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Article: Impact of subprime crisis to persist 2 to 3 years: Stiglitz
- Article from:
- Xinhua News Agency
- Article date:
- March 21, 2008
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Copyright informationCopyright 2008 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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Impact of subprime crisis to persist 2 to 3 years: Stiglitz
BEIJING, March 21 (Xinhua) -- The impact of the subprime crisis
will persist for two to three years, after which the U.S. economy
will recover, the Nobel laureate U.S. economist Joseph E. Stiglitz
said here on Friday.
"The Federal Reserve and Bush administration did too little, too
late, and did not do the right things to redress the problem,"
Stiglitz told an audience at Renmin University.
The former World Bank chief economist said he believed that
former Fed chairman Alan Greenspan "encouraged or contributed" to
the problem by conducting an interest rate policy that had
encouraged mortgage lending to U.S. families from which ...