tavis: joseph stieglitz's a nobel prize-winning columnist who has previous join us on his program. it is a frank and timely assessment of the american economy, how today's divided society in dangers of future. he joins us tonight from boston. let me start, if i can, with the news of the day. your your sense of the elections in greece, how it impacts us here. >> it looks like they pulled back from the brink of the moment. it doesn't solve anything within europe. the fundamental problem is the bureau is a reconstructed that doesn't work. the remedy to the current problems that germany is pushing a spain, greece, other countries his austerity. bringing the unemployment 25% unemployment. unfortunately, there is no light at the end of this particular tunnel. it will hurt us. one reason for the lack of demand, one of the reasons we are paying for this high price of inequality. it is going to be impossible to export our way out of this recession. tavis: exporting is one thing, the president has been talking about in sourcing. >> manufacturing has been in strong decline. let's be frank abo

joseph stieglitz said "america's financial players created risk. this allocated capital and encouraged indebtedness all while imposing high transaction costs. they brought our entire economy to the brink." to this day, we hear regulators and those in the industry extolling the praises of financial innovation many of the innovations that were praised in the years leading up to the crisis did contribute to its depth and damage. credit default swaps and clever as that politicians are two exit -- and collateralized debt allocations are two examples. this is not what financial innovation should create. prewitt innovation -- true innovation should help society, not hurt it. rather than raising risk, financial innovation should have helped these people mitigate the risk of homeownership. instead, they help a small band of industry participants profit at the expense of the rest of us. in spite of this, and we continue to hear from bankers that tighter regulations of the financial sector will cripple their innovation tennis is -- innovative tendencies. they