Quotes from Joseph E. Stiglitz

If a business borrows to buy a machine, it's a good thing, not a bad thing. During the past six years, America—its government, its families, the country as a whole—has been borrowing to sustain its consumption. Meanwhile, investment in fixed assets—the plants and equipment that help increase our wealth—has been declining.

My study of economics had taught me that the ideology of many conservatives was wrong; their almost religious belief in the power of markets—so great that we could largely simply rely on unfettered markets for running the economy—had no basis in theory or evidence.