Stiglitz tries to revive the Magic Walrus

Economist Joe Stiglitz warned back in 2010 that the world risked sliding into a "Great Malaise." This week, he followed up on that grim prediction, saying, "We didn't do what was needed, and we have ended up precisely where I feared we would."

The problems we face now, Stiglitz points out, include "a deficiency of aggregate demand, brought on by a combination of growing inequality and a mindless wave of fiscal austerity."

He says the only cure is an increase in aggregate demand, far-reaching redistribution of income and deep reform of our financial system. The obstacles to this cure, he writes, "are not rooted in economics, but in politics and ideology."

Give the SwampLanders more spending authority?   It is Stiglitz policies that have put the developed economies in  a malaise. He knows this is all abut pension stuffing for the public sector.  And now we are facing unlimited local taxes because state capitals have drowned out local democracy.

The governor of Texas is just as clueless:

Gov. Greg Abbott, aiming to spark a national conversation about states’ rights, said Friday that he wants Texas to lead the call for a convention to amend the U.S. Constitution and wrest power from a federal government “run amok.”

“If we are going to fight for, protect and hand on to the next generation, the freedom that [President] Reagan spoke of … then we have to take the lead to restore the rule of law in America,” Abbott said during a speech at the Texas Public Policy Foundation’s Policy Orientation that drew raucous applause from the conservative audience. He said he will ask lawmakers to pass a bill authorizing Texas to join other states calling for a Convention of States.

So he wants to make Montana, all `1/2  illio  of them a nation?  This idiot has no sense of American geography.  If he was worried then I suggest he think ab out  a simple fact, Texas has on ly two Senators, the same as Maine.  You might have a problem of scale, governor, suggest you hire a mathematician.