U.S. banks have gotten out of the enterprise of offering capital to small companies and should be redirected towards that mission because the nation recovers from the coronavirus pandemic, Nobel Prize-winning economist Joseph Stiglitz stated.
“The issue is, the banks over the past 30 years have targeted their consideration on issues like issuing derivatives, CDSs, buying and selling, commodities: They discovered much more profitable methods of earning profits,” Stiglitz stated in an interview Tuesday on Bloomberg Tv Tuesday with Tom Keene and Lisa Abramowicz. Sitglitz was referring to credit-default swaps
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