Economist Joseph Stiglitz was at the Occupy Wall Street protest in Zuccotti Park yesterday. He was joined by New York Times book reviewer a and economics columnist, Jeff Madrick.
Here are some highlights:
- Stiglitz looked surprised by the call and repeat form of speaking the protestors use at first, but then he seemed to enjoy it. Pointed out that it was illegal to use a bullhorn in the park on a Sunday, and he said that was an example of “too many regulations stopping demonstrations and not enough from stopping Wall Street from behaving.”
- He said that Wall Street got rich by “misallocating capital” and by “socializing losses and privatizing gain… that’s not capitalism… its a distorted economy.”
- Madrick spoke mostly about predatory lending.