GRETCHEN MORGENSON was awarded the Pulitzer Prize in 2002 for her "trenchant and incisive" coverage of Wall Street. She has been on that beat ever since and now has a book on the recent meltdown. Though we've had in depth conversations with Michael Lewis, Joseph Stiglitz, Simon Johnson, William Greider and others about the crisis, it's been a while since we covered it, and so this week we will have a chance to get an update on where things stand and look at some of the implications.
RECKLESS ENDANGERMENT lays out how the financial meltdown resulted from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. It reveals how the watchdogs who were supposed to protect us from financial harm were actually complicit in creating the financial crisis, and focuses on the abuse of Fannie May and Freddie Mac.
JOSEPH STIGLITZ became a full professor at Yale in 1970 at the age of 27, and in 1979 was awarded the John Bates Clark Award, as the economist under 40 who had made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and Oxford, and is now University Professor at Columbia University, Chair of Columbia's Committee on Global Thought, and co-founder and Executive Director of the Initiative for Policy Dialogue.
Stiglitz was a member and chairman of the Council of Economic Advisers during the Clinton administration, and later Chief Economist and Senior Vice-President of the World Bank. In 2001, he was awarded the Nobel Prize in economics and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.
JOSEPH STIGLITZ is the author of, among other books, Globalization and Its Discontents, Fair Trade for All, Making Globalization Work, The Three Trillion Dollar War: The True Cost of the Iraq Conflict, with Linda Bilmes, and his newest, Freefall: America, Free Markets, and the Sinking of the World Economy.