Here are some of Joseph Stiglitz's words:
It has long been recognized that the US banks that are too big to fail are also too big to be managed.
The rigged system:
If they take big bets and win, they walk away with the proceeds, if they fail, the Government picks up the tab.
It's not the Banks that are being bailed out:
The Obama Administration has succumbed to political pressure and scare-mongering by the big banks and, as a result, has confused bailing out the bankers and their shareholders with bailing out the banks.
Justice and Anger:
Rewriting the rules of the market economy — in a way that has benefited those that have caused so much pain to the entire global economy — is worse than financially costly. Most Americans view it as grossly unjust, especially after they saw the banks divert the billions intended to enable them to revive lending, to payments of outsized bonuses and dividends
This ersatz capitalism, where losses are socialized and profits privatized, is doomed to failure.
Business, Day, Break the banks, for the good of the people, Joseph Stiglitz, June 10, 2009.