Joseph Stiglitz, “one of the most frequently cited economists in the world,” on CNBC.
“The regional reserve banks ”¦ has a key role in regulation and in the last crisis in bailing out the banks”¦but the heads of this organization are chosen by a committee dominated by the big banks that are being bailed out ”¦ the people bailing out are appointed by the people who they bailed out. It looks bad, it smells bad.”
“Clear conflicts of interest.”
“Undermines confidence in our system of government.”
“We need financial regulation governed by those who would lose under bad regulation not those who would profit by it.”