Stiglitz: "This is NOT captalism."

Nobel Prize winning economist Joseph Stiglitz addressed the Wall Street protest crowd on Saturday. This is the man the president's financial advisers should have been listening to as the big bubble was about ready to burst.

Here's the kind of clarity he speaks:

What Wall Street is practicing "is not capitalism."

“There’s a system where we socialize losses and privatize gains. That’s not capitalism. That’s not a market economy. That’s a distorted economy, and if we continue with that, we won’t succeed in growing.”

Simple, direct, true.

And exactly the opposite of what every GOP presidential hopeful would say. Not to mention the sort-of, but-not-quite, accepting economic advisers to the Obama administration. It's a little better with Larry Summers gone, but I'd love to have seen Stiglitz appointed to take his place.

Ralph