During a wide-ranging interview with DailyFinance at AOL
headquarters in New York City this week, Stiglitz, who served as
chief economist of the World Bank from 1997-2000 and is currently
University Professor at Columbia University, explained how the
availability of cheap money (thanks in large measure to former Fed
Chairman Alan Greenspan), combined with outright mortgage fraud
and deceptive and predatory lending practices put millions of people
into homes they couldn't afford and caused real estate prices to
skyrocket. That created a bubble that would inevitably pop.
Deceptive and predatory practices are also found in Singapore. They
have to be addressed by the authority.
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