Robert Samuelson and Liaquat Ahamed on the Economic Crisis

Sep 21, 2009

Fall for the Book Festival

Robert Samuelson and Liaquat Ahamed talked about their latest books and the current economic crisis. They answered questions from members of the audience following their remarks. Robert Samuelson is the author of The Great Inflation and Its Aftermath: The Past and Future of American Affluence (Random House; November 11, 2008). In his .. Read More
Robert Samuelson and Liaquat Ahamed talked about their latest books and the current economic crisis. They answered questions from members of the audience following their remarks. Robert Samuelson is the author of The Great Inflation and Its Aftermath: The Past and Future of American Affluence (Random House; November 11, 2008). In his book he discusses the crippling inflation that hit the United States from the mid-1960s to 1982, resulting in four recessions. Liaquat Ahamed is the author of Lords of Finance: The Bankers Who Broke the World (Penguin Press; January 22, 2009). In his book he recounts that four of the world's central bankers attempted to rebuild the global economy following World War I but instead contributed to the economic collapse that led to the Great Depression. This event of the Fall for the Book Festival was held on Monday September 21, 2009, at 7:30 p.m. ET at theSPACE at Old Town Plaza, in Fairfax, Virginia. It was sponsored by Sandy Spring Bank Potomac Division.

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:02 Host THAT IS GREAT. WITH THAT, THANK YOU VERY MUCH TO WHEN I ENJOYED THE CONVERSATION.
00:00:08 Host IT IS A GREAT BOOK.
00:00:31 Unidentified Speaker THANK YOU I SERVE ON THE CITY COUNCIL HERE IN THE CITY OF FAIRFAX AND BEHALF OF THE CITY COUNCIL LIKE...
00:02:33 Unidentified Speaker THANK YOU. I WILL TALK FOR ABOUT 10 MINUTES THEN WE WON'T TALK FOR ANOTHER 10A50 MINUTES THEN OPEN...
00:03:42 Unidentified Speaker BY A MISTAKE IN FEDERAL RESERVE POLICY. IN BOTH CASES THE MISTAKE IN FEDERAL RESERVE POLICY WAS EXACERBATED,...
00:17:18 Unidentified Speaker I WANT TO THANK EVERYBODY HERE. CAN YOU HEAR ME BACK THERE? THE SPONSORS OF THIS FESTIVAL FOR INVITING...
00:34:53 Unidentified Speaker [INAUDIBLE]
00:35:11 Unidentified Speaker HOW YOU DOING? CAN YOU HEAR ME ALL RIGHT?
00:35:13 Unidentified Speaker YEP.
00:35:14 Unidentified Speaker I HEAR ALL THE TIME THAT WE HAVE A LOT OF UNDER MARKET FORCES PRESSURING INFLATION AND OUR INTEREST...
00:35:35 Unidentified Speaker LET ME JUST QUICKLY TRY TO
00:35:36 Unidentified Speaker SURE.
00:35:37 Unidentified Speaker THE ANSWER'S NO. I MEAN, I DO THINK IT'S POSSIBLE THAT WE WILL HAVE HIGH INFLATION. I DON'T THINK...
00:36:53 Unidentified Speaker PROBABLY TWO, TWO AND A HALF YEARS IS WHAT I WAS THINKING. BUT THANKS.
00:36:57 Unidentified Speaker I'M ACTUALLY EVEN MORE OF A SKEPTIC THAN BOB ABOUT INFLATION. AFTER THE JAPANESE, JAPAN HAD A SIMILAR...
00:38:29 Unidentified Speaker MR. AHAMED, YOU MENTIONED THE SHADOW BANKING SYSTEM. IT ATE PEERS WE ALSO -- IT APPEARS WE ALSO HAVE...
00:39:29 Unidentified Speaker THE BEST, THE BEST DESCRIPTION I'VE HEARD OF THE WAY AIG WORKED WAS IT'S LIKE BUYING INSURANCE AGAINST...
00:41:52 Unidentified Speaker ANOTHER QUESTION FOR EITHER ONE OF YOU WHO WANTS TO ANSWER THIS. AT THE SAME TIME THAT GREENSPAN WAS...
00:42:18 Unidentified Speaker THE MARGIN RATE, I MEAN, THAT HE SHOULD HAVE RAISED IT AS A SIGNAL, BUT THE AMOUNT OF STOCKS THAT...
00:44:27 Unidentified Speaker ONE LAST QUESTION AND I'LL SIT DOWN, AND THAT IS BETWEEN THE TWO OF YOU WHAT CHANGES IN REGULATION...
00:45:08 Unidentified Speaker WELL, MY VIEW IS, LOOK, WE'RE NOT GOING TO REPEAL BUBBLES AND BUSTS. I MEAN, THAT IS PART OF, THERE...
00:46:59 Unidentified Speaker YEAH, I BASICALLY AGREE WITH ALL OF THAT. I THINK THAT THE OBAMA ADMINISTRATION, SECRETARY GEITHNER...
00:48:35 Unidentified Speaker THE GLOBAL SITUATION WAS MENTIONED A FEW MINUTES AGO, AND THE NEED TO COORDINATE BETWEEN DIFFERENT...
00:48:59 Unidentified Speaker WELL, I THINK THAT THE TWO DIMENSIONS OF THE GLOBAL COORDINATION. ONE IS THAT WE'VE GOT TO HAVE REASONABLY...
00:52:26 Unidentified Speaker YEAH, I AGREE WITH THAT. I WOULD JUST ADD A COUPLE OF THINGS. THE QUESTION IS WHETHER THEY CAN --...
00:56:20 Unidentified Speaker ONE FOLLOW-UP QUESTION RELATING TO THE CAPPED-OUT NATURE OF THE AMERICAN PUBLIC AT THIS POINT IN TIME....
00:57:11 Unidentified Speaker WELL, THE SUBTITLE OF MY BOOK -- THE TITLE IS THE GREAT INFLATION AND ITS AFTERMATH, BUT THE SUBTITLE...
01:00:07 Unidentified Speaker I HAVE TWO QUICK AND UNRELATED QUESTIONS. ONE IS SHOULD LEHMAN BROTHERS HAVE BEEN ALLOWED TO FAIL,...
01:00:27 Unidentified Speaker YEAH. ON LEHMAN, HERE'S -- I WOULD ASK THE FOLLOWING: IF WE HAD SAVED LEHMAN, WOULD THAT HAVE BEEN...
01:01:13 Unidentified Speaker WHICH ECONOMIST --
01:01:15 Unidentified Speaker [INAUDIBLE]
01:01:18 Unidentified Speaker YOU KNOW, I'M AN UNABASHED FAN OF JOHN MAYNARD KEYNES.
01:01:25 Unidentified Speaker YOU KNOW, THE LEHMAN THING IS GOING TO BE DEBATED FOR DECADES. MY GUT FEELING IS THEY SHOULDN'T HAVE...
01:05:15 Unidentified Speaker I AM AND AT BIT DAZED ACADEMIC, NOT THE ECONOMISTS BUT IT TROUBLES ME WITH ACADEMIC RATING AND FINANCIAL...
01:06:29 Unidentified Speaker WHAT ARE THE ODDS?
01:06:30 Unidentified Speaker CRIMINAL BEHAVIOR. WE ALWAYS SAY, PEOPLE AND INSTITUTIONS AND BANKS AND INSURANCE COMPANIES YET THERE...
01:07:07 Unidentified Speaker A HIGH NUMBER PROBABLY EVERY FINANCIAL CRISIS THROWS UP A KRUPP. THAT IS WHEN YOU DISCOVER THE FAMOUS...
01:08:20 Unidentified Speaker I BASICALLY AGREE WITH THAT. CERTAINLY THERE WAS CRIMINALITY EVEN WHEN IT WAS NOT INDICTABLE THERE...
01:09:32 Unidentified Speaker THANK YOU FOR BEING HERE TONIGHT IT HAS BEEN INTELLECTUALLY STIMULATING CONVERSATION. TALKING ABOUT...
01:10:30 Unidentified Speaker MY SIMPLE ANSWER IS NO. [LAUGHTER] I THINK TO SOME EXPENSES -- EXTEND WE'RE AT THE END OF ME 2020...
01:11:33 Unidentified Speaker I REALLY ENJOYED YOUR BOOK AND YOUR SON IS PRETTY INTERESTING. MY QUESTION WAS GIVEN THE ECONOMIC...
01:11:58 Unidentified Speaker
01:12:04 Unidentified Speaker ON MONETARY POLICY I THINK I SAID I PERSONALLY BELIEVE GIVEN THE LEVEL OF UNEMPLOYMENT, WE ARE GOING...
01:15:13 Unidentified Speaker I WOULD JUST SAY WE ARE IN THE UNENVIABLE POSITION A DEFICIT SPIRAL OF THE WELFARE STATE. AMERICANS...
01:18:32 Unidentified Speaker THAT SEEMS TO HAVE SHUT

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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