Re:Nobel Prize Winner Joseph Stiglitz Calls for Jail Time fo...
by lkrubner on Friday October 22, 2010 @11:38PM
(#1822526)
" I have found myself more and more dismayed by the bad behaviour of the largest corporations and their influence on the government."
Me too. That's not the issue. The issue is why anyone would suggest jail. There is a large range of actions that could be pursued to modify the incentives that lead people to make reckless gambles with credit. Why not pursue those other actions first? Why not change the financial incentives? Why resort to jail?
Re:Nobel Prize Winner Joseph Stiglitz Calls for Jail Time fo...
by slantyyz on Friday October 22, 2010 @11:39PM
(#1822530)
I didn't suggest jail. I only suggested a stick. That stick could be in the form of fines or other financial sanctions.
Re:Nobel Prize Winner Joseph Stiglitz Calls for Jail Time fo...
by lkrubner on Saturday October 23, 2010 @02:05PM
(#1823983)
Yes, that's what I said. There are many, many changes that could be made to the system that would change the incentives that motivate the people in the financial industry, and by changing the incentives we could expect that their behavior would alter. None of which requires jail. Larger fines should be enough to greatly change the incentives.
As someone who would otherwise be classified as "pro-business", I have found myself more and more dismayed by the bad behaviour of the largest corporations and their influence on the government.
A corporation is a legal entity with rights equal to a human, but in an Animal Farm kind of way. Their influence over governments and lawmaking make them "more equal" than Joe Q. Public. I would like to see checks and balance to keep the most flagrant corporate/financial bad behaviour under control.