Nobel economist Joe Stiglitz interviewed in Paris on Sunday, August 28, 2011 by AMERICAblog's John Aravosis. This is one of several excerpts of a half hour interview at the Cafe de la Mairie, across from Saint Sulpice church.

Stiglitz, when asked if the economy is going to get a lot worse this year and next:

"The way I would put it is, the hopes of the 'green shoots' that were expressed in March, 2009 that then turned to brown later in that year, and again woke up earlier this year, have again been dashed. So that the administration's, and the Fed's, constant referral to the economy 'on the road to recovery' is another demonstration of their inability to make economic judgments, just like the Fed totally misjudged the economy in the period leading up to the recession, totally -- even after the bubble broke, they said the crisis was contained -- once again the Fed has shown that its ability to make judgments about the economy leaves something to be desired."

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