During the 2008 financial crisis, Rahm Emanuel, President Obama’s chief of staff, famously said you should never let a crisis go to waste. But Nobel Prize-winning economist Joseph Stiglitz says that’s precisely what lawmakers did, passing massive bank bailouts and stimulus bills that didn’t do enough for people who lost their homes and jobs. “We needed to reform our financial system. We needed to reform our economy,” says Stiglitz. “And we didn’t.” He says the current crisis related to the coronavirus pandemic is another opportunity for transformative change.
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