The grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.
Joseph StiglitzAnybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
Joseph StiglitzMuch of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with everyday observation.
Joseph StiglitzWhen I said "the pocket of the banks," it is not necessarily a mercenary relationship. It is a mindset.
Joseph StiglitzFor the United States, our political system is clearly distorted. We have gerrymandering so that there is a situation where a million more voters who vote for Democrats, yet the House is controlled by the Republicans. So clearly, the way our Congress operates is important. The other big issue is the influence of money in politics. It's not only campaign contributions. People like Trump - either you become very dependent on your benefactors or you are very rich.
Joseph Stiglitz