| 00:05:35 |
Moss, Daniel - Executive Editor
PETER, YOU ASKED THAT HERE WE ARE, THE ECONOMY HAS BEEN GROWING FOR ALMOST THREE YEARS. WHAT IN THE CHAIRMAN'S PERSPECTIVE IS THE MOST CONFOUNDING...
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| 00:05:57 |
Engle, Robert - Professor
ENGEL, THE CHAIRMAN SAYS HE'S FRUSTRATED, BUT SHOULD HE BE SURPRISED? >> WELL, I THINK WE EXPECTED THIS TO BE A LONG RECOVERY BECAUSE FINANCIAL CRISES...
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| 00:07:45 |
Moss, Daniel - Executive Editor
THE STIMULUS AT THIS POINT WITHOUT TURNING THE ECONOMY BACK DOWN AGAIN. >> WELL,
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| 00:07:52 |
Reinhart, Vincent R. - Chief Economist
VINCE REINHART, YOU'VE SCRUTINIZED THE AFTERMATH OF FINANCIAL CRISES. SHOULD THE CHAIRMAN REALLY BE SURPRISED. >> >> NOT PARTICULARLY. MY WIFE, CARMEN,...
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| 00:08:37 |
Yergin, Daniel - Co-Founder and Chair
TICKED ALL THREE BOXES. >> CAN I JUMP IN THERE, DANIEL? I THINK THAT REGULATORY OVERSHOOTING, IT IS VERY INTERESTING AS WE WENT INTO THIS CRISIS, IT...
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| 00:09:40 |
Reinhart, Vincent R. - Chief Economist
STRESSED A NUMBER OF TIMES ON WEDNESDAY THAT THERE ARE THINGS THAT ARE WITHIN THE FED'S REALM AND THINGS THAT ARE NOT. WHAT WOULD YOUR ADVICE BE? >>...
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| 00:10:27 |
Yergin, Daniel - Co-Founder and Chair
OF ITS BALANCE SHEET TO PROVIDE MORE POLICY ACCOMMODATIONS. >> SO, DAN, WITHOUT THE DRIVE TO ENERGY SELF-SUFFICIENCY, HOW MUCH WORSE WOULD THINGS BE?...
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| 00:12:34 |
Engle, Robert - Professor
OF LAST YEAR WHERE THE SLOWDOWN BECAME QUITE SUBSTANTIAL AS WE HEADED INTO THE SUMMER AND PEOPLE WERE TALKING ABOUT DOUBLE DIP? IS THAT ON THE MENU...
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| 00:14:37 |
Reinhart, Vincent R. - Chief Economist
ECONOMIES, BASICALLY, WANT TO GROW UNLESS THEY'RE IMPEDED. BUT HERE'S THE PROBLEM, THE WORLD'S A RISKY PLACE. THERE'S AN ONGOING SOVEREIGN AND BANKING...
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| 00:17:05 |
Yergin, Daniel - Co-Founder and Chair
THE HIGHER SAVINGS RATE. >> LET'S TALK ABOUT THOSE ENERGY PRICES, DAN. SOME OF THE RECENT SOFTNESS IN CONSUMER CONFIDENCE HAS BEEN ATTRIBUTED TO ENERGY...
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| 00:18:30 |
Moss, Daniel - Executive Editor
ON THE ECONOMY, AND THEY ADD TO THE WORRIES OF CONSUMERS. THEY TAKE PURCHASING POWER OUT OF THE ECONOMY, AND SO I THINK THIS IS ONE OF YOUR
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| 00:18:38 |
Yergin, Daniel - Co-Founder and Chair
BIG HEADWINDS. >> SO IN TERMS OF THE MACROECONOMIC IMPACT, IT DOESN'T REALLY MATTER WHETHER WHAT'S DRIVING IT NOW IS DIFFERENT FROM '08, IT ONLY MATTERS...
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| 00:19:08 |
Reinhart, Vincent R. - Chief Economist
OIL MARKET AND, YOU KNOW, THE NEED FOR NEW SUPPLIES. >> I MEAN, IT'S ALWAYS WORSE WHEN IT'S ABOUT SUPPLY. IF PRICES ARE GOING UP BECAUSE OF CONCERNS...
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| 00:19:24 |
Yergin, Daniel - Co-Founder and Chair
RIGHT. >> BECAUSE DEMAND IS AN OFFSET. SO '08 IS A LITTLE DIFFERENT
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| 00:19:29 |
Moss, Daniel - Executive Editor
THAN 2012. >> I ALWAYS REMEMBER TWO MONTHS BEFORE LEHMAN BROTHERS COLLAPSED, OIL PRICES HIT THEIR PEAK, AND WHO WAS REALLY HURT THE MOST WAS PEOPLE WHO...
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| 00:19:52 |
Engle, Robert - Professor
CONTRIBUTOR. NOW WE HAVE CHINA SLOWING. SO WHAT ROLE CAN CHINA PLAY? >> WELL, I THINK ONE OF THE THINGS THAT HAPPENED IN CHINA IS THE STIMULUS GOT...
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| 00:21:20 |
Yergin, Daniel - Co-Founder and Chair
AT THIS PROBLEM. BUT I THINK IT IS A CONCERN. I THINK -- >> CAN I ADD, I MEAN, WHAT I CALL THE BUILDOUT OF CHINA IS CLEARLY ONE OF THE FUNDAMENTAL ...
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| 00:21:45 |
Reinhart, Vincent R. - Chief Economist
ONCE EVERY TEN YEARS IN CHINA, AND THAT ADDS KIND OF TO THE UNCERTAINTY OF THE WHOLE PICTURE. >> IT'S A VERY OPAQUE ECONOMY, AND THE LINE BETWEEN THE...
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| 00:22:50 |
Yergin, Daniel - Co-Founder and Chair
THE U.S. IS, AT BEST, A TREND AND EUROPE RIGHT NOW IS IN A SHALLOW RECESSION. >> AND ONE OF THE UNDERCURRENTS, NOT SO UNDER OF THIS LEADERSHIP CHANGE...
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| 00:23:35 |
Reinhart, Vincent R. - Chief Economist
INCUMBENT RETURNING OR BE IT A NEW PRESIDENT. VINCE, ARE THERE ANY CLIENTS STARTING TO ASK ABOUT THIS? >> HERE'S THE BAD NEWS, I THINK WE'RE MOSTLY GOING...
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| 00:25:14 |
Engle, Robert - Professor
A FISCAL CLIFF. THAT'S A LOT OF UNCERTAINTY. .. >> POLITICAL SYSTEM IS NOT FOCUSING MORE ON WHAT'S GOOD FOR THE COUNTRY, BUT REALLY WHAT'S GOOD FOR THE...
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| 00:26:09 |
Reinhart, Vincent R. - Chief Economist
ATTITUDE. >> BY THE WAY, AT MORGAN STANLEY OUR FORECAST IS WE MUDDLE THROUGH. POLITICIANS DON'T. >> THAT'S THE AMERICAN FAITH. DON'T DRIVE INTO, DRIVE...
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| 00:26:54 |
Yergin, Daniel - Co-Founder and Chair
WEALTH CREATION, THAT MEANS YOUR CENTRAL TENDENCY IS AT BEST TEPID GROWTH. >> IF WE LOOK AT, AS YOU SAID IT'S A POLITICAL PROBLEM BUT SORT OF THE PROBLEMS...
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| 00:27:11 |
Reinhart, Vincent R. - Chief Economist
LESS COMMUNICATION, LESS ABILITY TO WORK ACROSS PARTY LINES THAN IT WAS IN 2007-2008. >> ACTUALLY THAN IT WAS IN 1870. WE DO THIS COUNT OF PARTYLINE...
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| 00:28:50 |
Yergin, Daniel - Co-Founder and Chair
THIS PRESSURE ON, ON OUR MONETARY POLICYMAKERS TO DO SOMETHING, EVEN IF THEY DON'T HAVE A PARTICULARLY EFFECTIVE INSTRUMENT. >> I THINK THAT THERE IS...
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| 00:29:42 |
Reinhart, Vincent R. - Chief Economist
WE'LL PUT THAT WENT TO YOU FIRST. >> SO THIS IS AN INTER- HOUSE DISPUTE APPARENTLY. AND THE ANSWER IS THAT THE FED CARES ABOUT CORE INFLATION, ABOUT...
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| 00:30:21 |
Engle, Robert - Professor
THE EFFECTS OF ENERGY PRICES. >> I WOULD ADD ONE THING. NOT SO DIRECTLY ANSWERING THE QUESTION, BUT IT SEEMS TO ME WE, AS GLOBAL SOCIETY, -- A LITTLE...
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| 00:31:12 |
Yergin, Daniel - Co-Founder and Chair
DECADES. I THINK WE HAVE OVERDONE IT. >> I THINK, AS YOU WERE SAYING REFLECTING ON EUROPE, YOU CAN SEE NOW THE POLITICS OR POLICIES AUSTERITY ARE JUST...
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| 00:31:58 |
Reinhart, Vincent R. - Chief Economist
UP MOST AT NIGHT? WHAT SHOULD BE WORRIED HIM MOST? AND WHAT SHOULD YOU DO ABOUT IT? >> 2% TRANSCOM AN ECONOMY IN WHICH THAT WEALTH CREATION IS IMPAIRED....
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| 00:32:34 |
Engle, Robert - Professor
WEIGH IN ON THAT. >> DOES ANYBODY ELSE WANT TO WEIGH IN ON THAT? >> THAT'S KIND OF THE WAY I FEEL, TOO. DOESN'T SEEM TO ME THE FED HAS A LOT OF EFFECTIVE...
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| 00:33:10 |
Moss, Daniel - Executive Editor
PARTICULARLY EUROPE. >> WE ARE GOING TO GO OVERTIME HERE, BUT I REALLY WANT TO COME BACK TO SOMETHING. YOU TALKED ABOUT RETHINKING
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| 00:33:20 |
Engle, Robert - Professor
INFLATION. HOW DO WE DO THAT? >> WELL, I THINK WE MIGHT TALK ABOUT THE HOUSING MARKET, FOR ONE THING. I MEAN, WE HAVE ALL THESE HOUSES THAT ARE UNDERWATER....
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| 00:34:04 |
Reinhart, Vincent R. - Chief Economist
TO THE WAY THE HOUSING MARKET WORKED, I THINK EVERYBODY MIGHT FEEL LIKE THEY WERE MORE COMFORTABLE WITH IT. >> THERE WAS A SIREN SONG IN THAT. THE...
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| 00:35:36 |
Cook, Peter - Anchor
YOU ALL VERY MUCH. APPRECIATE YOUR PARTICIPATION AND THE PANEL. WE LEAVE YOU WITH A PROFOUND QUESTION. WE ASK YOU ALL TO MAKE WAY FOR OUR NEXT PANELIST....
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| 00:36:36 |
Schneider, Jodi - Correspondent
HE WAS ALSO A MEMBER OF THE SUPERCOMMITTEE AND SOMEONE INTIMATELY INVOLVED IN THE BUDGET AND SPENDING ISSUES UP ON CAPITAL HILL. JODI, TAKE IT AWAY....
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| 00:37:36 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
IMPLICATIONS FOR THE BUDGET DEFICIT OF CONGRESS WAITING? >> DO YOU WANT ME TO LEAD OFF ON THAT? ALL RIGHT. I HEARD PASSIONATE THE PREVIOUS PANEL SAID...
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| 00:39:20 |
Rivlin, Alice M. - Director
THAT OPPORTUNITY, I THINK WE'RE IN A WORLD OF HURT GOING FORWARD. >> I TOTALLY AGREE WITH THAT. I DON'T THINK ANYTHING WILL HAPPEN BEFORE THE ELECTION...
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| 00:41:10 |
Dodaro, Eugene "Gene" L. - Comptroller General
WAKEUP CALL. WHAT WE THOUGHT TO HAVE A GOOD SENSE TO AVOID THIS. >> I THINK THE ACTION FORCING EVENT THAT YOU TALK ABOUT ARE GOING TO REQUIRE ACTION,...
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| 00:42:07 |
Rivlin, Alice M. - Director
CUT, COULDN'T AGREE, CONGRESS COULD AGREE IN THE SUMMER TO DO IT SO THEY WAITED UNTIL FEBRUARY, SHORT-TERM EXTENSION. WE'RE SEEING A LOT OF SHORT-TERM...
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| 00:43:07 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
PERIOD TO GET THIS DONE, THEN THERE'S A CHANCE THAT YOU AND YOUR COLLEAGUES MIGHT ACTUALLY DO IT, RIGHT? NO QUESTION. >> LET ME JUST SAY, I AGREE WITH...
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| 00:46:46 |
Rivlin, Alice M. - Director
REVENUE, NOT 1 PENNY FOR DEFICIT REDUCTION, TURNED AROUND AND INTO A BALANCED AGREEMENT? >> DR. RIVLIN? >> I AGREE WITH THAT. I THINK THIS WILL BE VERY...
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| 00:48:23 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
OF THOSE THINGS GOING TO NEED TO BE ON THE TABLE FOR BOTH SIDES TO GET SERIOUS ABOUT THE? >> CERTAINLY IF YOU'RE TALKING ABOUT DROPPING THE RATE FROM...
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| 00:49:58 |
Dodaro, Eugene "Gene" L. - Comptroller General
IS THAT IT WOULDN'T INCREASE THE RELATIVE BURDEN ON INCOME TAXPAYERS. >> INDEPENDENT NONPARTISAN HEAD OF THE GAO, I DON'T PROGNOSTIC IS TO GET ON ELECTION...
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| 00:50:29 |
Rivlin, Alice M. - Director
TO BE ADDRESSED IN ORDER TO COME UP WITH A PROPER SOLUTION. THAT'S GOING TO PUT US ON A SUSTAINABLE PATH. >> THE GAO HAS BEEN VERY GOOD FOR A LONG...
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| 00:50:42 |
Dodaro, Eugene "Gene" L. - Comptroller General
THE COST OF A MUCH LARGER, OLDER POPULATION AND THEIR HEALTH CARE. >> DEFINITELY. THAT'S REALLY THE TWO MAIN DRIVERS. THAT AFFECT STATE AND LOCAL ...
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| 00:51:04 |
Schneider, Jodi - Correspondent
ACCOUNT AS THE FEDERAL GOVERNMENT DEALS WITH THESE ISSUES. THEY WILL BE IMPORTANT CONSEQUENCES FOR THE STATE AND LOCAL SECTOR THAT NEED TO BE FACTORED...
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| 00:51:38 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
ABOUT THE STATES FISCAL CONCERNS? WHAT MAKES SENSE AND WHAT'S THE DISCUSSION ABOUT THE? >> I WILL TAKE A STAB AT THE, AND I'M SURE MY COLLEAGUES WILL...
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| 00:53:31 |
Rivlin, Alice M. - Director
HURT THE ECONOMY. AND THEN REFUSED TO UNFORTUNATE TAKE A BALANCED APPROACH TO LONG-TERM DEFICIT REDUCTION. >> I THOROUGHLY AGREE WITH IT. THE BIGGEST...
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| 00:54:41 |
Dodaro, Eugene "Gene" L. - Comptroller General
AT THE SAME TIME, AND WE NEED TO DO THEM NOW. >> THE STATE AND LOCALITIES ARE ALREADY STARTING TO TAKE SOME ACTION. FOR EXAMPLE, PENSION COST IS AN IMPORTANT...
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| 00:55:22 |
Schneider, Jodi - Correspondent
THERE NEEDS TO BE SENSITIVITY I THINK PARTICULARLY IN TAX REFORM ISSUES, THE IMPLICATIONS FOR THE STATE AND LOCAL TAX SYSTEMS, PARTICULARLY THE STATE...
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| 00:55:59 |
Rivlin, Alice M. - Director
FOR THIS, WHY IS IT SO HARD TO BRING INEFFICIENCIES OUT OF THE GOVERNMENT? DR. RIVLIN, YET A LOT OF EXPENSE WITH US, DO YOU WANT TO TAKE THAT FIRST?...
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| 00:56:53 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
AND POLITICAL COST, AND YOU HAVEN'T SAVED MUCH MUCH. >> I WHICH IS A THE SHOULD BE AN ADDED INCENTIVE FOR A LOT OF THE FEDERAL AGENCIES TO MAKE SOME...
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| 00:57:48 |
Rivlin, Alice M. - Director
A LOWER PERCENT OF GDP SINCE ANYTIME SINCE THE EISENHOWER ADMINISTRATION, BY THE END OF THE 10 YEAR PERIOD. >> I'M WORRIED WE ARE SQUEEZING DOWN GOVERNMENT...
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| 00:58:24 |
Dodaro, Eugene "Gene" L. - Comptroller General
SYSTEM. WHAT? WE OUGHT TO BE MODERNIZING THE. WE OUGHT TO BE INVESTED IN A WHOLE LOT OF THINGS THAT MAKE OUR GOVERNMENT RUN BETTER FOR THE FUTURE....
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| 00:59:53 |
Schneider, Jodi - Correspondent
OPPORTUNITY MAY BE, THERE WAS A LITTLE OPTIMISM BUT NOT A LOT THAT HAS TO BETWEEN WAS GOING TO BUILD TO FIND A GRAND BARGAIN. OBVIOUSLY, THAT HASN'T...
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| 01:00:03 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
IT TAKE TO BE ABLE TO REFORM TAXES, TO HAVE A TAX OVERHAUL, AND AT THE SAME TIME NOT HAVE MAJOR EFFECTS ON THE DEFICIT? >> WELL, WHAT WILL IT TAKE TO...
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| 01:02:00 |
Rivlin, Alice M. - Director
DO HELP STRENGTHEN OUR ECONOMY WHETHER ITS INVESTMENT IN SCIENCE AND RESEARCH, INFRASTRUCTURE, OR EDUCATION. >> DR. RIVLIN? >> I AGREE WITH IT. AND...
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| 01:03:23 |
Cook, Peter - Anchor
FRONT, PARTICULARLY DIRECTED TO EASING THE PAIN OF STATE AND LOCAL GOVERNMENTS. >> WHY DO WE TAKE ONE LAST QUESTION INTO BEFORE RUN OUT OF TIME HERE...
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| 01:03:40 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
SIMPSON-BOWLES MATED TO THE HOUSE FOR A FEW WEEKS BACK, 38 VOTES IN ALL. WHAT ENCOURAGEMENT SHOULD THIS AUDIENCE TAKE AWAY FROM THAT? >> WELL, AS THOSE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.