Stiglitz laments US's "bogus" bailouts

Despite the criticisms that accompanied the original Paulson plan, the idea of removing toxic assets from banks' balance sheets has grown in popularity in recent months. Granted there remains little consensus on how to do it, with the issue of pricing remaining the key stumbling block, and US Treasury secretary Tim Geithner's idea of a public-private partnership has so far met with a lukewarm response. But for some, such as Joseph Stiglitz, the idea alone still remains unpalatable.

"The main rea