, eventually he has to deal with assumptions about future behavior. His record speaks for itself.

  4. ilsm says:

    jojo,

    Keep paying rent and giving cheap labor.

  5. keithpiccirillo says:

    Actually, I like Stig, he’s as prolific and similar looking to Mel Brooks, and just may be the Melvin Kaminsky of Economics.

  6. cheese says:

    Let’s just deport rich people. Who needs them?! What do they contribute? Not taxes. They just suck the lifeblood out of everyone. What we need are more poor people dependent on the state. They vote. They consume state services. Its a virtuous cycle. If it works for Citi, why can’t it work for them?

  7. super_trooper says:

    Go AMY!

  8. Francois says:

    “And right now, we are worse than Old Europe.”

    Come one Professor Stiglitz! You know it is worse than that: South America (Yes!…South America!) has been leveling the income inequalities (still impressive but they started to DO something about it) for a decade now, while here, we’ve been amplifying them.

    Thank you Congress, White House and Media stars for that; you are part of the well connected and your despise toward us is becoming more and more obvious every day.

    But, know this: There will be a payback time; there’s always one.

  9. Fredex says:

    Stig nails it. What do we do until the revolution?

  10. arthur.i says:

    @ cheese:

    Why deport the rich, I say eat them.

  11. freejack says:

    From the Vanity Fair piece …

    “The personal and the political are today in perfect alignment. Virtually all U.S. senators, and most…[House] representatives…are members of the top 1 percent….are kept in office by money from the top 1 percent, and know that if they serve the top 1 percent well they will be rewarded by the top 1 percent when they leave office. By and large, the key executive-branch policymakers on trade and economic policy also come from the top 1 percent. When pharmaceutical companies receive a trillion-dollar gift–through legislation prohibiting the government…from bargaining over price–it should not come as cause for wonder….Given the power of the top 1 percent, this is the way you would expect the system to work.”

    And what the prophet Carlin sez, too. http://www.youtube.com/watch?v=3RhIxxvYtRE