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Tom Keene talks with Bob Shiller, Peter Orszag, and other leading economists on how to "get out of this mess"
On September 7, Bloomberg Businessweek brought together four top economists and one eminent money manager and gave them the following tough assignment: fix the American economy. Eleven days before, at an annual gathering of central bankers in Jackson Hole, Wyo., the influential University of Maryland economist Carmen M. Reinhart had presented a paper forecasting high unemployment, low housing prices, and very low growth through 2017. That grim forecast was on the minds of our roundtable, which included Yale University professor Robert J. Shiller, author of Irrational Exuberance; Peter R. Orszag, who recently stepped down as director of President Obama's Office of Management & Budget; financial consultant and former Salomon Brothers Managing Director Henry Kaufman; and Professor Charles W. Calomiris, who is the Henry Kaufman Professor of Financial Institutions at Columbia University. Pimco Managing Director William H. Gross, who runs the world's biggest bond fund, joined the group by telephone. The discussion was moderated by Tom Keene, co-host of Bloomberg Surveillance. What follows is a condensed, edited transcript.
How do we get out of this mess?
Bill Gross: You have to ask how we got into itand what Carmen Reinhart presented at the Jackson Hole conference was probably the best explanation: An expansion in credit, debt, and deregulating over the past 10 or 20 years got us here. It was a 10- to 20-year process moving in, and it will probably take a long time moving out. Some have suggested the Biblical seven years fat and seven years lean.
video , site How to Fix the Economy: An Expert Panel - BusinessWeek
Tom Keene talks with Bob Shiller, Peter Orszag, and other leading economists on how to "get out of this mess"
On September 7, Bloomberg Businessweek brought together four top economists and one eminent money manager and gave them the following tough assignment: fix the American economy. Eleven days before, at an annual gathering of central bankers in Jackson Hole, Wyo., the influential University of Maryland economist Carmen M. Reinhart had presented a paper forecasting high unemployment, low housing prices, and very low growth through 2017. That grim forecast was on the minds of our roundtable, which included Yale University professor Robert J. Shiller, author of Irrational Exuberance; Peter R. Orszag, who recently stepped down as director of President Obama's Office of Management & Budget; financial consultant and former Salomon Brothers Managing Director Henry Kaufman; and Professor Charles W. Calomiris, who is the Henry Kaufman Professor of Financial Institutions at Columbia University. Pimco Managing Director William H. Gross, who runs the world's biggest bond fund, joined the group by telephone. The discussion was moderated by Tom Keene, co-host of Bloomberg Surveillance. What follows is a condensed, edited transcript.
How do we get out of this mess?
Bill Gross: You have to ask how we got into itand what Carmen Reinhart presented at the Jackson Hole conference was probably the best explanation: An expansion in credit, debt, and deregulating over the past 10 or 20 years got us here. It was a 10- to 20-year process moving in, and it will probably take a long time moving out. Some have suggested the Biblical seven years fat and seven years lean.
video , site How to Fix the Economy: An Expert Panel - BusinessWeek
