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Book: The Great Divide: Unequal Societies and What We Can Do About Them
Quotes of Book: The Great Divide: Unequal
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  1. Joseph E. Stiglitz _ The Great Divide: Unequal

    Just as Guantánamo and Abu Ghraib have eroded America's moral authority, so the Bush administration's fiscal housekeeping has eroded our economic authority.
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  2. Joseph E. Stiglitz _ The Great Divide: Unequal

    Looking back at that belief during hearings this fall on Capitol Hill, Alan Greenspan said out loud, "I have found a flaw." Congressman Henry Waxman pushed him, responding, "In other words, you found that your view of the world, your ideology, was not right; it wasn't working." "Absolutely, precisely," Greenspan said.
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  3. Joseph E. Stiglitz _ The Great Divide: Unequal

    Suppose someone were to describe a small country that provided free education through university for all of its citizens, transportation for schoolchildren, and free health care - including heart surgery - for all. You might suspect that a country is either phenomenally rich or on the fast track to fiscal crisis.
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  4. Joseph E. Stiglitz _ The Great Divide: Unequal

    Loose money and light regulation were a toxic mixture. It exploded.
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  5. Joseph E. Stiglitz _ The Great Divide: Unequal

    Borrowers were told not to worry about paying the ever-mounting debt, because house prices would keep rising and they could refinance, taking out some of the capital gains to buy a car or pay for a vacation.
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  6. Joseph E. Stiglitz _ The Great Divide: Unequal

    Today, China alone holds more than $1 trillion in public and private American IOUs. Cumulative borrowing from abroad during the six years of the Bush administration amounts to some $5 trillion. Most likely these creditors will not call in their loans-if they ever did, there would be a global financial crisis.
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  7. Joseph E. Stiglitz _ The Great Divide: Unequal

    We were not rich, but my parents had adjusted their lifestyle to their incomes-and in the end that is a big part of the battle.
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  8. Joseph E. Stiglitz _ The Great Divide: Unequal

    Democracy, we now know, is more than periodic elections in some countries, such elections have been used to legitimize essentially authoritarian regimes and deprive large parts of the citizenry of basic rights."
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