Stiglitz: Obama administration and Fed have demonstrated an “inability to make economic judgements”

I had the pleasure of befriending Nobel economist Joseph Stiglitz and his wife Anya a few years back at a small conference we both attended in Greece.  Joe and Anya happened to be in Paris yesterday (where I still am), and he graciously agreed to an on-camera interview for the blog.  I’m going to be posting the interview in small excerpts to make it more easily digestible.  Here is the first excerpt. (For those curious, the interview took place in the Cafe de la Mairie, across from Saint Sulpice church.)

Stiglitz, when asked if the economy is going to get a lot worse this year and next:

“The way I would put it is, the hopes of the ‘green shoots’ that were expressed in March, 2009 that then turned to brown later in that year, and again woke up earlier this year, have again been dashed.  So that the administration’s, and the Fed’s, constant referral to the economy ‘on the road to recovery’ is another demonstration of their inability to make economic judgments.  Just like the Fed totally misjudged the economy in the period leading up to the recession, totally — even after the bubble broke, they said the crisis was contained.  Once again the Fed has shown that its ability to make judgments about the economy leaves something to be desired.”

Follow me on Twitter: @aravosis | @americablog | @americabloggay | Facebook | Instagram | Google+ | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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