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Stiglitz writes: "President John F. Kennedy once said that a rising tide lifts all boats. But now, in the receding tide, Americans are beginning to see not only that those with taller masts had been lifted far higher, but also that many of the smaller boats had been dashed to pieces in their wake."

Joseph E. Stiglitz speaks at the World Economic Forum annual meeting, 01/26/11. (photo: Getty Images)
Joseph E. Stiglitz speaks at the World Economic Forum annual meeting, 01/26/11. (photo: Getty Images)

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+21 # Richard Raznikov 2012-01-13 14:08
Kennedy did not say 'a rising tide lifts all boats.' That was actually Franklin Delano Roosevelt.

It's also ridiculous to think that the owners of this country will change their behavior. Both parties are corrupt and the system is rigged.

Since the crooks speak mostly with one another, it's likely that they will not realize how far they've pushed the rest of us until they see the torches on their front lawns.
 
 
+7 # Ken Hall 2012-01-13 18:04
Actually it WAS JFK who passed this phrase into common verbal currency, but according to Ted Sorenson (I found this on Wikipedia) he borrowed the phrase from the New England Council, a group that should know something about tides and what they can and will do.
 
 
+23 # Activista 2012-01-13 14:38
Some of Stiglitz suggestions:
Repeal tax-cuts for rich Americans.
END WARS in Iraq and Afghanistan that cost trillions of dollars.
Increase stimulus and programs that would get Americans back to work because it will generate massive tax revenues.
A Medicare D, with a provision that allows the government to negotiate prices instead of going with those set by pharmaceuticals . He believes this move alone could save the U.S. trillions.
A "Homeowners Chapter 11" that would allow homeowners to continue to possess their homes, while they restructure their debt and continue to pay down their mortgages. He says, "It doesn't do any body any good to force these people out of their homes… An economy in which you have homeless people and empty homes doesn't make any sense, and that's where we're going."
articles.businessinsider.com/2011-08-10/markets/30051098_1_debt-restructuring-stimulus-economy#ixzz1jNAW7KPK
 
 
+14 # DurangoKid 2012-01-13 15:28
It is the pursuit of economic growth that brought us to where we are now. We are approaching the limits of what the Earth can supply. Oil production is stagnant. About a dozen metals critical to industry have more or less two decades left before their ores are depleted or at such low fractions that they're not worth mining. The sinks for polutants are close to saturation.

And still the prescription from economists is more growth? Sure, why not? If we run out of copper, we'll just make copper from something else. If we keep throwing money at holes in the ground, oil is sure to come out. We shouldn't worry because the next big idea is just around the corner. Human ingenuity can get around any old physical law.
 
 
+10 # Glen 2012-01-13 15:31
Some of those folks in smaller boats could actually see the bottom of the bay as the tide went out. They have been treading water ever since.
 
 
+13 # William Bjornson 2012-01-13 16:28
Twice this guy cites "ideology" as a problem when what he means is greed-based "corruption". The one thing I have yet to see addressed is TO WHOM is all of this debt owed? Does anyone here have a breakdown or even a general idea?

I believe that this is important for one reason. There will eventually be a major war to settle this debt. Care to bet? My suggestion is that we embrace this 'fact' and get on with it, but do it slightly differently than we have in the past. Instead of the peoples of our various countries acting as proxies and shields for the real protagonists, the rich, we simply kill the rich to whom most of this debt is owed as 'casualties of war' and the debt is fully repaid on all sides, many fewer people are killed, maimed, twisted, and our cities and possibly our entire civilization are not destroyed. William of Occam would have liked this solution and his namesake tool would be handy in its execution, so to speak. Certainly this would be a reasonable 'sacrifice' to the realities of human history, and these people would hardly be missed by the rest of us, at least not nearly as much as we will miss our own children if conventional historical solutions prevail.
 
 
+11 # Erdajean 2012-01-13 19:52
Sir, without a doubt the Thought Police and the Politically Incorrect Squad's Executioner are hot on your trail so let them be on mine, as well. We cannot subdue the memory that once upon a time the English hanged children for stealing bread.
Suppose we reverse that methid of ridding the kingdom of thieves and villains, and go after the miscreants who have accrued all the "bread" from the tables of poor children? (And the tables, and the roofs above them as well?)
Hunger being what it is, I doubt Capital Consequence prevented a lot of theft by the desperately poor. But I shall wager that a few proper hangings would swing considerable plutocratic sentiment toward charity, and serve as a superior corrective of the problem. And I agree we should try it! Where do we start?
 
 
+6 # Capn Canard 2012-01-14 09:16
William Bjornson, I concur... We need to focus like a lazer beam on the source of the problem as per OWS's description of the 1% versus the 99%(though it is much more like the .001% versus 99.999%). Such a war wouldn't require a great deal of bloodshed(thoug h it should be public.) but the message would be heard loud and clear by all those who are wealthy. For my two cents, I like to promote the idea of eliminating money and redefining value as quality(how good) rather than a quantity(how much)... i.e. get rid of wealth that is transferable to people who lack qualities that are beneficial and "good". The fact that we still have super wealthy nobility and banksters like the Rothschilds or Rockefellers is disgusting and putrid.
 
 
-6 # phantomww 2012-01-14 19:33
I concur. There are several 1%ers who can go. Like Soros, the Kennedy clan with their super wealth and political elitist dynasty, didn't Bill Clinton say he was a 1%er? How wealthy is the president? How about Feinstein, Boxer, Pelosi in Congress? Maybe even Buffet, Gates and Jobs (too late to make an example of him)? Maybe the head of GE since they pay no taxes and he is on the President's board to creat jobs (thus greedy and a failure).
Ah viva la revolution!!! To arms Citizens!!!! Let those who vacation in Spain and Hawaii and fly private jets feel the pain of the masses!! Arise you proletariat and call me Comrade.
 
 
0 # Doubter 2012-01-15 00:07
We don't care about revenge or personal gain, or even going after individuals.
At this stage of the game, it's a matter of survival for the nation and for the jobless lumpenproletari at, Kamerad.
 
 
-3 # nirmalandhas 2012-01-13 18:40
The American dream is the problem and trying to get back to dreaming is only going to make things worse. So much fo Stiglitz, Sachs and other nobels...
 
 
+10 # Doubter 2012-01-14 14:47
"banks are flush with excess reserves.”
A strong enema needs be applied to these pathological anal retentives so as to get this needed money back into circulation.
 
 
+8 # sunspot 2012-01-14 17:04
We watched a great movie last night called Thrive. $5 to learn all about the big picture of the systematic economic raping of the 99% by the .1%. Lays it all out clearly & suggests how we can change to make the world work for everyone, not just the elites. Nothing is happening that hasn't been carefully planned by them -- bubble & burst, pump & dump -- are just a few strategies to take what we have. Their End Game is ugly. We can't afford to be surprised or let them win.
 
 
+7 # telebob 2012-01-14 20:36
This rising tide only lifts the yachts.
 

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