Sunday, June 29, 2014

Economist Joe Stiglitz Claims Bankers are For Laissez-faire Economics: No Major Bankers Want to Get Rid of The Fed and FDIC


Nobel prize winning economist Joseph Stiglitz makes a bizarre claim:
The bankers, among the strongest advocates of laissez-faire economics, were only too willing to accept hundreds of billions of dollars from the government in the bailouts that have been a recurring feature of the global economy since the beginning of the Thatcher-Reagan era of “free” markets and deregulation.
Joe Stiglitz needs join the real world. There are no major bankers, at the big 6 banks , that are advocates of laissez-faire economics. None. A laissez-faire banking system would mean the elimination of the Fed, the FDIC, Fannie, Freddie, and much more. It would also mean going back to the gold standard. It would be a world where bankers demanded collateral of 50% on mortgages (the way things were before the New Deal). The big six banks don't want competition that a free market in banking would give us, they love the cartelized system we have now. The most famous and well known advocate for laissez-faire in banking, in America today, is Ron Paul who has no major big banking executives supporting his ideas publically. Click on this link to see how wrong Joe Stiglitz was about Fannie and Freddie.