Let banks fail, says Nobel economist Joseph Stiglitz

The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning economist.

http://tinyurl.com/c44727



U.S. Economy: Manufacturing Shrinks Further, Spending Falls

Manufacturing in the U.S. shrank again last month and consumer spending recorded an unprecedented sixth monthly decline in December, offering no sign the economy has hit bottom.

http://tinyurl.com/cj3kpl



World stocks fall on poor earnings, banking woes

World markets fall as investors prepare for more bad earnings, deeper economic downturn.

http://finance.yahoo.com/news/World-stocks-fall-on-poor-apf-14221756.html


From Information Clearing House

--------

How to Rescue the Bank Bailout

Joseph E. Stiglitz, CNN: "America's recession is moving into its second year, with the situation only worsening. The hope that President Obama will be able to get us out of the mess is tempered by the reality that throwing hundreds of billions of dollars at the banks has failed to restore them to health, or even to resuscitate the flow of lending. Every day brings further evidence that the losses are greater than had been expected and more and more money will be required."

http://www.truthout.org/020409M



http://freepage.twoday.net/search?q=banking+system
http://freepage.twoday.net/search?q=bankrupt
http://freepage.twoday.net/search?q=U.S.+economy
http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=bailout
http://freepage.twoday.net/search?q=Obama
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