The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem.
Joseph StiglitzThis Iraq war has been the most "privatized" war in America's history. It has seen the most extensive use of contractors. The contractors have increased the costs; but they have been necessary - the military simply could not have done it on their own. we would have had to increase the size of the military. But the George W. Bush Administration wanted America to believe that it could have a war, essentially for free, without raising taxes, without increasing the size of the armed forces.
Joseph StiglitzFor that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.
Joseph StiglitzThe 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 StiglitzI went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.
Joseph StiglitzIt's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what one's eyes see every day.
Joseph Stiglitz