Joseph Stiglitz appears to believe that the American taxpayer has been defrauded by the banks that recieved billions in bailouts.
He suggests that the 700 billion dollars could have been better used to set up a new credit system – leveraged at 10 to one – that would have provided 7 Trillion dollars in available credit.
This makes obvious sense.
Too late now, I guess.
I hope Obama is listening to Stiglitz.