| 00:01:24 |
Unidentified Speaker, -
PACKAGE WAS REGRETTABLE, IN PART BECAUSE IT DOOMS ANY OTHER MAJOR TAX LEGISLATION THIS YEAR. PHIL LEVY, SUBSTITUTING FOR LARRY LINDSAY SPECIALIZING...
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| 00:03:00 |
Unidentified Speaker, -
OF YEARS WHERE WE'VE HAD THIS EVENT AND THE DEFENSE POLICY PANEL WAS SIGNIFICANTLY MORE OPTIMISTIC AND HAPPY THAN THE ECONOMIC PANEL WHICH I THINK...
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| 00:03:18 |
Unidentified Speaker, -
AN INTERNATIONAL ECONOMIC CRISIS GOING ON, THE ONLY QUESTION IS HOW BIG IS THE CRISIS. THE ECONOMIC DATA HAVE TURNED NOT QUITE NEGATIVE, BUT SORT OF...
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| 00:17:24 |
Unidentified Speaker, -
SOME PRINCIPLES THAT YOU
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| 00:17:25 |
Unidentified Speaker, -
WANT TO LAY OUT VERY CLEARLY AND VISIBLY AS U.S. POLICY, AND THERE'S PLENTY OF OPPORTUNITY TO DO THIS IN TRADE AND FINANCE. I THINK THE COMING YEAR...
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| 00:24:20 |
Unidentified Speaker, -
THE KIND OF LIBERALIZATION WHICH EXPECTED MAJOR PLAYERS ARE PEOPLE PARTICIPANTS AND JUMP AND IT AND MAKE A RECIPROCAL RECEPTIONS THE WAY COUNTRIES SUCH...
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| 00:30:25 |
Unidentified Speaker, -
UNPRECEDENTED DANGERS. THIS SENTENCE CAPTURES THREE IMPORTANT THREADS THAT COULD BE SEWN INTO TONIGHT'S SPEECH. THE PERILS OF ECONOMIC PREDICTION, THE...
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| 00:41:00 |
Unidentified Speaker, -
AN ECONOMIC AREA FOR THIS U.S. QUESTION END
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| 00:41:03 |
Unidentified Speaker, -
OF THE HOUSING, SUBPRIME HOUSING MESS. AND WHEN YOU THINK ABOUT IT AND THIS IS PRETTY REMARKABLE. FOR A PRESIDENT WHO IS MAKING HIS LAST STATE OF THE...
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| 00:56:42 |
Unidentified Speaker, -
THE FEDERAL RESERVE ACTION WAS TAKEN ABOARD DOMESTIC CONSIDERATION. SO HE DOESN'T HAVE TO SUSPECT THAT OR ASSUME THAT. IT REALLY WAS. IN THIS CASE...
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| 00:57:02 |
Unidentified Speaker, -
WE TO DEPOSITORY INSTITUTIONS, WHICH CONSTRAIN ECONOMIC ACTIVITY AND LEAD TO FURTHER ASSET PRICES DECLINED. AND THE BAD NEWS IS THE DOLLAR DEPRECIATION...
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| 00:59:09 |
Unidentified Speaker, -
THE REGULATORS OF THE FEDERAL RESERVE WERE ASLEEP AT THE WHEEL. IF THE REGULATORS ARE ASLEEP WE DON'T NECESSARILY NEED A NEW REGULATIONS, WE JUST NEED...
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| 01:00:01 |
Unidentified Speaker, -
OF DIFFERENCE. THAT IS REQUIREMENTS WITH REGARD TO TRUTH IN LENDING. BETTER DISCLOSURE AS OUR COLLEAGUE SUGGESTED WOULD CERTAINLY HELP, BUT EXCESSES'...
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| 01:01:46 |
Unidentified Speaker, -
WAIT A MINUTE BANKS, THE SYSTEM IS A RISK FEDERAL RISK SHOULDN'T THEY HAVE TRIED TO DO SOMETHING? >> AND I WILL TRY THAT. ACTUALLY I ACCEPTED GREENSPAN'S...
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| 01:02:19 |
Unidentified Speaker, -
AN ENORMOUS OUTCRY FROM THE COUNTRY AND IN CONGRESS ABOUT TAKING AWAY THIS VALUABLE ASSET FROM PEOPLE. PEOPLE WERE ABLE TO BUY HOMES THAT THEY WERE...
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| 01:03:32 |
Unidentified Speaker, -
CREATE INSTRUMENTS THAT WERE TRIPLE A. EVEN IF THEY HAD DIFFERENT COMPONENTS
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| 01:03:35 |
Unidentified Speaker, -
OF REST. SO IN THAT CASE YOU COULD ARGUE THAT THE REGULATIONS IN PLACE OR POORLY DESIGNED. ANOTHER ASPECT OF IT IS THE GAPS IN REGULATION, THE FACT THAT...
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| 01:04:38 |
Unidentified Speaker, -
THAT, LET'S ASSUME THE STIMULUS PACKAGE DOES WHAT IT IS SUPPOSED TO DO, ARE THERE ANY CHANCES THIS MAY CAUSE AN INFLATION, AND IF THIS HAPPENS HAVE...
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| 01:04:55 |
Unidentified Speaker, -
YOU. >> VINCENT M. SURE HAS BEEN INVOLVED IN QUESTIONS AT THE FED. INFLATION HAS BEEN PRETTY HIGH BECAUSE OF HIGHER OIL AND COMMODITY PRICES, PROBABLY...
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| 01:05:22 |
Unidentified Speaker, -
IN RECESSION, BUT IT DOESN'T SEEM THAT THE ECONOMY NOT IN A RECESSION IS GROWING MUCH FASTER THAN A PERCENT OR% AND A HALF. SO I WOULD GUESS THAT GIVEN...
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| 01:07:40 |
Unidentified Speaker, -
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| 01:07:41 |
Unidentified Speaker, -
DOLLAR? >> IF WE HAVE A MODEST U.S. RECESSION AND ECONOMIC SLACK WILL BUILD UP, COMMODITY PRICES WILL DECLINE, WE WILL FIND OUT THAT MANY OF THE EMERGING...
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| 01:08:09 |
Unidentified Speaker, -
FISCAL BUDGETS BECAUSE THEY WERE BEING BUOYED BY WORLD COMMODITY PRICES. AND THAT SOME OF OUR KEY TRADING PARTNERS WILL SEEK SLOWING EXTERNAL DEMAND....
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| 01:10:23 |
Unidentified Speaker, -
AND
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.