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Economist Joe Stiglitz warned back in 2010 that the world risked sliding into a "Great Malaise." This week, he followed up on that grim prediction, saying, "We didn't do what was needed, and we have ended up precisely where I feared we would."
Joe Stiglitz is right.
In the aftermath of 2008, Stiglitz was indeed one of those warning that I and economists like me were wrong. Without extraordinary, sustained and aggressive policies to rebalance the economy, he said, we would never get back to what before 2008 we had thought was normal.
I was wrong. He was right.
Future economic historians may not call the period that began in 2007 the "Greatest Depression." But as of now, it is highly and increasingly probable that they will call it the "Longest Depression."

Comment: The pharmaceutical industry, like most psychopathic corporate entities exists merely for profit, despite the suffering of millions. The industry defends the high drug prices as a means of funding research to develop new drugs. But a close look at the finances of more than a dozen public drug companies illustrates research and development expenses are routinely smaller than company overheads, including marketing costs. And often after-tax profits still greatly exceed those R&D expenses that the companies say are so high.