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ITEM: Joseph Stiglitz, former chairman of President Clinton's Council of Economic Advisers, writes in The Atlantic Monthly for October 2002 that the "history of the 1990s needs to be rewritten." Opines Stiglitz: "If there was ever a time not to push deregulation further, the nineties was it" -- largely blaming economic problems in finance, telecommunication, and electricity trading on the fact that these sectors "wee all subject to deregulation."
CORRECTION: It's a sad state when the winner of the 2001 Nobel Prize in economics indicates that there aren't enough regulations -- at a time that their cost approaches the total of all corporate pre-tax profits in the U.S. That's right, the federal regulatory beast is consuming some $854 billion annually, more than 8 percent of the GDP, according to a study by the Cato ...
Source: HighBeam Research, Deregulation myths. (Correction Please!).