Joseph Stiglitz Bad Bank is Cash for Trash

Description: Complete video at: fora.tv Joseph Stiglitz criticizes the creation of a "bad bank" to deal with untradeable assets left over from the US financial crisis, and compares the bad bank solution to garbage collection. "You shouldn't chase good money after bad money," says Stiglitz. ----- The assumption that Europe, Japan and the United States could fend off recession at home by increasing exports to BRIC economies has been proved wrong along with the grander notion about the decoupling of emerging markets. As global trade continues to decrease along with commodity prices, what should be done differently by governments and industry to jump-start global economic growth? Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that he was the chairman of President Clinton's Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.