| 00:00:27 |
Unidentified Speaker, -
MEN, DEMOCRATS AND REPUBLICANS, NEWLY ELECTED TO CONGRESS FROM ALL ACROSS THIS COUNTRY, AND IT OFFERS THEM THEIR FIRST OPPORTUNITY TO SPEND TIME WITH...
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| 00:01:41 |
Unidentified Speaker, -
LEADING THE CONGRESSIONAL OVERSIGHT, THE CONGRESSIONAL OVERSIGHT PANEL. LET ME JUST BRIEFLY INTRODUCE EACH OF THE PEOPLE AND THEN IT WILL EACH TALK FOR...
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| 00:07:12 |
Unidentified Speaker, -
WAY. ALTHOUGH NOBODY THOROUGHLY UNDERSTANDS THE ECONOMIC CRISIS, DESPITE THE TITLE OF THE SESSION.
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| 00:07:20 |
Unidentified Speaker, -
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| 00:07:23 |
Unidentified Speaker, -
TO REMIND YOU, THE SUBPRIME MORTGAGE CRISIS HIT IN THE SUMMER OF 2007. FOR QUITE AWHILE, THE HOPE WAS THAT IT COULD BE CONTAINED, WAS THE WORST THAT OFTEN...
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| 00:18:45 |
Unidentified Speaker, -
OF THOSE AREAS WHERE ECONOMISTS DO NOT SEE THROUGH A SINGLE LENS.
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| 00:18:53 |
Unidentified Speaker, -
IF YOU TALK ABOUT INTERNATIONAL TRADE, 80% OF THE ECONOMIST WILL BE FREE TRADERS. IF YOU GET ABOUT GLOBAL CLIMATE CHANGE. THEY WILL TELL YOU THAT WE NEED...
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| 00:31:19 |
Unidentified Speaker, -
LITTLE, BORROWING TOO MUCH. I WANNA TALK ABOUT THAT. THIS IS
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| 00:31:25 |
Unidentified Speaker, -
NOT LIKE 100 MILLION AMERICAN FAMILIES SAID LET'S QUIT SAYING LET'S GO BARRAULT. WHAT HAPPENED IS THAT THERE HAS BEEN AN ENORMOUS SHIFT IN THE ECONOMICS...
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| 00:45:02 |
Unidentified Speaker, -
AS MEMBERS OF THE DISMAL SCIENCE IN FORECASTING THE RATHER GRIM PROSPECTS OF OUR ECONOMY. I THINK THE QUESTION MANY PEOPLE ARE
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| 00:45:14 |
Unidentified Speaker, -
ASKING IS, ARE WE ACTUALLY GOING TO RELIVE THE 1930'S? NOW IF YOU LOOK AT THE 1930'S, AND YOU ASK ECONOMIC HISTORIANS WHY THEY FEEL POLICY FAILED AT...
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| 00:56:45 |
Unidentified Speaker, -
SAY, WELL, THAT WAS A DUMB ANSWER. I CAN SEE YOUR TAX -- YOUR NAME TAGS SO WE WOULD JUST ARE DOWN HERE. >> MILLIONS OF QUESTIONS BUT I WILL TRY TO GET...
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| 00:57:17 |
Unidentified Speaker, -
WITH A QUESTIONED MARK. >>
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| 00:57:21 |
Unidentified Speaker, -
THIS IS DIRECTED TOWARD ELISABETH. THIS MOVING, YOU TALKED ABOUT SOMETHING THAT IS ALL OUR MINDS RIGHT NOW. CAN YOU TELL ALSO LITTLE BIT ON BANKRUPTCY,...
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| 00:57:43 |
Unidentified Speaker, -
SHARPLY, CHAPTER 7 FOR CHAPTER 11, AND WHAT WE'RE RESTRUCTURING LOT LIKE IF IT WENT THROUGH THAT IS OPPOSED TO A GOVERNMENT- ORCHESTRATED PROCESS? QWEST...
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| 01:00:43 |
Unidentified Speaker, -
YOU TALK ABOUT OUR RESPONSIBILITY AS TRADING PARTNER AND OUR TRADING PARTNERS RESPONSIBILITY. I AM WORKING ON
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| 01:00:49 |
Unidentified Speaker, -
LEGISLATION, AND ONE OF OUR TRADING CONCERNS IS THAT OUR TRADING PARTNERS ARE UTILIZING CANADA TO AVOID COMING INTO OUR PORTS, AND ALSO YOU HAVE MEXICO,...
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| 01:01:44 |
Unidentified Speaker, -
FROM BEING ABLE TO SELL ABROAD AND BEING ABLE TO BUY. WE BENEFIT FROM COMPETITIVE INFRASTRUCTURE, SO TO BE HONEST, I THINK WE WANT TO SEE ABOUT OF COMPETITION...
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| 01:03:09 |
Unidentified Speaker, -
THE 9-11 RECOMMENDATIONS, SO IT IS ONE THING TO SAY WHAT OPEN BORDERS, BUT IF WE ARE NOT RECEIVING PROTECTIONS -- TO SAY WE WANT OPEN BORDERS, BUT IF...
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| 01:03:45 |
Unidentified Speaker, -
SAFE AND INDEED OUR COUNTRY SAFE. >> I THINK MY QUESTION IS THAT IT SEEMED LIKE THE MORE WE ENGAGED IN TRYING TO REDUCE THE PAIN IN THE RECESSION WE...
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| 01:04:17 |
Unidentified Speaker, -
FUTURE VERSUS GOING TO THE PAIN NOW? >> I DO NOT SEE ANY VIRTUE IN THE PAIN. THERE ARE SOME WAYS THAT RECESSIONS -- SOME POINTS OF VIEW THAT RECESSION...
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| 01:04:46 |
Unidentified Speaker, -
EXTENT IS IT MONETARY POLICY? TO WHAT EXTENT IS IT FISCAL POLICY? ONE OF THE GREAT SCHOLARS OF THE GREAT DEPRESSION IS BEN BERNANKE. ANOTHER IS CHRISTIE...
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| 01:05:48 |
Unidentified Speaker, -
FOR THE LONGER TERM, AND IT IS GOING TO GET WORSE OVER THE NEXT 10 OR 20 YEARS WITH THE RETIREMENT OF THE BABY BOOM GENERATION, WHICH IS ALREADY STARTING,...
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| 01:07:38 |
Unidentified Speaker, -
LET ME TURN TO ELIZABETH.
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| 01:07:40 |
Unidentified Speaker, -
I DID WANT TO MAKE ONE MANSION FOR ANY MEMBERS WATCHING THAT WE USE THIS TERM FISCAL VERSUS MONETARY POLICY A LOT. UNDERSTAND FISCAL MEANS THE THINGS...
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| 01:07:54 |
Unidentified Speaker, -
DONE BY THE FEDERAL RESERVE BANK IN TERMS OF AFFECTING HOW MUCH MONEY SUPPLY THERE IS, SETTING INTEREST RATES AND THE LIKE. MOSTLY THE CONGRESS CAN EFFECT...
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| 01:08:35 |
Unidentified Speaker, -
GOING ON, AND THAT IS TO LOOK OF THE QUESTION OF WHAT TO DO ABOUT THESE SECURITIES BASED ON MORTGAGES. WE HAVE THIS PROBLEM THAT THE STREAM OF REVENUES...
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| 01:10:45 |
Unidentified Speaker, -
DEMOGRAPHICS? IN OTHER WORDS, IT SEEMS TO ME WE SHOULD HAVE A STRATEGY TO BUILD A STRONG ECONOMY LOOKING FORWARD 25 YEARS, AND THAT IS WHERE WE SHOULD...
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| 01:11:28 |
Unidentified Speaker, -
GAP BETWEEN BENEFITS THAT HAVE BEEN PROJECTED AND THE TAX REVENUES YOU'RE GOING TO COLLECT FROM MY CHILDREN. THE BIG QUESTION I SAY TO MY STUDENTS IS...
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| 01:12:27 |
Unidentified Speaker, -
WITH MORE STUDENT LOAN DEBT AND CREDIT CARD DEBT TO START THEIR LIVES, SO I STARTED MY LIFE WITH $1,800 IN LOANS, AND PAIN GOES OFF BY TEACHING IN PUBLIC...
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| 01:13:44 |
Unidentified Speaker, -
CHINA, THE FACT THAT THEY HAVE
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| 01:13:46 |
Unidentified Speaker, -
A CURRENCY THAT IS UNDERVALUED IN THE MARKET, PEGGED TO THE
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| 01:13:51 |
Unidentified Speaker, -
DOLLAR -- WHAT AREAS CAN WE GO WITH -- I AM NOT A HUGE FAN OF TARIFFS, BUT WE HAVE TO BRING THEM TO THE TABLE TO ALLOW OUR MANUFACTURING TO COMPETE. WHAT...
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| 01:14:36 |
Unidentified Speaker, -
BECAUSE THE CHINESE HAVE BEEN SAVING HUGE AMOUNTS OF THEIR INCOMES. THEY HAVE HAD RAPID GROWTH, BUT IN CHINA, PEOPLE ARE DEEPLY INSECURE. IF YOU LOSE...
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| 01:16:52 |
Unidentified Speaker, -
WITH CHINA, AND WE DO NOT HAVE MUCH LEVERAGE. WE ARE THE WORLD'S LARGEST NET DEBTOR. THEY ARE THE CREDITOR. WE OWED THEM. WE DO NOT HAVE MUCH LEVERAGE....
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| 01:18:01 |
Unidentified Speaker, -
IN KNOWING IF YOU BELIEVE
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| 01:18:03 |
Unidentified Speaker, -
WE NEED STRENGTH IN FINANCIAL SERVICES, AND SPECIFICALLY WHAT YOU WOULD TARGET. >> I AM EASY. THE ANSWER FOR ME IS ABSOLUTELY YES, AND THE WAY I WOULD...
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| 01:18:30 |
Unidentified Speaker, -
INNOVATIVE PLACE TO BE. IF YOU TELL ME WE CANNOT HAVE 15 THAT DEFAULT CLAUSES WE WILL MOVE TO UNIVERSAL DEFAULT CLAUSES. I JUST HAVE TO CHANGE WORDS...
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| 01:21:06 |
Unidentified Speaker, -
ISSUE -- I THINK IT IS A LONGER-TERM ISSUE WHEREAS FISCAL STIMULUS ARE ISSUES YOU'RE GOING TO FACE ON DAY ONE IF NOT ALREADY, SO IN TERMS OF STAGING I...
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| 01:21:45 |
Unidentified Speaker, -
CREDITORS ARE BACK. THE PROBLEMS I AM DESCRIBING HAVE NOT GONE AWAY. CREDIT MARKETERS DECIDING TO RAISE THEIR INTEREST RATES. MORTGAGE LENDERS ARE FIGURING...
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| 01:23:37 |
Unidentified Speaker, -
ABOUT GREETED THE OTHER IMPORTANT LESSON ABOUT MARKETS IS WHEN YOU SQUEEZE ONE PLACE IT SQUEEZES BACK SOMEPLACE ELSE. WHAT I LIKE ABOUT ELIZABETH IDEA...
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| 01:24:45 |
Unidentified Speaker, -
ISSUE IN A LOT OF CAMPAIGNS IN INDUSTRIAL STATES. I LEARNED ABOUT THIS WHEN I WAS IN UNDERGRADUATE SCHOOL FROM PEOPLE LIKE YOU, AND WHETHER IT IS THE...
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| 01:25:49 |
Unidentified Speaker, -
ENVIRONMENTAL AND LABOR STANDARDS THAT HAVE BEEN INTRODUCED INTO TRADE AGREEMENTS NOW. THE PERU AGREEMENT, WHICH ACTUALLY GOT A LOT OF SUPPORT FROM...
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| 01:27:14 |
Unidentified Speaker, -
PARTICULARLY ELIZABETH. YOUR FOCUS ON THE SORT OF INDIVIDUAL AND PERSONAL RESPONSIBILITY AND THE FAMILY AS AN ECONOMIC UNIT -- I THINK THAT IS AN IMPORTANT...
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| 01:27:29 |
Unidentified Speaker, -
JEFF'S SLIDE AND THE FIVE TOP BOXES THAT LOOK ALMOST LIKE THE PERFECT STORM FOR THE ECONOMIC CRISIS THAT WE FIND OURSELVES IN RIGHT NOW AND TRY TO ASSESS...
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| 01:29:29 |
Unidentified Speaker, -
LAST FINANCIAL BAILOUT WAS THE ROLE FANNIE MAE AND FREDDIE MAC PAID IN ATTEMPTS BY CONGRESS THAT HAD FAILED TO REGULATE THEM AND CHANGES TO THE ACT IN...
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| 01:29:44 |
Unidentified Speaker, -
GOING FORWARD, WHAT CHANGES AND
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| 01:29:46 |
Unidentified Speaker, -
REFORMS WOULD YOU SUGGEST MAKING TO FANNIE AND FREDDIE TO CHANGE THEIR ROLE IN THIS WHOLE HOUSING MORTGAGE BUBBLE? >> 3 SHORT ANSWERS, WHAT WE DO ABOUT...
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| 01:30:16 |
Unidentified Speaker, -
VERY SAD WOMAN IN THE SENSE THAT THERE WERE A LOT OF ECONOMISTS WHO HAD TALKED -- SAD ONE IN THE SENSE THAT THERE WERE A LOT OF ECONOMISTS WHO HAD TAUGHT...
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| 01:30:25 |
Unidentified Speaker, -
WHO HAD WARNED ABOUT THE PROSPECTS WITH HEAD -- WITH FANNIE MAE AND FREDDIE MAC. THAT IS PART OF THE STORY, AND IT IS NOT A HAPPY STORY. IT IS NOT HAPPY...
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| 01:32:15 |
Unidentified Speaker, -
QUICKLY, YES, I THINK REGULATION TO REDUCE THE AMOUNT OF LEVERAGE AND CREATE CAPITAL REQUIREMENTS -- FOR EXAMPLE, THE REDISTRIBUTE MODEL ON MORTGAGE,...
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| 01:34:34 |
Unidentified Speaker, -
FROM THE BEGINNING IS IF THEY WANT OUR MONEY THEY HAVE TO MAKE THEMSELVES ACCOUNTABLE. THEY HAVE TO TELL US HOW THEY ARE GOING TO BE ACCOUNTABLE. WE...
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| 01:34:48 |
Unidentified Speaker, -
SOFTEST CHUMP OUT THERE THAT WILL LEND MONEY BECAUSE IT COMES FROM THE GOVERNMENT. ON THE STIMULUS PACKAGE, THEY DID A LITTLE SURVEY, HOW ARE YOU GOING...
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| 01:37:07 |
Unidentified Speaker, -
PRINCIPLE HAS TO BE THAT IF YOU ARE TOO BIG TO FAIL, IF YOU AS A FINANCIAL INSTITUTION HAVE THE CAPACITY TO IMPOSE SOCIAL COSTS, YOU HAVE TO BE REGULATED,...
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| 01:38:45 |
Unidentified Speaker, -
CONVENES ON JANUARY 6. THE OFFICIAL ELECTORAL
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.