Markmaking: Joseph Stiglitz for a prepackaged Detroit bankruptcy

12/14/2008

Joseph Stiglitz for a prepackaged Detroit bankruptcy

Raging right-winger Joseph Stiglitz chimes in on the bailout question

FT.com / Comment / Opinion - Chapter 11 is the right road for US carmakers.

The failure lies with the managers of US carmakers and America’s financial markets, which failed in their oversight and encouraged short-sighted behaviour. The “bridge loan to nowhere” – the down payment on what could be a sinkhole of enormous proportions – is another example of the short-sighted behaviour that got us into this mess.

Dec 14, 2008 4:16:42 PM | Current Affairs

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