The views of Stiglitz are more understandable in this article by him:
"Capitalist Fools," Stiglitz, Jan. 2009.
Capitalist

The essence is that regulation was down-graded. Much truth to this. Of course regulation must be continually tuned to meet changing conditions and as new players enter the field.

In one of these articles about his ideas- his Bangkok speech- I am sure they mis-state his- the present control by the few nations at the top must be expanded, say from 8 to 192 and the UN brought in, is sheer nonsense. Nothing would get done. This slippery slope may be presaged by G-20.