I knew that discrimination existed, even though there were many individuals who were not prejudiced.
Joseph StiglitzI understand why political leaders in the beginning want to be cheerleaders to generate optimism. But to admit that they didn't understand the depths of the problem afterwards, I found a little bit surprising.
Joseph StiglitzI think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.
Joseph StiglitzAnybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
Joseph StiglitzThe fact that the government had to put up hundreds of billions of dollars to Citibank in guarantees was a public declaration that Citibank was a mess. Making Citibank go through financial restructuring would not have conveyed any more different information. So it's very hard to see why it would have had that kind of a panic if it were done well.
Joseph Stiglitz