US Does Not Have Capitalism Now: Stiglitz
20th January 2010
And hasn’t had it since the 1930s: Angle.
Layers of money managers that don’t bear the brunt of losses but walk away with big payouts when things go well have turned the US economy to a type of “ersatz capitalism,” Joseph Stiglitz, Columbia University professor and Nobel laureate, told CNBC Tuesday.
Hey, don’t leave the government off the hook. This wouldn’t be possible without them.