Stiglitz: ‘Widespread changes’ needed to avert new crisis

In a special CNN commentary, Nobel Prize laureate Joseph Stiglitz has come out with suggestions viz. the economic meltdown centered in the US.

How to prevent the next Wall Street crisis

NEW YORK (CNN) — Many seem taken aback by the depth and severity of the current financial turmoil. I was among several economists who saw it coming and warned about the risks.

There is ample blame to be shared; but the purpose of parsing out blame is to figure out how to make a recurrence less likely.

President Bush famously said, a little while ago, that the problem is simple: Too many houses were built. Yes, but the answer is too simplistic: Why did that happen?

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