Thought important to consider for the elections and for actions afterward.  Gave this book review, 9/25/12 at local library.  Bob 585-331-7000. A more detailed version follows.  The encyclicals and Stiglitz's book, I found to be great reads.

Book Review: Stiglitz, Popes and Jefferson Agree

Financial Inequality Bad for United States

“Our society, our democracy and our economy” are all in peril, Nobel Prize winning economist Joseph Stiglitz says in his June released best seller, The Price of Inequality. Five Popes, from Leo XIII in 1891 to Benedict XVI in 2008 and Thomas Jefferson agree with the first two items.

Stiglitz tells we need to restore and enforce financial regulations. Deregulation was a cause of the 2008 banking and Wall Street breakdown as it was in 1929 and at least one other time in our history.

He further tells we need to let the tax breaks to the super rich expire as the early 2000's law to restore the economy required. That alone will nearly eliminate our budget deficit. It will also help reverse the wealth redistribution to the rich, that started in 1983 and is at a crisis stage now.

The concentration of wealth at the top, the “further impoverishment of the poor, the hollowing out of the middle class” all represent threats to our future. The Popes describe how this is ethically wrong and unChristian. Jefferson., Madison and others warned in mid-1780's publications on the ratification of the Constitution, that wealth concentration could ruin our democracy.

In what John Kay, Financial Times, calls “the best book so far on the financial crises,” Stiglitz describes how this concentration happened and several steps, we can take to put us back on track, including restoring regulation and elimination of tax breaks to the rich.

Last week, Bob Golden, who worked in criminal justice for 34 years, served on local, state and federal committees, including as chair of one of President Reagan's advisory committees, reviewed Stiglitz's book, referencing it to five Papal Encyclicals on the rights of labor, at Noon and 7 PM sessions at the Albion Library.

Golden quotes Leo XIII: “the safety of the commonwealth...is a Government's whole reason of existence...the object ...of the State should be not the advantage of the ruler, but the benefit of those over whom he(it) rules.” “The richer population have many ways of protecting themselves, and stand less in need of help from the State.” Stiglitz shows how the powerful “1% (or 10%)” has gotten government twisted around, protecting the rich, but not the rest of us, giving the rich tax breaks, subsidies, giveaways and tax loopholes, while most of the rest of us have lost ground and many are in ruins.

As the Popes say and Stiglitz suggests we need to reinsert faith and justice into our deliberations and actions and resuscitate our “moral compass (Stiglitz).” It can no longer be “Let the buyer beware,” “but let the seller be fair and just.” To Bill Gates warning to college graduates, “The world isn't fair, get over it,” he needs to add, 'but that doesn't excuse you from being fair and honest in your dealings .

* * * * * * * * * * *

Golden is currently on the Buffalo Diocesan Justice and Peace Commission. For a list of Joseph Stiglitz's recommendations or further discussion with Bob, www.goldenjazz59@gmail.comwww.goldenjazz59@gmail.com (For 10 years, Bob produced for charity, the Apple Grove Inn Jazz Festival.)