Stiglitz: We Should Have Nationalized Banks

The U.S. economy is suffering because the government did not fully nationalize distressed banks, says Nobel Prize-winning economist Joseph Stiglitz.

Nationalization would have give the government more control over financial institutions and basically forced them to lend and kick-start the economy quick into recovery, Stiglitz says.

“If we had done the right thing, we would be able to have more influence over the banks,” Stiglitz told Bloomberg News.

“They would be lending and the economy would be stronger.” (more)