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Oct 14 2010

A Battle of Wits with the Unarmed

(10 am. – promoted by ek hornbeck)

This is a battle of wits with the unarmed. Beautiful. President Obama put Stiglitz on speed dial if he doesn’t want to be on your Council.

Unfair fight: Joe Stiglitz versus Dick Armey

The Nobel prize winner and the former GOP House majority leader tangle over Keynesian economics

In the left corner is Joseph Stiglitz, former chief economist of the World Bank, winner of the John Bates Clark award for best economist under the age of 40 and the Nobel prize for economics, boasting a PhD from MIT and teaching stints at Yale, Stanford, Oxford, Princeton and Columbia. On the right is Dick Armey, former Republican majority leader in the House of Representatives, onetime economics professor at North Texas State University and House majority leader for the first two years of George Bush’s first term, during which the “first round of the Bush tax cuts were passed, without any corresponding cuts in spending, with the result that the Clinton-era budget surplus was transformed almost immediately into annual deficits“.

The topic, the current economy and solutions for recovery.

The punch line from Stiglitz

Over the business cycle, it does make sense for us to have a balanced budget or certainly a much more balanced budget than we have had. The fact that we were running large deficits in the period of our boom was unconscionable.

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