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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:20 |
|
NOW A DISCUSSION ON THE GLOBAL ECONOMIC OUTLOOK WITH TWO FORMER CHIEF ECONOMIST AT THE INTERNATIONAL... |
| 00:00:42 |
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AS BOTH MY SPEAKERS DEPARTED, I AM WONDERING IF I SHOULD GO AHEAD AND START THE PROGRAM. I THINK THEY... |
| 00:04:28 |
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IT IS A PLEASURE TO RETURN TO THE PODIUM. THE EVENTS OF LAST FALL REMOVED ALL DOUBT AS TO WHETHER... |
| 00:33:04 |
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THANK YOU VERY MUCH FOR THIS OPPORTUNITY. DESPITE WHAT ONE PERSON SAID, I THINK THERE IS A STARK CONTRAST... |
| 00:51:10 |
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LOTS OF FOOD FOR THOUGHT. WE INVITE YOUR QUESTIONS ON WHAT THEY SAID. THE FLOOR IS OPEN. WELCOME.... |
| 00:52:06 |
|
MY QUESTION IS TO WHAT EXTENT DO YOU THINK THE CURRENT DIFFICULTIES ARE FUNDAMENTALLY CAUSED BY A... |
| 00:53:00 |
|
NO AND YES. |
| 00:53:02 |
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WOULD YOU CARE TO ELABORATE? [LAUGHTER] |
| 00:53:08 |
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IN TERMS OF THE IMPACT OF THE IMBALANCES, MANY HAVE EXISTED FOR A CONSIDERABLE PERIOD OF TIME. I DO... |
| 00:57:18 |
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AND NOTHING LASTS FOREVER. I THINK THAT IS WHAT ONE PERSON SAID ABOUT THE ROMAN EMPIRE. IF WE AGREED,... |
| 00:58:28 |
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IS THERE A DEEPER STRUCTURAL PROBLEM HERE OR -- AND EVEN IF WE RECOVER, I WILL STILL INSIST THAT WE... |
| 00:59:24 |
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I WOULD ADD ONE WORD ON THE INTERNATIONAL DIMENSION OF THE IMBALANCES THAT JOE ASKED ABOUT. THE CHAIRMAN... |
| 01:01:51 |
|
OK. YOU. |
| 01:02:02 |
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I AM WITH THE CARNEGIE ENDOWMENT. IF YOU BELIEVE MKE WE DON'T HAVE TO DO MUCH MORE AND IF YOU BELIEVE... |
| 01:03:56 |
|
I DON'T GO BACK TO THE 1930'S BECAUSE THE U.S. QUARTERLY GNP DATA STARTS IN 1947. I DON'T HAVE A VERY... |
| 01:09:08 |
|
I HEARD TO MAKE A SIMILAR POINT ABOUT AUTOMOBILE DEMAND THAT YOU JUST MADE ABOUT HOUSING DEMAND. DOES... |
| 01:09:43 |
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FUNDAMENTALLY, YES. I HAVE THE SAVINGS RATE GOING UP TO 7%. IT IS NOT THAT I DON'T THINK HOUSEHOLD... |
| 01:10:30 |
|
NEXT QUESTION. SIMON COMEDY WANT TO COME IN? |
| 01:10:39 |
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I AGREE WITH THE SIZE OF THE DECLINE. -- SIMON, D ONE TO COME IN? |
| 01:10:46 |
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I AGREE WITH THE SIZE OF THE DECLINE. THERE IS EVIDENCE OF THE RECOVERY ON THE WEBSITE. I GUESS IN... |
| 01:11:53 |
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LET ME PUSH YOU ON ONE POINT THAT YOU MADE IN YOUR REMARKS. YOU SAID IT WAS ANACHRONISM. |
| 01:12:12 |
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I SAID THEY DID NOT FILL COMFORTABLE DISCUSSING THE MONETARY POLICY. -- THEY DID NOT FEEL COMFORTABLE... |
| 01:13:02 |
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THE CHINESE CENTRAL GOVERNMENT PROPOSED A GLOBAL CRISIS AND I AM INTERESTED IN KNOWING WHAT THE PALACE... |
| 01:13:16 |
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I WILL RESPOND ON THAT. I THINK THE GOVERNOR AND OTHERS IN CHINA WHO MADE THAT SUGGESTION RECOGNIZES... |
| 01:15:25 |
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THANK YOU. THIS IS A VERY INTERESTING CONVERSATION. IT IS VERY HELPFUL. YOU HAVE DIFFERENT INTERPRETATIONS... |
| 01:16:34 |
|
ELABORATE ON THIS. |
| 01:16:38 |
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LET ME ASK THE CENTRAL PART OF THE QUESTION. WHAT IS THE ROLE OF CREDIT IN THE RECOVERY? IT IS THE... |
| 01:20:49 |
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WE SHOULD GET ON WITH TRYING TO STIMULATE THE REAL ECONOMY. THE CREDIT RUNS ARE NOT SOMETHING I WOULD... |
| 01:21:00 |
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IT IS IMPORTANT TO UNDERSTAND THAT ON THE ISSUE OF WHAT WE ARE DOING ABOUT THE BANKS AND THE FINANCIAL... |
| 01:24:16 |
|
FINAL QUESTION. |
| 01:24:22 |
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THANK YOU. I AM FROM BROOKINGS. AN IMPORTANT PART OF SORTING OUT THIS DEBATE IS GOING WITH THE SIZE... |
| 01:25:40 |
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IT WILL OBVIOUSLY HAVE AN EFFECT. THE QUESTION SPEAKS TO THE BROADER ISSUE. WE HAVE DONE ALL LOT.... |
| 01:26:44 |
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USE A MORE RADICAL MONSTER ACTION. I KNOW YOU MEET IN EUROPE. -- A D U ALSO MEAN IN THE UNITED STATES?... |
| 01:26:54 |
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IT IS MORE RADICAL MONETARY ACTION. WE ARE SUPPORTING WERE BERNANKE IS NOW. WE HAVE BEEN PUSHING... |
| 01:27:12 |
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TO DO YOU THINK THE FED SHOULD DO MORE NOW? |
| 01:27:16 |
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WE ARE COMFORTABLE WITH WHAT THEY ARE DOING NOW. THE EUROPEANS, NOT SO MUCH. |
| 01:27:22 |
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WHAT YOU'RE CALLING FOR IS FOR EUROPE. |
| 01:27:25 |
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ON THE MONETARY SIDE. |
| 01:27:32 |
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MIKE, YOU GET THE LAST WORD. |
| 01:27:35 |
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ONE OF THE REASONS WHY THE REAGAN RECOVERY WAS AS POWERFUL AS IT WAS WAS BECAUSE WE HAD NATURAL FORCES... |
| 01:30:23 |
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AT ABOUT THE REAGAN RECOVERY WAS SO ROSE BECAUSE ALTHOUGH HER LEAVE THE INFLATION. AND HE AGREES.... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
