Stiglitz – Geithner robbing taxpayers

The man who should be Treasury Secretary, if we had an actually progressive president, Joseph Stiglitz, says the toxic assets buy-up plan of the man who, most unfortunately, is Treasury Secretary, Tim Geithner, ain’t gonna work and “amounts to robbery of the American people.”

Those aren’t Stiglitz’s only harsh words. In detail:

“Quite frankly, this amounts to robbery of the American people. I don’t think it’s going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer.”

Stiglitz also said it’s time for the U.S. to share more of the world’s economic decision-making power:

“The voices of developing countries, and countries like China that will provide a lot of the money, are not heard.”

He wants China to get more IMF voting rights. Given the amount of U.S. debt it holds, Beijing may get more assertive about this in the future.