Prof Joseph Stiglitz on Prime Time on NAMA - 'Criminal'



Just Us

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If you saw him, you know why. If you didn't you can catch it on rte.ie/primetime.

If you are in any doubt about NAMA, I recommend you have a look.
Yep.
Prof Joe Stiglitz jus said on Primetime that NAMA is criminal robbing of taxpayers
 

flavirostris

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This is one of the most eminent economists in the world and he just called NAMA 'criminal' and also referred to 'robbing the taxpayer'

should send Neon alarms flashing all over Ireland
 

Illustro

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Mark Little appeared clueless. Hopefully he learned something from Stiglitz and will do some research before he interviews Cowen again.
 

Eamonn76

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Our whole approach has been the exact opposite of what Stiglitz recommends. Anyone who backs the two Brians against him is a fool. Nama is just the final step in the socialisation of losses and the privatisation of gains.
 

Edo

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Saw it too - one economist I have a lot of time for.

But - hey so what - once again - every independent/ non vested interest economist in the country has been screaming this for the last while - will not make much of a difference unfortunately as the Greens will cave again

I particularly like the part where He says the laws of Capitalism have to kick in here - hes right - you have to burn the building before greens shoots emerge from the ashes - this is the essence of capitalism - birth growth maturity decline death and rebirth and the show goes on - this whole NAMA thing was to be about saving the banking system - not the banks or their shareholders, bondholders and office holders.

the longer we put off the burn off - the longer we keep putting off the next growth cycle - some will die - some will survive - thats life kids and we have a social welfare system to help individuals from one era to the next - we not not have a social welfare system to keep individual corporations and companies on life support when they have passed their sell-by date - this is setting up an oligarchy and implanting stupidity into the DNA of our nation - but rewarding incompetence and promoting the continued existence of dynasties seems to be our destiny in this country.

Hope somebody in the FG party was watching this - we've been dropping the ball all over the place for the last 2 months , with the exception of Lisbon -
 

DCon

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I hope the Green members were watching
 
M

MrFunkyBoogaloo

Ooh.. I love it.. An economist (another one) finally comes out and speaks the truth about SCAMA.

Duck and cover FF, it's stonethrowing time :D
 

Laoi

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Yes he was great. Completely crucified Nama and suggested doing same to bank shareholders, make bondholders change bonds to shares and for the Gov. to take ownership of banks.

Gave v. bad forecast for 2011!
 

Ecoguy

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Top man Stiglitz - Cut through the BS spouted by spiv economists attached to banks etc.:)
 

cyberianpan

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Saw it too - one economist I have a lot of time for.

...

Hope somebody in the FG party was watching this - we've been dropping the ball all over the place for the last 2 months , with the exception of Lisbon -
FG have been wittering on about Stiglitz for quite some time:

Sept 21st FG

Not only does our proposed solution have strong expert and academic support (including from Joe Stiglitz, the former chief economist of the World Bank and the 2001 winner of the Nobel Prize in Economics), but it is also being implemented in practice in other countries, such as France, the UK and the USA. Fear that our approach risks a flight of capital betrays a poor understanding of financial markets.
However FG's crackpot claim that their plan is being implemented in other countries (viz the UK, France & the USA ) is nuts. One notices again that FG's inhouse economist Andrew McDowell, an ex Forfás quangocrat, is again the document author.

This is the same chap who was made a fool of by Brian Lucey / Karl Whelan in comments here on the FG "plan". (he confused "risk capital" and liquidity funding)

cYp
 

Dreaded_Estate

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FG have been wittering on about Stiglitz for quite some time:

However FG's crackpot claim that their plan is being implemented in other countries (viz the UK, France & the USA ) is nuts. One notices again that FG's inhouse economist Andrew McDowell, an ex Forfás quangocrat, is again the document author.

This is the same chap who was made a fool of by Brian Lucey / Karl Whelan in comments here on the FG "plan". (he confused "risk capital" and liquidity funding)

cYp
Any chance we can stick to what Stiglitz had to say rather than another thread discussing the merits the FG plan vs NAMA
 

cyberianpan

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Any chance we can stick to what Stiglitz had to say rather than another thread discussing the merits the FG plan vs NAMA
FG claim Stiglitz as supporting their loonery

I'm just making the point that is the same breath as claiming Stiglitz their loonery contradicts reality (France, UK & US did not even follow the same plan, let alone FG's loonery)

So pre-empting them claiming Stiglitz anymore is what I'm doing (my information is that he doesn't have enough correct information to comment, but that is private info which I cannot back up)

cYp
 

He3

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It was so simple. Why break the rules for the few, at the expense of the many. Apply normal rules. Let them go.

Criminal.

Ironicaly followed by how we treat petty criminals. Slopping out in overcrowed cells. Cockroches, nice and shared sh1t buckets. That too is criminal.
Yes.
 

He3

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Youngdan for the Nobel Prize. He was telling us this scam would be pulled over a year ago.
 

Eamonn76

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FG have been wittering on about Stiglitz for quite some time:



However FG's crackpot claim that their plan is being implemented in other countries (viz the UK, France & the USA ) is nuts. One notices again that FG's inhouse economist Andrew McDowell, an ex Forfás quangocrat, is again the document author.

This is the same chap who was made a fool of by Brian Lucey / Karl Whelan in comments here on the FG "plan". (he confused "risk capital" and liquidity funding)

cYp
Wow. I thought that Cyberianpan would attack Stiglitz. But he knows that would not work. Instead he shifts the debate on to FG's proposal. Brilliant. He will of course be aware that on irisheconomy.ie Nama as is and Brian Lenihan has been shown to be idiocy and an idiot many times. The FG proposal could be modified by using Bank of Ireland - which I believe is dear to his heart, or is that Goosebump - as the good bank. There are many alternatives to Nama as is according to Karl Whelan. We have better alternatives.
 

Jock_the_Waster

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people like cyberpathetic will be traced and brought to trial

the revolution will see to that
 

wysiwyg

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Is there any chance, someone.. anyone.. from the Green Party, could invite Joe Stiglitz to speak to their membership on Saturday.

The guy is a Nobel prize winning economist, and isn't from Ireland, so he can claim academic excellence and independence from Irish vested interests.

Give the guy 30 minutes, and then make your mind up on NAMA. This Government will fall by Christmas.. the Bull falling on his sword next week is only the start of it. To have any hope of redemption, the Greens need to get out of this hole now, not later.

And to my friend SPN.. if you do arrive and are reading.. go with your heart man.. did you hear Stiglitz call for what amounted to a "jubilee".. just like you did yourself here about a year ago.. write down the mortgages.. nationalise some banks, keep a system going.. and get real money back into peoples pockets.. you cannot resurect a zombie bank
 


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