Joseph Stiglitz on the economy

Joseph Stiglitz in an op-ed in Vanity Fair tells us about a more basic set of problems we face than actually discussed in public media. It is very long.

The fact is the economy in the years before the current crisis was fundamentally weak, with the bubble, and the unsustainable consumption to which it gave rise, acting as life support. Without these, unemployment would have been high. It was absurd to think that fixing the banking system could by itself restore the economy to health. Bringing the economy back to “where it was” does nothing to address the underlying problems.