Below is a compilation of responses we have received in regard to Brian's review of "The Great Divide" by Joseph Stiglitz in yesterday's Wall Street Journal which can be found here. These comments have been gathered from both First Trust and WSJ readers, we hope you enjoy them.
Yeah, the last 50 years of prosperity were sooooo awful. The right hasn't had a good run either...burning up a surplus and increasing government size...
-David
Brian, you are on my top 5 list of economists/market gurus. As a past business owner, I believe in capitalism and don't dispute anything you write (I particularly liked the 10 fishermen story....easy for anyone to understand). I'm curious what your thoughts are on having balance between capitalism and caring for those who weren't born with our IQ and business sense. I'd love to see a Westbury 101 on that subject. Over the years I've come to believe that much of my success in life was due to being born with certain talents and ability to learn. Fortunately I didn't have to make my living singing or playing music......I'd be dirt poor without any motivation because I was born with no musical talent and no amount of hard work would get me anywhere close to people born with even minimal musical talent. So, when I read your writings and many other successful business people which seem to have such black and white views, I always wonder if they have ever given any thought to how lucky people like you and I are to be born with brains that allow us to succeed at business and enjoy such a great life. 100% capitalism will definitely provide the fastest economic growth, but is there a balance that provides for those not born as lucky?
-Rick
Brian, good thoughts. I read this in the WSJ. Stiglitz is a very scary guy! He exemplifies the liberal point of view where emotions trump brain power. There is NO understanding of human nature and how it plays into human out comes. If you do not deal with the culture that does not respect family, education, hard work and personal responsibility you cannot make changes. You cannot level the playing field. And the Big Gov. solutions of throwing money at the symptoms (think the 1965 Welfare Act) you then just create unintended consequences with disastrous outcomes!
-Thomas
Your review was astonishingly one sided. We are all paid to accept approved political and economic views. You went overboard. You lost credibility.
Semper Fi
-Mike
Love the commentary in general, but please leave the politics out of it. Unless your goal is to be another outlet for Fox News...
-Jason
Sorry, but just don't buy the political rhetoric.
-Ricky
Prof. Stiglitz blames Bush for the financial crisis. But Bush championed changes in Fannie Mae and Freddie Mac that could have made a difference, but those changes were rejected. Prof. Stiglitz places his faith in the very elements of our political economy that have failed time and time again; regulation combined with command and control of the many by the few. Enormously unimpressive and disappointing.
-David
"Conservatives said that our current fiscal path would be bad for the economy; liberals insisted that it would be good."
While I agree with all that Mr. Wesbury says about Stiglitz's inequality dogma, in fairness, conservatives said that the doubling in "prosperity-sharing government spending"...Medicare and Medicaid...would be bad for the economy. It hasn't been.
But Wesbury is right, "Liberals are the like the dog that finally caught the car. Now what will they do?" The coming election will show that the liberals have no second act.
-Michael
You know, I wish there were some way to short-sell bad books... Stiglitz could actually then be a source of wealth generation...
-Ronald
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Posted on Friday, April 24, 2015 @ 1:39 PM
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