| 00:03:38 |
Vague, Richard - Chair
MUCH, ON BEHALF OF STEVE CLEMENS IN THE ATLANTIC, I WANT TO THANK ALL OF YOU FOR YOUR PARTICIPATION IN THE EXTRAORDINARY CONFERENCE, IT'S A PRIVILEGE,...
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| 00:06:46 |
Bennet, James - Editor in Chief
SOCIETY, AND PARTICULARLY TO TRY TO PROMOTE THE ABOLITION OF SLAVERY. THE COUNTRY WAS PREOCCUPIED WITH A DIFFERENT ISSUE WHEN IT WAS STARTED, WHICH...
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| 00:11:29 |
Clemons, Steven C. - Editor-at-Large
ALL DAY ON C-SPAN, AND WE HAVE BLOGS STREAMING THIS LIVE. SO THOSE OF YOU TWEET, IF YOU LIKE SOMETHING, TWEET IT IF YOU HATE SOMETHING, YOU CAN TWEET...
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| 00:13:48 |
Luce, Edward - Bureau Chief
IS GOING NO MAT WHERE ARE THE NASDAQ IS, ED, THE FLOOR IS YOURS. >> NOT SURE THIS IS WORKING, THANKS STEVE, AMAZING AUDIENCE HERE, WHICH AMOUNTS TO...
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| 00:15:20 |
Smith, Yves - Founder and Editor in Chief
2008, HAD DODD-FRANK ALREADY BEEN IN PLACE? >> HONESTLY, I'M NOT SURE THE OUTCOMES WOULD HAVE BEEN MATERIALLY DIFFERENT. THE BIG PROFILE OF WHAT HAPPENED...
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| 00:18:30 |
Palley, Thomas - Associate Director
THAT IT WOULD NOT HAVE PREVENTED IT AND THAT THE HERO IS BEN BETTER KNACK SNI. >> THAT IS TWO QUESTIONS. >> DODD-FRANK WOULD HAVE HAD AN EFFECT, I'M...
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| 00:20:09 |
Luce, Edward - Bureau Chief
WILL COME BACK TO WHETHER IT'S A REAL RECOVERY. PAUL, YOU USED TO WORK AT PIMCO, AND YOU NOW ARE A PHILANTHROPIST, AND A THINK TANK YOU SET UP IS LOOKING...
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| 00:20:29 |
McCulley, Paul - Chair
PHRASE, MENSKY MOMENT, WHO IS RESPONSIBLE FOR THAT? >> WE THE PEOPLE ARE RESPONSIBLE FOR THE MENSKY MOVEMENT. MENSKY'S CONTRIBUTION TO ECONOMIC THOUGHT...
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| 00:23:18 |
Luce, Edward - Bureau Chief
HERO OF THE PIECE I'M PRESENTING IN A COUPLE WEEKS TIME FOR THE GIC. >> WELL GET TO THAT, PETER, YOU ARE OF COURSE, AN EXOFFICIAL BEFORE YOU JOINED...
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| 00:23:48 |
Hooper, Peter - Chief Economist
A OPPOSED TO THE GLOBAL FINANCIAL IMBALANCE, IS THAT A FACTOR? >> LET'S GO BACK MAYBE A BIT FURTHER AND LOOK AT A SLIGHTLY LARGER PICTURE AND GO BACK...
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| 00:25:50 |
Luce, Edward - Bureau Chief
TALKING OF THE GREAT MODERATION, CRAIG, YOU ARE FROM CANADA, AND TD BANK, CHIEF ECONOMIST, WHICH I WAS SURPRISED TO FIND OUT IS THE EIGHTH LARGEST BANK...
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| 00:26:18 |
Alexander, Craig - Senior Vice President
IS THERE MORE THAT WE CAN LEARN FROM CANADA? >> WELL, LET ME START OFF WITH THE COMMENT ABOUT THE GREAT MODERATION AND THEN WORK IN THE DIFFERENCES AND...
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| 00:31:19 |
Hooper, Peter - Chief Economist
PETE SNRR? >> I AGREE WITH THAT, THE CRUCIAL ELEMENTS OF THE DODD-FRANK BILL COULD HAVE EASED IT IN SOME PART, BUT YOU MAY BE LOOKING AT A HIGHER COST...
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| 00:31:35 |
McCulley, Paul - Chair
WOULD NOT HAVE BEEN DESIREABLE. >> AAGREE. DODD-FRANK WOULD HAVE NOT STOPPED IT. >> SO, WE HAVE NOT EVEN WON THE LAST WAR. ? >> NO DODD-FRANK HAPPENED...
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| 00:31:57 |
Alexander, Craig - Senior Vice President
THREE IS SAYING THAT BANKS SHOULD CARRY ADEQUATE CAPITAL TO SAY THAT IF SOMETHING GOES WRONG, YOU REMAIN SOLVENT AND YOU NEED TO MAKE SURE THAT WHEN...
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| 00:32:20 |
Luce, Edward - Bureau Chief
ENSURING WRITTEN REDUCED RISK. >> FAIR ENOUGH. NOW, EVERYBODY KNOWS THAT WHAT HAPPENED BETWEEN T.A.R.P. 1 AND T.A.R.P. 2 AND EVENTUALLY IT WAS PASSED....
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| 00:33:24 |
Palley, Thomas - Associate Director
YES. WE'VE BEEN EDGING TOWARDS IT FOR THREE YEARS NOW. UNFORTUNATELY FACTS GET CREATED THAT CAN'T BE REVERSED ONCE YOU START TO GO INTO FORECLOSURE,...
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| 00:33:49 |
Alexander, Craig - Senior Vice President
ROBUST ECONOMIC GROWTH BECAUSE IT'S NOT CIRCULATEING THE WAY IT SHOULD BE. PART OF THE CORE REASON IT'S NOT CIRCULATING IS THE IMPEDIMENTS COMING FROM...
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| 00:34:05 |
Smith, Yves - Founder and Editor in Chief
RESOLUTION IN THE U.S. YOU LIKE TO HOLD AS A POINT OF PRIDE THAT YOU HAVE A RESOLUTION PROCESS FOR CORPORATIONS. WHEN A COMPANY GETS IN TROUBLE THERE'S...
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| 00:36:07 |
Palley, Thomas - Associate Director
WAY. >> TO OUR HERO ON THE "ATLANTIC MONTHLY" COVER, I ASK THE QUESTION, WHY DIDN'T WE WAIT UNTIL THE SUMMER OF 2011 TO REALLY GO AFTER THE MORTGAGE-BACKED...
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| 00:36:46 |
Luce, Edward - Bureau Chief
BALANCED IN OUR ASSESSMENT OF HIM, TOO. >> PRESUMABLY, I'M ASSUMING BECAUSE I HAVEN'T ASKED EACH OF YOU THE SAME QUESTION, THERE IS AGREEMENT THERE...
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| 00:36:58 |
Hooper, Peter - Chief Economist
LET ME NOTE THAT WE HAD A PROBLEM THAT WAS GOING TO HAVE TO BE RESOLVED WHETHER THE POLICY INPUT OR NOT. THE POLICY COULD HAVE MADE THINGS A LITTLE...
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| 00:39:05 |
McCulley, Paul - Chair
DONE? >> BECAUSE IT SMELLS INCREDIBLY BADLY. WE DID WHAT WE DID FOR THE BANKING SYSTEM, NOTABLY T.A.R.P. >> YEAH. >> AND IT WAS A SORRY SPECTACLE TO...
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| 00:41:26 |
Alexander, Craig - Senior Vice President
I THINK THERE WERE ALSO AN UNDERESTIMATION OF THE ABILITY OF THE MARKET TO ACTUALLY PROCESS THE FORECLOSURES IN A TIMELY FASHION AND DEAL WITH THE PROBLEM....
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| 00:42:58 |
Smith, Yves - Founder and Editor in Chief
MORALISTIC PAINTINGS OF WHAT HAPPENED. AS PART OF THE SORT OF FAIRNESS DEBATE IS THAT WE COULD HAVE HAD A T.A.R.P. THAT EXACTED A LOT MORE IN THE WAY...
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| 00:44:43 |
Luce, Edward - Bureau Chief
OF THE HOUSING MARKET AND THAT WE'RE NOT LIKELY TO SEE A SORT OF HAIL MARY MOMENT THAT'S GOING TO SOLVE IT ALL IN THE FORESEEABLE FUTURE, I'D LIKE TO...
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| 00:45:45 |
Smith, Yves - Founder and Editor in Chief
ADMITTEDLY NOT TO THIS DEGREE BUT THE NUMBERS LOOK BETTER AND THAN THE STRENGTHENING FADED. YOU KNOW, WE STILL HAVE MORE DOWNSIDE ON HOUSING. THE...
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| 00:46:29 |
Palley, Thomas - Associate Director
IS WASHINGTON. WE WANT TO GET THROUGH POLICY AND PRESCRIPTION FIRST. BUT PRESCRIPTION ISN'T WORTH A DAMN UNLESS YOU DO DIAGNOSIS RIGHT. NOW, THERE ARE...
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| 00:50:16 |
McCulley, Paul - Chair
OF THE NAME. WILL IT BE DIFFERENT FROM THE RECOVERIES OF MOST OF MY LIFETIME? PROBABLY. WE ARE GROWING CONCERN ECONOMY WITH INCOME DISTRIBUTION ISSUES...
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| 00:52:07 |
Luce, Edward - Bureau Chief
THE CAUSES OF THE CRISIS. WE'RE ON TO HOW TO FIX IT NOW. DO YOU SHARE THIS VIEW THAT THIS IS -- TWO OUT OF THREE SAY IT'S NOT A
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| 00:52:16 |
Hooper, Peter - Chief Economist
REAL RECOVERY. >> IS IT SUSTAINABLE? IT'S ALREADY THE WEAKEST RECOVERY IN THE POST-WAR PERIOD. WITHOUT QUESTION. AND FOR GOOD REASON. THE FIRST TIME...
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| 00:56:11 |
Alexander, Craig - Senior Vice President
ONE OF THE CORE CONCERNS IS THE FACT THAT INCOME GROWTH IS SO WEAK. AND WHEN YOU STRIP OFF INFLATION IT'S VERY MODEST. AND THAT MEANS THAT IN ORDER...
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| 00:59:13 |
Hooper, Peter - Chief Economist
HAS BEEN SO DEPRESSED AND BECAUSE WE WENT -- WE HAD A HUGE BOOM INIVEITY IN THE RECOVERY WE MAY BE LOOKING AT SEVERAL YEARS. SUB2%, 1 1/2%. LABOR...
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| 01:00:27 |
Smith, Yves - Founder and Editor in Chief
VERY QUICKLY, YOU MENTIONED CAPITAL SPENDING AND THAT'S ACTUALLY AN IMPORTANT POINT AND IT TIES TO DR. PALLEY'S POINT ABOUT CHANGED ECONOMIC PARADIGM....
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| 01:02:03 |
Palley, Thomas - Associate Director
COMMERCE WILL RAISE THIS. NUMBER ONE THING. POLITICAL BODY. ECONOMIC POLICIES ARE DESIGNED TO SERVE THE INTEREST OF THEIR PEOPLE. THIS IS NOT A SUPPLY...
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| 01:04:41 |
Hooper, Peter - Chief Economist
UNCERTAINTY AND CAPITAL REQUIREMENTS, WHICH I AGREE FULLY THAT'S CRITICAL TO STABILITY IN THE SYSTEM DOWN THE ROAD. THERE IS AN ADJUSTMENT PERIOD HERE...
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| 01:05:48 |
Alexander, Craig - Senior Vice President
I'VE SEEN SURVEYS THAT -- >> THAT'S ACTUALLY WHERE I WAS HEADED. THE REGULATORY UNCERTAINTY SHOWS UP IN SURVEYS AND IT'S HAVING AN IMPACT BUT THERE...
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| 01:07:31 |
Luce, Edward - Bureau Chief
BEFORE WE DO, DOES ANYBODY HAVE CHEERING OBSERVATIONS TO MAKE? THIS HAS BEEN A FAIRLY DOWN -- >> IT'S A BUSINESS MALL SCIENCE, WHAT DO YOU EXPECT?...
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| 01:07:57 |
McCulley, Paul - Chair
OPTIMIST. I THINK OUR ECONOMY IS A GROWING CONCERN. WE HAVE AMERICANS GET UP EVERY MORNING AND GO TO WORK, YOU KNOW, SUPPORT THEIR FAMILIES, HAVE ASPIRATIONS...
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| 01:08:48 |
Palley, Thomas - Associate Director
OF THE SPIRIT AND PESSIMISM OF THE INTELLECT. WE HAVE A PROBLEM AND WE CAN'T DIG OUR HEADS IN THE SAND. THERE'S CERTAINLY A WAY OUT OF THIS. THERE IS...
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| 01:09:37 |
Hooper, Peter - Chief Economist
LIKELY SURVIVE. >> GROWING CONCERN. >> CERTAINLY THE DEVELOPMENTS THERE HAD BEEN, I THINK, PROMISING IN THE SENSE THAT YOU HAVE BOTH AT THE FUNDAMENTAL...
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| 01:10:24 |
Q&A, -
YVES. THE POINT IS THAT BECAUSE I USED TO WORK IN FINANCE I UNDERSTAND YOU TO APPOINT ABOUT LIKE WALL STREET AND EVERYTHING. AND I SHARE THE PESSIMISM...
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| 01:11:06 |
Smith, Yves - Founder and Editor in Chief
BE A VERY GOOD POINT. >> I'M AFRAID -- I WISH THERE WAS A SIMPLER ANSWER. ONE IS -- AND I DON'T GIVE IT VERY HIGH PERCENTAGE ODDS OF SUCCESS BUT THERE...
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| 01:13:12 |
Luce, Edward - Bureau Chief
EXPERTS HAS NEVER BEEN WIDER. IT CERTAINLY ISN'T SEXUALLY WIDER THAN THE SECTOR WE'VE BEEN TALKING ABOUT FOR MOST OF THIS MORNING, WHICH IS THE FINANCIAL...
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| 01:13:30 |
McCulley, Paul - Chair
MAKE AS PART OF YOUR DAILY READING THREE JOURNALISTS, ONE WHO IS ALSO GOT ANOTHER JOB. PAUL QUIGMAN, "NEW YORK TIMES," MARTIN WOLFE, "FINANCIAL TIMES,"...
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| 01:14:57 |
Alexander, Craig - Senior Vice President
ONE RISK WAS EUROPE. THE NUMBER TWO RISK WAS AROUND FISCAL POLICY, YOU KNOW, AND SUSTAINABILITY OF THE U.S. ECONOMIC RECOVERY. OIL WASN'T ACTUALLY ON...
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| 01:17:25 |
Palley, Thomas - Associate Director
BOX. WE PUT WORKERS INSIDE THE BOX AND FENCED THEM IN AND POUNDED THEM WITH A PARTICULAR FORM OF GLOBALIZATION, LABOR MARKET AGENDA, ABANDONED FULL...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.