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While I try diversify, this page contains mostly the list of interviews from Bloomberg "On the Economy" show with Tom Keene.
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Tom Keen is a pretty interesting and pretty promiscuous guy who tries to ask his interviewers questions they want to hear. Generally he is a very good interviewer, albeit too pro-establishment. The main problem stems from his excessive zeal to simulate interviewee views (which probably diminishes tension, but often sounds as a plain vanilla hypocrisy of Keen's part). Like chameleon he assume the position of the person he talks to. Often due to this strange zeal to conform his questions are plain silly and unnatural especially when he tried to accommodate particularly obscure "thinker" (like rabid "free marketers" or supply side bigots). Moreover they are completely opposite to the question that he ask a person which different views on the same problem.
So please be aware that quality of his interview depends not on only on the quality of the speaker but also on the level of "accommodation" provided. He asks intelligent questions only to intelligent speakers ;-).
Another blemish (or even black spot) is that he is (or pretends to be) a Greenspan's admirer. Which is an impossible feat for anybody with IQ above 100 :-).
Another problem with Tom Keen is that when the topic revolved around the issues in which I have more or less deep knowledge, especially ralted to the xUSSR space, those interview strike me as completely superficial and overflowing with the simplifications and disinformation. You are much better off ignoring them.
Another nice sources of interviews is
CNBC has tentatively used YouTube as a promo basis for upcoming shows (http://www.youtube.com/user/CNBCtv).
Sept. 29 | Bloomberg
Bill Gross, who runs the world's biggest bond fund at Pacific Investment Management Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. housing market, the economy and recovery from recession.
Bloomberg article (Stiglitz Says Banks Should Be Banned From CDS Trading (Update1) - Bloomberg.com) leaves out some of the more 'pithy' remarks on the Wall Street bank bonuses, the errors efficient market theory, political and ideological capture, lies (his wording) told by central bankers including Alan Greenspan, unproductive "taxes" by banks on the real economy, 'criminal' management of beta, and the social costs of this financial crisis from Joe Stiglitz from the Brussels banking conference.
Sept. 4 | Bloomberg
David Rosenberg, chief economist at Gluskin Sheff & Associates Inc., talks with Bloomberg's Tom Keene and Ken Prewitt about the August U.S. jobs report released today and the unemployment rate. The jobless rate jumped to 9.7 percent, the highest since 1983, and employers cut another 216,000 jobs last month, according to the Labor Department. Rosenberg also discusses the outlook for consumer spending.
THE PRAGMATIC CAPITALIST
billw said:
Davidowitz is one of the few people telling the truth about the fundamentals. The Fed, GS and all of the sunshine pumpers will eventually cause investors to lose a whole lot more money. You can run, but ultimately you cannot hide from the fundamentals. If companies earnings do not improve in a major way, then the market has to go down.
Aug. 6 | Bloomberg
Richard Bove, an analyst at Rochdale Securities LLC, talks with Bloomberg's Tom Keene about the U.S. banking industry and its regulation. Simon Leopold, a senior analyst at Morgan Keegan & Co., discusses information and video-enabling technologies. James Corridore, an analyst at Standard & Poor's in London, talks about airline profits.
Aug. 5 | Bloomberg
Paul De Grauwe, a professor at the Catholic University of Leuven in Belgium, talks with Tom Keene about a crisis in macroeconomics, Ricardian and Keynesian economics, and fiscal policies.
Aug. 4 | Bloomberg
Richard Edelman, president and chief executive officer of Edelman Public Relations Worldwide, the world's largest independent public relations agency, talks with Bloomberg's Tom Keene about the Edelman `Trust Barometer,' and the public relations challenges facing U.S. corporations.
July 23 | Bloomberg
Joshua Shapiro, chief U.S. economist at MFR Inc. in New York, talks to Bloomberg's Tom Keene about the U.S. economy, employment, the effectiveness of the stimulus plan, and consumer spending and savings.
July 22 | Bloomberg
Martin Wolf, associate editor at the Financial Times in London, talks with Bloomberg's Tom Keene about his book, ``Fixing Global Finance,'' the economic crisis, and central banks' monetary and fiscal policies.
July 8 | Bloomberg
Billionaire hedge fund manager George Soros talks with Bloomberg's Tom Keene about the financial crisis, regulating the credit-default swap market, and the economies of China and Russia.
April 16 | Bloomberg
Nobel laureate Joseph Stiglitz and Michael Spence, former dean of the Stanford University Business School, talk with Bloomberg's Tom Keene about Treasury Secretary Timothy Geithner's and President Barack Obama's economic recovery plans and the financial system.
April 16 | BloombergNobel laureate Joseph Stiglitz and Michael Spence, former dean of the Stanford University Business School, talk with Bloomberg's Tom Keene about Treasury Secretary Timothy Geithner's and President Barack Obama's economic recovery plans and the financial system.
September 30, 2008 | BigpictureIs an imperial presidency destroying what America stands for?
Bill Moyers sits down with history and international relations expert and former US Army Colonel Andrew J. Bacevich who identifies three major problems facing our democracy: the crises of economy, government and militarism, and calls for a redefinition of the American way of life.
Part I
Part II
September 26, 2008
BILL MOYERS: Welcome to the JOURNAL.
Here in New York a new season is opening on and off Broadway. But nothing, not even a comic opera, can compete with the spectacle, drama and farce of what's happening in Washington and on Wall Street.
If it is possible for a political system, like individuals, to become deranged, so unhinged from reality there is no longer any regard for the consequences, we saw the process this week. It's nothing but bizarre, and for a supposedly mature democracy, deeply troubling.
For technical reasons we had to tape this broadcast before John McCain finally made up his mind about whether to show up for the debate tonight. So we decided not to try and second guess events.
Instead, we are going to hear some truth-telling from a man who says our country's in deep trouble and needs a renewed commitment to critical thinking, honest words, and hard choices.
In this slim volume on THE LIMITS OF POWER, Andrew J. Bacevich goes to the root causes of our discontent and to our broken and foundering politics. That many people agree with this unsentimental diagnosis was apparent when we first aired this interview a few weeks ago, your emails poured in to pbs.org. In a matter of hours his book had become a best-seller.
Now, with chaos in Washington and the markets, it seems a good time to give this soldier, scholar, and patriot another hearing. He has found an audience across the political spectrum, whether writing for THE NATION or THE AMERICAN CONSERVATIVE magazines, lecturing to college classes or testifying before Congress.
ANDREW BACEVICH: ...fixing our problems before fixing the world's problems.
BILL MOYERS: Bacevich speaks truth to power, no matter who's in power, which may be why those on both the left and right listen to him. Perhaps it's also because when he challenges American myths and illusions, he does so from a patriotism forged in the fire of experience as a soldier in Vietnam.
After 23 years in the army, this West Point graduate has been teaching international relations and history at Boston University.
Andrew J. Bacevich is with me now, welcome to the JOURNAL.
ANDREW BACEVICH: Thank you very much for having me.
BILL MOYERS: It's been a long time since I've read a book in which I highlighted practically every third sentence. So, it took me a while to read, what is in fact, a rather short book. You began with a quote from the Bible, the Book of Second Kings, chapter 20, verse one. "Set thine house in order." How come that admonition?
ANDREW BACEVICH: Well, I've been troubled by the course of U.S. foreign policy for a long, long time. And I wrote the book in order to sort out my own thinking about where our basic problems lay. And I really reached the conclusion that our biggest problems are within.
I think there's a tendency on the part of policy makers and probably a tendency on the part of many Americans to think that the problems we face are problems that are out there somewhere, beyond our borders. And that if we can fix those problems, then we'll be able to continue the American way of life as it has long existed. I think it's fundamentally wrong. Our major problems are at home.
BILL MOYERS: So, this is a version of "Physician, heal thyself?"
ANDREW BACEVICH: Well, yes, "Physician, heal thyself," and you begin healing yourself by looking at yourself in the mirror and seeing yourself as you really are.
BILL MOYERS: Here is one of those neon sentences. Quote,
"The pursuit of freedom, as defined in an age of consumerism, has induced a condition of dependence on imported goods, on imported oil, and on credit. The chief desire of the American people," you write, "is that nothing should disrupt their access to these goods, that oil, and that credit. The chief aim of the U.S. government is to satisfy that desire, which it does in part of through the distribution of largesse here at home, and in part through the pursuit of imperial ambitions abroad."
In other words, you're saying that our foreign policy is the result of a dependence on consumer goods and credit.
ANDREW BACEVICH: Our foreign policy is not something simply concocted by people in Washington D.C. and imposed on us. Our foreign policy is something that is concocted in Washington D.C., but it reflects the perceptions of our political elite about what we want, we the people want. And what we want, by and large - I mean, one could point to many individual exceptions - but, what we want, by and large is, we want this continuing flow of very cheap consumer goods.
We want to be able to pump gas into our cars regardless of how big they may happen to be, in order to be able to drive wherever we want to be able to drive. And we want to be able to do these things without having to think about whether or not the book's balanced at the end of the month, or the end of the fiscal year. And therefore, we want this unending line of credit.
BILL MOYERS: You intrigued me when you wrote that "The fundamental problem facing the country will remain stubbornly in place no matter who is elected in November." What's the fundamental problem you say is not going away no matter whether it's McCain or Obama?
ANDREW BACEVICH: What neither of these candidates will be able to, I think, accomplish is to persuade us to look ourselves in the mirror, to see the direction in which we are headed. And from my point of view, it's a direction towards ever greater debt and dependency.
BILL MOYERS: And you write that "What will not go away, is a yawning disparity between what Americans expect, and what they're willing or able to pay." Explore that a little bit.
ANDREW BACEVICH: Well, I think one of the ways we avoid confronting our refusal to balance the books is to rely increasingly on the projection of American military power around the world to try to maintain this dysfunctional system, or set of arrangements that have evolved over the last 30 or 40 years.
But, it's not the American people who are deploying around the world. It is a very specific subset of our people, this professional army. We like to call it an all-volunteer force-
BILL MOYERS: Right.
ANDREW BACEVICH: - but the truth is, it's a professional army, and when we think about where we send that army, it's really an imperial army. I mean, if as Americans, we could simply step back a little bit, and contemplate the significance of the fact that Americans today are fighting in Iraq and Afghanistan, and ask ourselves, how did it come to be that organizing places like Iraq and Afghanistan should have come to seem to be critical to the well-being of the United States of America.
There was a time, seventy, eighty, a hundred years ago, that we Americans sat here in the western hemisphere, and puzzled over why British imperialists went to places like Iraq and Afghanistan. We viewed that sort of imperial adventurism with disdain. But, it's really become part of what we do. Unless a President could ask fundamental questions about our posture in the world, it becomes impossible then, for any American President to engage the American people in some sort of a conversation about how and whether or not to change the way we live.
BILL MOYERS: How is Iraq a clear manifestation, as you say, of this, "yawning disparity between what Americans expect, and what they're willing to pay?"
ANDREW BACEVICH: Let's think about World War Two. A war that President Roosevelt told us was essential to U.S. national security, and was. And President Roosevelt said at the time, because this is an important enterprise, you, the American people, will be called upon to make sacrifices. And indeed, the people of the United States went off to fight that war in large numbers. It was a national effort. None of that's been true with regard to Iraq. I mean, one of the most striking things about the way the Bush Administration has managed the Global War on Terror, which President Bush has compared to World War Two.
BILL MOYERS: Right.
ANDREW BACEVICH: One of the most striking things about it is that there was no effort made to mobilize the country, there was actually no effort even made to expand the size of the armed forces, as a matter of fact. The President said just two weeks or so after 9/11, "Go to Disney World. Go shopping." Well, there's something out of whack here, if indeed the Global War on Terror, and Iraq as a subset of the Global War on Terror is said to be so critically important, on the one hand. And on the other hand, when the country basically goes about its business, as if, really, there were no War on Terror, and no war in Iraq ongoing at all.
BILL MOYERS: "So it is," you write, "seven years into its confrontation with radical Islam, the United States finds itself with too much war for too few warriors and with no prospect of producing the additional soldiers needed to close the gap." When I hear all this talk about increasing the troops in Afghanistan from two to three battalions, maybe even more, I keep asking myself, where are we going to get those troops?
ANDREW BACEVICH: Well, and of course the answer is, they have to come from Iraq. I mean, as we speak, the security conditions in Iraq have improved a little bit, and in a sense, it's just in time, because what the Pentagon wants to do is to draw down its presence in Iraq to some degree, not in order to give those troops a breather, but in order to redeploy them after a period of retraining to Afghanistan, because Afghanistan is going so poorly. So, we're having a very difficult time managing two wars which, in the 20th century context, they're actually relatively small.
BILL MOYERS: You say, "U.S. troops in battle dress and body armor, whom Americans profess to admire and support, pay the price for the nation's refusal to confront our domestic dysfunction." What are we not confronting?
ANDREW BACEVICH: The most obvious, the blindingly obviously question, is energy. It's oil. I think historians a hundred years from now will puzzle over how it could be that the United States of America, the most powerful nation in the world, as far back as the early 1970s, came to recognize that dependence on foreign oil was a problem, posed a threat, comprised our freedom of action.
How every President from Richard Nixon down to the present one, President Bush, declared, "We're gonna fix this problem." None of them did. And the reason we are in Iraq today is because the Persian Gulf is at the center of the world's oil reserves. I don't mean that we invaded Iraq on behalf of big oil, but the Persian Gulf region would have zero strategic significance, were it not for the fact that that's where the oil is.
Back in 1980, I think, President Carter, in many respects when he declared the Carter Doctrine, and said that henceforth, the Persian Gulf had enormous strategic significance to the United States and the United States is not going to permit any other country to control that region of the world.
And that set in motion a set of actions that has produced the militarization of U.S. policy, ever deeper U.S. military involvement in the region, and in essence, has postponed that day of reckoning when we need to understand the imperative of having an energy policy, and trying to restore some semblance of energy independence.
BILL MOYERS: And this is connected, as you say in the book, in your first chapters, of what you call "the crisis of profligacy."
ANDREW BACEVICH: Well, we don't live within our means. I mean, the nation doesn't, and increasingly, individual Americans don't. Our saving - the individual savings rate in this country is below zero. The personal debt, national debt, however you want to measure it, as individuals and as a government, and as a nation we assume an endless line of credit.
As individuals, the line of credit is not endless, that's one of the reasons why we're having this current problem with the housing crisis, and so on. And my view would be that the nation's assumption, that its line of credit is endless, is also going to be shown to be false. And when that day occurs it's going to be a black day, indeed.
BILL MOYERS: You call us an "empire of consumption."
ANDREW BACEVICH: I didn't create that phrase. It's a phrase drawn from a book by a wonderful historian at Harvard University, Charles Maier, and the point he makes in his very important book is that, if we think of the United States at the apex of American power, which I would say would be the immediate post World War Two period, through the Eisenhower years, into the Kennedy years. We made what the world wanted. They wanted our cars. We exported our television sets, our refrigerators - we were the world's manufacturing base. He called it an "empire of production."
BILL MOYERS: Right.
ANDREW BACEVICH: Sometime around the 1960s there was a tipping point, when the "empire of production" began to become the "empire of consumption." When the cars started to be produced elsewhere, and the television sets, and the socks, and everything else. And what we ended up with was the American people becoming consumers rather than producers.
BILL MOYERS: And you say this has produced a condition of profound dependency, to the extent, and I'm quoting you, "Americans are no longer masters of their own fate."
ANDREW BACEVICH: Well, they're not. I mean, the current debt to the Chinese government grows day by day. Why? Well, because of the negative trade balance. Our negative trade balance with the world is something in the order of $800 billion per year. That's $800 billion of stuff that we buy, so that we can consume, that is $800 billion greater than the amount of stuff that we sell to them. That's a big number. I mean, it's a big number even relative to the size of our economy.
BILL MOYERS: And you use this metaphor that is intriguing. American policy makers, quote, "have been engaged in a de facto Ponzi scheme, intended to extend indefinitely, the American line of credit." What's going on that resembles a Ponzi scheme?
ANDREW BACEVICH: This continuing tendency to borrow and to assume that the bills are never going to come due. I testified before a House committee six weeks ago now, on the future of U.S grand strategy. I was struck by the questions coming from members that showed an awareness, a sensitivity, and a deep concern, about some of the issues that I tried to raise in the book.
"How are we gonna pay the bills? How are we gonna pay for the commitment of entitlements that is going to increase year by year for the next couple of decades, especially as baby boomers retire?" Nobody has answers to those questions. So, I was pleased that these members of Congress understood the problem. I was absolutely taken aback when they said, "Professor, what can we do about this?" And their candid admission that they didn't have any answers, that they were perplexed, that this problem of learning to live within our means seemed to have no politically plausible solution.
BILL MOYERS: You say in here that the tipping point between wanting more than we were willing to pay for began in the Johnson Administration. "We can fix the tipping point with precision," you write. "It occurred between 1965, when President Lyndon Baines Johnson ordered U.S. combat troops to South Vietnam, and 1973, when President Richard Nixon finally ended direct U.S. involvement in that war." Why do you see that period so crucial?
ANDREW BACEVICH: When President Johnson became President, our trade balance was in the black. By the time we get to the Nixon era, it's in the red. And it stays in the red down to the present. Matter of fact, the trade imbalance becomes essentially larger year by year.
So, I think that it is the '60s, generally, the Vietnam period, slightly more specifically, was the moment when we began to lose control of our economic fate. And most disturbingly, we're still really in denial. We still haven't recognized that.
BILL MOYERS: Now you go on to say that there was another fateful period between July 1979 and March of 1983. You describe it, in fact, as a pivot of contemporary American history. That includes Jimmy Carter and Ronald Reagan, right?
ANDREW BACEVICH: Well, I would be one of the first to confess that - I think that we have misunderstood and underestimated President Carter. He was the one President of our time who recognized, I think, the challenges awaiting us if we refused to get our house in order.
BILL MOYERS: You're the only author I have read, since I read Jimmy Carter, who gives so much time to the President's speech on July 15th, 1979. Why does that speech speak to you so strongly?
ANDREW BACEVICH: Well, this is the so-called Malaise Speech, even though he never used the word "malaise" in the text to the address. It's a very powerful speech, I think, because President Carter says in that speech, oil, our dependence on oil, poses a looming threat to the country. If we act now, we may be able to fix this problem. If we don't act now, we're headed down a path in which not only will we become increasingly dependent upon foreign oil, but we will have opted for a false model of freedom. A freedom of materialism, a freedom of self-indulgence, a freedom of collective recklessness. And what the President was saying at the time was, we need to think about what we mean by freedom. We need to choose a definition of freedom which is anchored in truth, and the way to manifest that choice, is by addressing our energy problem.
He had a profound understanding of the dilemma facing the country in the post Vietnam period. And of course, he was completely hooted, derided, disregarded.
BILL MOYERS: And he lost the election. You in fact say-
ANDREW BACEVICH: Exactly.
BILL MOYERS: -this speech killed any chance he had of winning reelection. Why? Because the American people didn't want to settle for less?
ANDREW BACEVICH: They absolutely did not. And indeed, the election of 1980 was the great expression of that, because in 1980, we have a candidate, perhaps the most skillful politician of our time, Ronald Reagan, who says that, "Doom-sayers, gloom-sayers, don't listen to them. The country's best days are ahead of us."
BILL MOYERS: Morning in America.
ANDREW BACEVICH: It's Morning in America. And you don't have to sacrifice, you can have more, all we need to do is get government out of the way, and drill more holes for oil, because the President led us to believe the supply of oil was infinite.
BILL MOYERS: You describe Ronald Reagan as the "modern prophet of profligacy. The politician who gave moral sanction to the empire of consumption."
ANDREW BACEVICH: Well, to understand the truth about President Reagan, is to understand why so much of what we imagined to be our politics is misleading and false. He was the guy who came in and said we need to shrink the size of government. Government didn't shrink during the Reagan era, it grew.
He came in and he said we need to reduce the level of federal spending. He didn't reduce it, it went through the roof, and the budget deficits for his time were the greatest they had been since World War Two.
BILL MOYERS: And do you remember that it was his successor, his Vice President, the first President Bush who said in 1992, the American way of life is not negotiable.
ANDREW BACEVICH: And all presidents, again, this is not a Republican thing, or a Democratic thing, all presidents, all administrations are committed to that proposition. Now, I would say, that probably, 90 percent of the American people today would concur. The American way of life is not up for negotiation.
What I would invite them to consider is that, if you want to preserve that which you value most in the American way of life, and of course you need to ask yourself, what is it you value most. That if you want to preserve that which you value most in the American way of life, then we need to change the American way of life. We need to modify that which may be peripheral, in order to preserve that which is at the center of what we value.
BILL MOYERS: What do you value most?
ANDREW BACEVICH: Well, I think the clearest statement of what I value is found in the preamble to the Constitution. There is nothing in the preamble to the Constitution which defines the purpose of the United States of America as remaking the world in our image, which I view as a fool's errand. There is nothing in the preamble of the Constitution that ever imagined that we would embark upon an effort, as President Bush has defined it, to transform the Greater Middle East. This region of the world that incorporates something in order of 1.4 billion people.
I believe that the framers of the Constitution were primarily concerned with focusing on the way we live here, the way we order our affairs. To try to ensure that as individuals, we can have an opportunity to pursue our, perhaps, differing definitions of freedom, but also so that, as a community, we could live together in some kind of harmony. And that future generations would also be able to share in those same opportunities.
The big problem, it seems to me, with the current crisis in American foreign policy, is that unless we do change our ways, the likelihood that our children, our grandchildren, the next generation is going to enjoy the opportunities that we've had, is very slight, because we're squandering our power. We are squandering our wealth. In many respects, to the extent that we persist in our imperial delusions, we're also going to squander our freedom because imperial policies, which end up enhancing the authority of the imperial president, also end up providing imperial presidents with an opportunity to compromise freedom even here at home. And we've seen that since 9/11.
BILL MOYERS: The disturbing thing that you say again and again in here, is that every President since Reagan has relied on military power to conceal or manage these problems that stem from the nation's habits of profligacy, right?
ANDREW BACEVICH: That's exactly right. And again, this is, I think, this is another issue where one needs to be unsparing in fixing responsibility as much on liberal Democratic presidents as conservative Republican ones. I think that the Bush Administration's response to 9/11 in constructing this paradigm of a global war on terror, in promulgating the so called, Bush Doctrine of Preventive War, in plunging into Iraq - utterly unnecessary war - will go down in our history as a record of recklessness that will be probably unmatched by any other administration.
But, doesn't really mean that Bill Clinton before him, or George Herbert Walker Bush before him, or Ronald Reagan before him, were all that much better. Because they all have seen military power as our strong suit. They all have worked under the assumption that through the projection of power, or the threat to employ power, that we can fix the world. Fix the world in order to sustain this dysfunctional way of life that we have back here.
BILL MOYERS: So, this brings us to what you call the political crisis of America. And you say, "The actual system of government conceived by the framers no longer pertains." What pertains?
ANDREW BACEVICH: I am expressing in the book, in a sense, what many of us sense, even if many of us don't really want to confront the implications. The Congress, especially with regard to matters related to national security policy, has thrust power and authority to the executive branch. We have created an imperial presidency. The congress no longer is able to articulate a vision of what is the common good. The Congress exists primarily to ensure the reelection of members of Congress.
As the imperial presidency has accrued power, surrounding the imperial presidency has come to be this group of institutions called the National Security State. The CIA, the Joint Chiefs of Staff, the Office of the Secretary of Defense, the other intelligence agencies. Now, these have grown since the end of World War Two into this mammoth enterprise.
But the National Security State doesn't work. The National Security State was not able to identify the 9/11 conspiracy. Was not able to deflect the attackers on 9/11. The National Security State was not able to plan intelligently for the Iraq War. Even if you think that the Iraq War was necessary. They were not able to put together an intelligent workable plan for that war.
The National Security State has not been able to provide the resources necessary to fight this so called global war on terror. So, as the Congress has moved to the margins, as the President has moved to the center of our politics, the presidency itself has come to be, I think, less effective. The system is broken.
BILL MOYERS: Yeah, you say no one knows what they're doing, including the President. No one in Washington, as you say, that's the political crisis, as you define it, no one in Washington knows what they're doing.
ANDREW BACEVICH: What I mean specifically is this. The end of the Cold War coincided almost precisely with the first Persian Gulf War of 1990, 1991, Operation Desert Storm. Operation Desert Storm was perceived to be this great, historic, never before seen victory. It really wasn't.
BILL MOYERS: The mother of all battles-
ANDREW BACEVICH: Right, I mean-
BILL MOYERS: Schwarzkopf cam-
ANDREW BACEVICH: Politically, and strategically, the outcome of that war was far more ambiguous than people appreciated at the time. But nonetheless, the war itself was advertised as this great success, demonstrating that a new American way of war had been developed, and that this new American way of war held the promise of enabling the United States to exercise military dominion on a global basis in ways that the world had never seen.
The people in the Pentagon had developed a phrase to describe this. They called it, "full spectrum dominance." Meaning, that the United States was going to exercise dominance, not just capability, dominance across the full spectrum of warfare. And this became the center of the way that the military advertised its capabilities in the 1990s. That was fraud. That was fraudulent.
To claim that the United States military could demonstrate that kind of dominance flew in the face of all of history and in many respects, set us up for how the Bush Administration was going to respond to 9/11. Because if you believed that United States military was utterly unstoppable, then it became kind of plausible to imagine that the appropriate response to 9/11 was to embark upon this global war to transform the greater Middle East. Had the generals been more cognoscente of the history of war, and of the nature of war, then they might have been in a better position to argue to Mr. Rumsfeld, then the Secretary of Defense, or to the President himself, "Be careful." "Don't plunge ahead." Recognize that force has utility, but that utility is actually quite limited. Recognize that when we go to war, almost inevitably, there are going to be unanticipated consequences. And they're not going to be happy ones.
Above all, recognize that, when you go to war, it's unlikely there's a neat tidy solution. It's far more likely that the bill that the nation is going to pay in lives and in dollars is going to be a monumental one. My problem with the generals is that, with certain exceptions, one could name as General Shinseki, with certain exceptions-
BILL MOYERS: Who said, "We are going to need half a million men if we go into Iraq." And-
ANDREW BACEVICH: Right.
BILL MOYERS: -he was shown the door for telling the truth.
ANDREW BACEVICH: By and large, the generals did not speak truth to power.
BILL MOYERS: One of the things that comes through in your book is that great truths are contained in small absurdities. And you use the lowly IED, the improvised explosive device, or roadside bomb, that's taken such a toll of American forces in Iraq, to get at a very powerful truth. Tell me about that.
ANDREW BACEVICH: Well war - wars are competitions. The adversary develops capabilities. Your enemy develops capabilities. And you try to develop your own capabilities to check what he can do to you to be able to, overcome his capabilities.
One of the striking things about the Iraq War, and in which we had been fighting against, technologically at least, a relatively backward or primitive adversary, one of the interesting things is they have innovated far more adeptly and quickly than we have.
BILL MOYERS: The insurgents.
ANDREW BACEVICH: The insurgents have. And an example of that is the IED, which began as a very low tech kind of primitive mine. And, over time, became ever more sophisticated, ever more lethal, ever more difficult to detect, ever more difficult to check. And those enhancements in insurgent IED capability continually kept ahead of our ability to innovate and catch up.
BILL MOYERS: And I think you say, in your book, that it costs the price of a pizza to make a roadside bomb?
ANDREW BACEVICH: That's right. Yeah.
BILL MOYERS: This is what our men and women are up against in Afghanistan-
ANDREW BACEVICH: The point is to say that the reality of war is always a heck of a lot more complicated than you might imagine the day before the war begins. And, rather than looking to technology to define the future of warfare, we ought to look - really look at military history.
BILL MOYERS: And what do we learn when we look to the past?
ANDREW BACEVICH: What we should learn from history is that preventive war doesn't work. The Iraq War didn't work. And, therefore, we should abandon notions, such as the Bush Doctrine of preventive war. We should return to the just war tradition. Which sees force as something that is only used as a last resort. Which sees war as something that is justifiable for defensive purposes.
BILL MOYERS: How, then, do we fight what you acknowledge, in the book, is the perfectly real threat posed by violent Islamic extremism?
ANDREW BACEVICH: I think we need to see the threat for what it is. It is a real threat. It's not an existential threat. The 19 hijackers that killed 3,000 Americans on 9/11 didn't succeed because they had advanced technology, because they were particularly smart, because they were ten feet tall.
They succeeded because we let our guard down and we were stupid. We need to recognize that the threat posed by violent Islamic radicalism, by terrorist organizations, al Qaeda, really is akin to a criminal conspiracy, a violent conspiracy, a dangerous conspiracy. But it's a criminal enterprise. And the primary response to a criminal enterprise is policing.
Policing as in organizations like the FBI, intelligence organizations, some special operations forces. That would undertake a concerted campaign to identify and root out and destroy this criminal conspiracy. But that doesn't require invading and occupying countries. Again, one of the big mistakes the Bush Administration made, and it's a mistake we're still paying for, is that the President persuaded us that the best way to prevent another 9/11 is to embark upon a global war. Wrong. The best way to prevent another 9/11 is to organize an intensive international effort to root out and destroy that criminal conspiracy.
BILL MOYERS: You, in fact, say that, instead of a bigger army, we need a smaller more modest foreign policy. One that assigns soldiers missions that are consistent with their capability. "Modesty," I'm quoting you, "requires giving up on the illusions of grandeur to which the end of the Cold War and then 9/11 gave rise. It also means reining in the imperial presidents who expect the army to make good on those illusions." Do you expect either John McCain or Barack Obama to rein in the "imperial presidency?"
ANDREW BACEVICH: No. I mean, people run for the presidency in order to become imperial presidents. The people who are advising these candidates, the people who aspire to be the next national security advisor, the next secretary of defense, these are people who yearn to exercise those kind of great powers.
They're not running to see if they can make the Pentagon smaller. They're not. So when I - as a distant observer of politics - one of the things that both puzzles me and I think troubles me is the 24/7 coverage of the campaign.
Parsing every word, every phrase, that either Senator Obama or Senator McCain utters, as if what they say is going to reveal some profound and important change that was going to come about if they happened to be elected. It's not going to happen.
BILL MOYERS: It's not going to happen because?
ANDREW BACEVICH: Not going to happen - it's not going to happen because the elements of continuity outweigh the elements of change. And it's not going to happen because, ultimately, we the American people, refuse to look in that mirror. And to see the extent to which the problems that we face really lie within.
We refuse to live within our means. We continue to think that the problems that beset the country are out there beyond our borders. And that if we deploy sufficient amount of American power we can fix those problems, and therefore things back here will continue as they have for decades.
BILL MOYERS: I was in the White House, back in the early 60s, and I've been a White House watcher ever since. And I have never come across a more distilled essence of the evolution of the presidency than in just one paragraph in your book.
You say, "Beginning with the election of John F. Kennedy in 1960, "the occupant of the White House has become a combination of demigod, father figure and, inevitably, the betrayer of inflated hopes. Pope. Pop star. Scold. Scapegoat. Crisis manager. Commander in Chief. Agenda settler. Moral philosopher. Interpreter of the nation's charisma. Object of veneration. And the butt of jokes. All rolled into one." I would say you nailed the modern presidency.
ANDREW BACEVICH: Well, and the - I think the troubling part is, because of this preoccupation with, fascination with, the presidency, the President has become what we have instead of genuine politics. Instead of genuine democracy.
We look to the President, to the next President. You know, we know that the current President's a failure and a disappoint - we look to the next President to fix things. And, of course, as long as we have this expectation that the next President is going to fix things then, of course, that lifts all responsibility from me to fix things.
One of the real problems with the imperial presidency, I think, is that it has hollowed out our politics. And, in many respects, has made our democracy a false one. We're going through the motions of a democratic political system. But the fabric of democracy, I think, really has worn very thin.
BILL MOYERS: The other consequence of the imperial presidency, as you point out, is that, for members of the political class, that would include the media that covers the political class, serving, gaining access to, reporting on, second guessing, or gossiping about the imperial president are about those aspiring to succeed him, as in this campaign, has become an abiding preoccupation.
ANDREW BACEVICH: I'm not - my job is not to be a media critic. But, I mean, one - you cannot help but be impressed by the amount of ink spilled on Obama and McCain compared to how little attention is given, for example, to the races in the Senate and the House. Now, one could say perhaps that makes sense, because the Congress has become such a dysfunctional body. But it really does describe a disproportion, I think of attention that is a problem.
BILL MOYERS: Would the imperial presidency exist were it not for the Congress?
ANDREW BACEVICH: No. I think that the imperial presidency would not exist but for the Congress. Because the Congress, since World War II, has thrust power and authority onto the presidency.
BILL MOYERS: Here is what I take to be the core of your analysis of our political crisis. You write, "The United States has become a de facto one party state. With the legislative branch permanently controlled by an incumbent's party. And every President exploiting his role as Commander in Chief to expand on the imperial prerogatives of his office."
ANDREW BACEVICH: One of the great lies about American politics is that Democrats genuinely subscribe to a set of core convictions that make Democrats different from Republicans. And the same thing, of course, applies to the other party. It's not true. I happen to define myself as a conservative.
Well, what do conservatives say they stand for? Well, conservatives say they stand for balanced budgets. Small government. The so called traditional values.
Well, when you look back over the past 30 or so years, since the rise of Ronald Reagan, which we, in many respects, has been a conservative era in American politics, well, did we get small government?
Do we get balanced budgets? Do we get serious as opposed to simply rhetorical attention to traditional social values? The answer's no. Because all of that really has simply been part of a package of tactics that Republicans have employed to get elected and to - and then to stay in office.
BILL MOYERS: And, yet, you say that the prime example of political dysfunction today is the Democratic Party in relation to Iraq.
ANDREW BACEVICH: Well, I may be a conservative, but I can assure you that, in November of 2006, I voted for every Democrat I could possibly come close to. And I did because the Democratic Party, speaking with one voice, at that time, said that, "Elect us. Give us power in the Congress, and we will end the Iraq War."
And the American people, at that point, adamantly tired of this war, gave power to the Democrats in Congress. And they absolutely, totally, completely failed to follow through on their commitment. Now, there was a lot of posturing. But, really, the record of the Democratic Congress over the past two years has been - one in which, substantively, all they have done is to appropriate the additional money that enables President Bush to continue that war.
BILL MOYERS: And you say the promises of Harry Reid and Nancy Pelosi prove to be empty. Reid and Pelosi's commitment to forcing a change in policy took a backseat to their concern to protect the Democratic majority.
ANDREW BACEVICH: Could anybody disagree with that?
BILL MOYERS: You say, and this is another one of my highlighted sentences, that "Anyone with a conscience sending soldiers back to Iraq or Afghanistan for multiple combat tours, while the rest of the country chills out, can hardly be seen as an acceptable arrangement. It is unfair. Unjust. And morally corrosive." And, yet, that's what we're doing.
ANDREW BACEVICH: Absolutely. And I think - I don't want to talk about my son here.
BILL MOYERS: Your son?
ANDREW BACEVICH: Yeah.
BILL MOYERS: You dedicate the book to your son.
ANDREW BACEVICH: Yeah. Well, my son was killed in Iraq. And I don't want to talk about that, because it's very personal. But it has long stuck in my craw, this posturing of supporting the troops. I don't want to insult people.
There are many people who say they support the troops, and they really mean it. But when it comes, really, down to understanding what does it mean to support the troops? It needs to mean more than putting a sticker on the back of your car.
I don't think we actually support the troops. We the people. What we the people do is we contract out the business of national security to approximately 0.5 percent of the population. About a million and a half people that are on active duty.
And then we really turn away. We don't want to look when they go back for two or three or four or five combat tours. That's not supporting the troops. That's an abdication of civic responsibility. And I do think it - there's something fundamentally immoral about that.
Again, as I tried to say, I think the global war on terror, as a framework of thinking about policy, is deeply defective. But if one believes in the global war on terror, then why isn't the country actually supporting it? In a meaningful substantive sense?
Where is the country?
BILL MOYERS: Are you calling for a reinstatement of the draft?
ANDREW BACEVICH: I'm not calling for a reinstatement of the draft because I understand that, politically, that's an impossibility. And, to tell you the truth, we don't need to have an army of six or eight or ten million people. But we do need to have the country engaged in what its soldiers are doing. In some way that has meaning. And that simply doesn't exist today.
BILL MOYERS: Well, despite your loss, your and your wife's loss, you say in this powerful book what, to me, is a paradox. You say that, "Ironically, Iraq may yet prove to be the source of our salvation." And help me to understand that.
ANDREW BACEVICH: We're going to have a long argument about the Iraq War. We, Americans. Not unlike the way we had a very long argument about the Vietnam War. In fact, maybe the argument about the Vietnam War continues to the present day. And that argument is going to be - is going to cause us, I hope, to ask serious questions about where this war came from.
How did we come to be a nation in which we really thought that we could transform the greater Middle East with our army?
What have been the costs that have been imposed on this country? Hundreds of billions of dollars. Some projections, two to three trillion dollars. Where is that money coming from? How else could it have been spent? For what? Who bears the burden?
Who died? Who suffered loss? Who's in hospitals? Who's suffering from PTSD? And was it worth it? Now, there will be plenty of people who are going to say, "Absolutely, it was worth it. We overthrew this dictator." But I hope and pray that there will be many others who will make the argument that it wasn't worth it.
It was a fundamental mistake. It never should have been undertaking. And we're never going to do this kind of thing again. And that might be the moment when we look ourselves in the mirror. And we see what we have become. And perhaps undertake an effort to make those changes in the American way of life that will enable us to preserve for future generations that which we value most about the American way of life.
BILL MOYERS: The book is "The Limits of Power: The End of American Exceptionalism." Andrew J. Bacevich, thank you for being with me.
ANDREW BACEVICH: Thank you very much.
BILL MOYERS: I have to believe that if Barack Obama and John McCain took time to read THE LIMITS OF POWER, this would be a different campaign. The reality just might sober them up.
A personal word if you will at the end of this frenzied and dangerous week. All week I've thought of my father - and his friend in the White House. My father dropped out of the fourth grade and never returned to high school because his family needed him to pick cotton to help ends meet. The Great Depression knocked him down and almost out. He never made more than $100 a week in his working life, and he made that only when he joined the union in the last job he held. He voted for Franklin Delano Roosevelt in four straight elections and would have gone on voting for him until kingdom come if he'd had the chance. When I asked him why, he said, "Because he was my friend."
Now, my father of course never met FDR; no politician ever paid him much note. But when Roosevelt died, my father wept. I puzzled at how it was a struggling young husband and father, lucky enough to get a job as a day laborer on the highway to Oklahoma City, could believe that the patrician in the White House knew what life was like for people like him.
Then, one day, years later, listening to a compilation of Franklin Roosevelt's speeches, I understood. Listen, and I think you will understand too. Remember, it's 1933-- chaos has descended across the country. Millions are out of work, their savings gone, their pantries empty, and a quarter of the banks are closed. Everything that's tied down is coming loose. And there on the banks of the Red River a young couple with one son and about to have another, sat listening to the radio, listening to the new president being sworn into office, listening to this:
FRANKLIN D. ROOSEVELT: In such a spirit on my part and on yours we face our common difficulties…a host of unemployed citizens face the grim problem of existence and an equally great number toil with little return…Yes, the money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths.
This is preeminently the time to speak the truth, the whole truth, frankly and boldly…let me assert my firm belief that the only thing we have to fear is fear itself…
BILL MOYERS: And so my father took heart. No false promises. No passing the buck. No pandering. Just a simple truth: when the new president said we can do this, my father knew he was included. He never forgot it, never stopped believing his friend in the White House believed in him.
That's it for the JOURNAL.
Before we go, I want to call your attention to a special broadcast scheduled to air on many of these PBS stations next week, as part of the series, "POV." "Critical Condition" is the powerful story of four patients struggling to survive, to survive not only illness but America's failing health care system, where treatment is all too often delayed or denied.
WOMAN: A lot of people are dying, and they're dying because they don't have health care.
I'm Bill Moyers. We'll see you next week.
Dec. 3 | Bloomberg
James Grant, editor of Grant's Interest Rate Observer, talks with Bloomberg's Tom Keene about his new book, ``Mr. Market Miscalculates: The Bubble Years and Beyond,'' inflation risk in the U.S., business failures and financial history, and Federal Reserve monetary policy.
Nov. 20 | Bloomberg
John F. Wasik, a Bloomberg columnist, talks with Bloomberg's Tom Keene about the outlook for the U.S. economy and the banking industry, and his savings and investment strategies.
Nov. 12 | Bloomberg
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Zvi Bodie, a professor of finance at Boston University, talks with Bloomberg's Tom Keene about U.S. financial markets, investment in so-called TIPS, Treasuries and inflation-protected securities, and stock and corporate bond risk.
Oct. 3 | BloombergAndrew Bacevich, a professor of international relations at Boston University and former U.S. Army colonel, talks with Bloomberg's Tom Keene from Boston about his book, ``The Limits of Power: The End of American Execptionalism,'' U.S. foreign policy and the presidential campaign.
July 23 | Bloomberg
Investor Marc Faber, publisher of the Gloom, Boom & Doom Report, talks with Bloomberg's Carol Massar from Chicago about the future of Fannie Mae and Freddie Mac, the global economy, and the outlook for stocks and commodities. Faber said Freddie Mac and Fannie Mae should close down their business or split into private companies and not get government aid. Bloomberg's Julie Hyman, Erik Schatzker and Ellen Braitman also speak. (Source: Bloomberg)
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MARCY KAPTUR: Very good. Most people don't even know that.
BILL MOYERS: Well, I covered that.
MARCY KAPTUR: But that, you know, it opened the flood gates. They go, 'Oh, we can get away with $140 billion?' This time how many trillions have they gotten away with? Plus all the deregulatory actions that were taken during the 1990s. I remember when they came to the Congress, when Newt Gingrich became Speaker of the House. And they came down to the Banking, Finance, and Urban Affairs Committee, and they took the name off the door. And they changed it to Financial Services. And people began to see that they had money in the bank, and they charged them a fee to cash their own check on their own money. And then fees went up for everything. And the ordinary consumer found, 'Hey, it's not so smart to have a savings account, because it costs me more money if I have under $10,000 in the bank, they charge me all this money on my own money.' They got exactly what they wanted. And so, then all the abuses and the irresponsible and imprudent behavior of the 1990s that led to this, nobody did anything. They just kept opening more floodgates to them. And then with the removal of Glass-Steagall in 1999, which I-
BILL MOYERS: That was the rule that kept the investment banks from being owned by banks, right?
MARCY KAPTUR: It's about separating banking and commerce.
BILL MOYERS: Right.
MARCY KAPTUR: They said as a country, you know, banks have extraordinary power. They have the power to create money. And decide how much that is worth. They have extraordinary power. And we used to have capital ratios. We need to get back to them. Ten to one. For every dollar in your bank, you can lend ten. You know what J.P. Morgan did? A hundred to one. And then with derivatives, who knows how much? Glass-Steagall separated banking from commerce, so that we didn't have these institutions getting too big, getting into too many things. And we just gave them total abandon. And they took it.
SIMON JOHNSON: Well, the final end of the last vestige of Glass-Steagall came in just now in August. Unnoted, but I think very significant. Goldman Sachs, you remember, was an investment bank, a securities company. Not allowed to be a commercial bank; didn't have access to the Federal Reserve and this ability to tap into the money supply of the country. Until September of last year, when the crisis broke, they were allowed a very short notice to convert to being a bank holding company. This was what saved Goldman Sachs in my opinion. Also Morgan Stanley. Which meant they could stay in the securities business. And they could also have access to the Federal Reserve. In August, just now, they converted to what's called a financial holding company. That may seem like a technical detail to you, but this means they can borrow from the Fed, at essentially zero interest rate now.
They can invest in, I mean, as far as we can see, from the outside, looking at their portfolio, anything they want, including, you're going to love this one, they just bought some stock, big chunk of stock in a Chinese automotive company. Okay? So, that's your money, that's your Federal Reserve, financing a highly speculative investment. And if it goes well, they get the upside. And if it goes badly, that's another one for us.
BILL MOYERS: Well, and this is what we were talking about earlier, the system. I mean, President Clinton's Secretary of Treasury, Robert Rubin helps eliminate Glass-Steagall. And then leaves the government and goes to work for? Citicorp?
SIMON JOHNSON: Well Rubin's a fascinating character. He ran Goldman Sachs, he went into the Clinton White House, then he became Secretary of the Treasury, and it was on his watch that, first of all, Glass-Steagall began to really seriously crumble, and then it was completely swept away- replaced, abolished, really. And then, of course, Rubin goes on after he leaves Treasury, to be the senior guru type figure at Citigroup. And Citigroup is absolutely epicenter of everything that's gone wrong with our financial system.
BILL MOYERS: And wasn't it Robert Rubin the mentor, the guru to both Tim Geithner and Larry Summers?
SIMON JOHNSON: Absolutely. Both Geithner and Summers advanced to senior positions in the Treasury under Rubin was instrumental in bringing Larry Summers to be President of Harvard, after the Clinton Administration. And according to published new report, he was absolutely key person in making sure that Tim Geithner first went to a senior job at the IMF, and then became President of the New York Fed. And there are unconfirmed reports that Robert Rubin was an essential advisor to then candidate Obama in fall of last year, with regard to who he should bring on board as the leadership team on the economic side.
MARCY KAPTUR: And you know, looking at it from the heartland, when I look at Wall Street and all their connections into Washington, and I've been at it a while now, it's very disheartening to me, because I know they don't care about us out there. We're flyover country for them. And they're just out to make money.
And I have seen people that I worked with in the Carter White House, who were associated what the bond industry of Wall Street, use their access and create for themselves a money path that today has led them to head organizations like Black Rock, and get private contracts with the Federal Reserve. The over $2 trillion, we don't know how much that the Federal Reserve has extended at this point.
BILL MOYERS: And Black Rock is?
MARCY KAPTUR: Black Rock is an institution that has gotten the major contract of the Federal Reserve to do the mortgage workouts. And my question is, the very people involved in Black Rock, who've gotten these confidential contracts with the Federal Reserve, they were involved on Wall Street in creating the instruments in the first place. So how do we know that they are not covering up their own crime?
BILL MOYERS: So, Simon, what happens now? If we're going to avert a depression and the next calamity, what needs to be done?
SIMON JOHNSON: Well, I think you have to keep at it, Bill. I mean, that's the lesson from previous generations of Americans, who have really confronted entrenched power like this. You have to keep at it. And you mustn't be satisfied. When the Administration says, 'Okay, we fixed it. Don't worry. We did some technical tweaking on capital requirements, for example, in the banks.' You have to say, 'No, that's not true. Let's look at what's happening, let's follow it through.'
The muckrakers of today are absolutely essential, I think, to really pushing these banks. And revealing what they're doing. And by the way, Bill, it's going to I think it's going to be a long haul. I think that the economy will start to recover. We'll get some jobs back. It's going to be very painful for a lot of people. But other people's attention is going to drift. It's a three, five, seven, maybe twelve year cycle. But when it comes back, it will come back with a vengeance. And it will be even, I think, even more devastating, in all likelihood, than what we just saw.
BILL MOYERS: How do we get Congress back? How do we get Congress to do what it's supposed to do? Oversight. Real reform. Challenge the powers that be.
MARCY KAPTUR: We have to take the money out. We have to get rid of the constant fundraising that happens inside the Congress. Before political parties used to raise money; now individual members are raising money through the DCCC and the RCCC. It is absolutely corrupt. It's good people.
BILL MOYERS: Those are the fundraising groups both parties-
MARCY KAPTUR: Parties.
BILL MOYERS: In the Congress.
MARCY KAPTUR: And then people wonder, 'Well, why doesn't Congress get along?' Because they are made into arch enemies by the type of fundraising system that is embedded in the very guts of the institution. So, you've got to clean that out. But meanwhile, we need to get hired over at the justice department, 1,000 agents, in mortgage fraud and in securities fraud. Then, I pray, that the leadership of both chambers will do the kind of robust hearings that the nation deserves to rout out those who did wrong and to change the fundamental financial architecture of this country. And then the President needs to get his top housing advisors in the room with him. And they need to meet all weekend. And they need to get their arms around this housing market, in order to stem the rising foreclosures. We haven't stopped the bleeding out there.
BILL MOYERS: Does President Obama get it?
MARCY KAPTUR: I don't think President Obama has the right people around him. The poor man inherited a total mess, globally and domestically. I think some of the people that he trusted haven't delivered. I urge him to get new generals. It's time.
SIMON JOHNSON: Louis the Fourteenth of France, a very powerful monarch, was famous for having many bad things, you know, happen under his rule. And people would always say, 'If only Louis the Fourteenth knew. I'm sure he doesn't know. If we could just tell him, he'd sort it out.' You know. I'm skeptical.
BILL MOYERS: Simon Johnson, Congresswoman Kaptur, thank you both very much for this interesting discussion.
MARCY KAPTUR: Thank you.
SIMON JOHNSON: Thank you.
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Oct. 29, 2009 | BloombergCarl Weinberg, chief economist at High Frequency Economics Ltd., talks with Bloomberg's Tom Keene about the global economy, deflation risks, credit availability and U.S. fiscal policies.
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Oct. 8 | Bloomberg
Mark Swartzberg, an analyst with Stifel Nicolaus & Co., talks with Bloomberg's Ken Prewitt and Tom Keene about PepsiCo Inc., Coca-Cola Co. and beverage industry trends.
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Oct. 8 | Bloomberg
Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, Federal Reserve monetary policy, jobs and commodities.
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Oct. 8 | Bloomberg
David Loeb, an analyst at Robert W. Baird & Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. hotel industry.
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Oct. 8 | Bloomberg
David Ader, head of U.S. government bond strategy at CRT Capital Group LLC, talks with Bloomberg's Tom Keene and Ken Prewitt about Treasuries and the risks of inflation.
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Oct. 8 | Bloomberg
Jim McCormick, head of European fixed income research at Nomura International Plc, talks with Bloomberg's Tom Keene and Ken Prewitt about dollar weakness, currency markets and Federal Reserve monetary policy.
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Oct. 8 | Bloomberg
Republican Senator Judd Gregg of New Hampshire talks with Bloomberg's Ken Prewitt and Tom Keene about health care reform and the Federal budget.
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Oct. 7 | Bloomberg
Former U.S. Securities and Exchange Commission Chairman Arthur Levitt talks with Bloomberg's Tom Keene and Ken Prewitt about today's hearing on the proposed overhaul of derivatives regulation by the House Financial Services Committee, market regulation and executive bonus pay. Levitt is a senior adviser to the Carlyle Group, an adviser to Goldman Sachs Group Inc. and a board member of Bloomberg LP, the parent company of Bloomberg News.
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Oct. 7 | Bloomberg
David Kotok, chief investment officer at Cumberland Advisors Inc., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. banking industry the dollar and gold prices.
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Oct. 7 | Bloomberg
Marco Annunziata, chief economist of UniCredit Group in London, talks with Bloomberg's Tom Keene and Ken Prewitt about U.S. home sales, the risks of inflation and gold prices.
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Oct. 7 | Bloomberg
Bill Nelson, a senior economist for Doane Advisory Services Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the impact of the weather on U.S. agriculture, ethanol production and exports to China.
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Oct. 7 | Bloomberg
James Sinclair, chief executive officer of Tanzanian Royalty Exploration Corp., talks with Bloomberg's Tom Keene and Ken Prewitt about gold prices, the dollar and currency markets.
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Oct. 6 | Bloomberg
Gerard Cassidy, an analyst at RBC Capital Markets in Portland, Maine, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. banking industry, commercial real-estate and the economy.
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Oct. 6 | Bloomberg
Gail Dudack, managing director of Dudack Research Group, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, labor market and equities.
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Oct. 5 | Bloomberg
Donald Gimbel, senior managing director at Carret Asset Management LLC, talks with Bloomberg's Ken Prewitt and Tom Keene about jobs growth and low inflation in 2010.
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Oct. 5 | Bloomberg
Nicholas Heymann, an analyst at Sterne Agee & Leach Inc., talks with Bloomberg's Ken Prewitt and Tom Keene about the possibility of Comcast Corp. acquiring NBC Universal Inc. from General Electric Co.
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Oct. 5 | Bloomberg
R. Christopher Whalen, managing director of Institutional Risk Analytics, talks with Bloomberg's Ken Prewitt and Tom Keene about housing, residential real estate, banking and the future leadership of Bank of America Corp.
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Oct. 5 | Bloomberg
Dominic Konstam, head of interest-rate strategy at Credit Suisse Securities USA LLC in New York, talks with Bloomberg's Ken Prewitt and Tom Keene about U.S. economic recovery, housing, mortgages and bank liquidity.
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Oct. 5 | Bloomberg
Former U.S. Securities and Exchange Commission Chairman Arthur Levitt talks with Bloomberg's Tom Keene and Ken Prewitt about SEC and market regulation and the U.S. economy. Levitt is a senior adviser to the Carlyle Group, an adviser to Goldman Sachs Group Inc. and a board member of Bloomberg LP, the parent company of Bloomberg News.
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Oct. 1 | BloombergRoger Kubarych, senior fellow at the Council on Foreign Relations, talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, the credit crisis and the Chinese economy and fiscal policy.
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Oct. 1 | BloombergFederal Reserve Bank of Richmond President Jeffrey Lacker, talks with Bloomberg's Kathleen Hays about the U.S. economy, labor market and consumer spending.
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Oct. 2 | Bloomberg
William Dunkelberg, chairman of the National Federation of Independent Business, talks with Bloomberg's Ken Prewitt and Tom Keene about U.S. unemployment, small business confidence and banking risks.
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Oct. 2 | Bloomberg
Barry Ritholtz, chief executive officer and director of equity research at Fusioniq, talks to Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, employment, equities and the financial industry.
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Oct. 2 | Bloomberg
John Lipsky, first deputy managing director at the International Monetary Fund, talks with Bloomberg's Tom Keene and Ken Prewitt about the global economic recovery and credit availability.
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Oct. 2 | Bloomberg
John Silvia, chief economist at Wells Fargo Securities LLC, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy and labor market.
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Oct. 1 | Bloomberg
Vincent Reinhart, resident scholar at the American Enterprise Institute in Washington, talks with Bloomberg's Ken Prewitt and Tom Keene about the bailout of Irish real estate losses by Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, the U.S. economy and Federal Reserve Chairman Ben S. Bernanke's appearance today at a hearing of the House Financial Services Committee.
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Oct. 1 | Bloomberg
Stephen Roach, chairman of Morgan Stanley Asia, talks with Bloomberg's Tom Keene and Ken Prewitt about the political and economic relationship between China and the U.S., and his book ``Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization.''
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Oct. 1 | Bloomberg
Jim Glassman, senior economist at JPMorgan Chase & Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, employment, housing and Federal Reserve policy.
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Oct. 1 | Bloomberg
Richard Bove, an analyst at Rochdale Securities LLC, talks with Bloomberg's Tom Keene and Ken Prewitt about Bank of America Corp. Chief Executive Officer Ken Lewis's plan to retire by the end of the year.
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Sept. 30 | Bloomberg
Dutch Mandel, editor of Crain Communications Inc.'s Autoweek magazine, talks with Bloomberg's Ken Prewitt and Tom Keene about the ``cash for clunkers'' auto rebate program and its effect on sales going into 2010.
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Sept. 30 | Bloomberg
Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co., talks with Bloomberg's Ken Prewitt and Tom Keene about the sudden drop in the Swiss Franc against the Euro.
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Sept. 30 | Bloomberg
Ellen Zentner, senior U.S. economist at Bank of Tokyo-Mitsubishi UFJ Ltd., talks with Bloomberg's Tom Keene and Ken Prewitt about U.S. employment, the economy, housing and consumer spending.
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Sept. 30 | Bloomberg
Richard Bove, an analyst at Rochdale Securities LLC, talks with Bloomberg's Tom Keene and Ken Prewitt about Ameriprise Financial Inc.'s agreement to buy the long-term asset management unit of Columbia Management from Bank of America Corp. for $1 billion.
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Sept. 30 | Bloomberg
Former U.S. Securities and Exchange Commission Chairman Arthur Levitt talks with Bloomberg's Tom Keene and Ken Prewitt about the liability of ratings agencies. Levitt is a senior adviser to the Carlyle Group, an adviser to Goldman Sachs Group Inc. and a board member of Bloomberg LP, the parent company of Bloomberg News.
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Sept. 29 | Bloomberg
Brad Hunter, regional director at MetroStudy, a real estate research firm in West Palm Beach, talks with Bloomberg's Ken Prewitt and Tom Keene about the rental housing market's effects on new and existing home sales.
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Sept. 29 | Bloomberg
Alessandro Roccati, an analyst at Fox-Pitt Kelton, talks with Bloomberg's Tom Keene and Ken Prewitt about BNP Paribas SA's plans to raise $6.3 billion by selling stock to existing shareholders to help repay government funds, and proposed regulation of banker's compensation.
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Sept. 29 | Bloomberg
Larry Kantor, head of research at Barclays Capital, talks with Bloomberg's Tom Keene and Ken Prewitt about U.S. economic growth, equities markets and housing.
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Sept. 29 | Bloomberg
Karl Case, professor of economics at Wellesley College and co-creator of the S&P/Case-Shiller home-price index, talks with Bloomberg's Ken Prewitt and Tom Keene about today's release of the index showing positive numbers in all but two major U.S. cities.
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Sept. 29 | Bloomberg
Peter Boockvar, an equity strategist at Miller Tabak & Co. LLC, talks with Bloomberg's Tom Keene and Ken Prewitt about U.S. equities, the dollar, gold and oil prices and Federal Reserve monetary policy.
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Sept. 29 | Bloomberg
Bill Gross, who runs the world's biggest bond fund at Pacific Investment Management Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. housing market, the economy and recovery from recession.
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Sept. 28 | Bloomberg
Fadel Gheit, director of oil and gas research at Oppenheimer & Co., talks with Bloomberg's Ken Prewitt and Tom Keene about inflated prices in the oil market amidst weak demand.
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Sept. 30 | BloombergIndra Nooyi, chief executive officer of PepsiCo Inc., talks with Bloomberg's Tom Keene about the company's sales, growth strategy and products. Purchase, New York-based PepsiCo is the world's largest snack-food maker.
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Sept. 30 | Bloomberg
Guillermo Calvo, a professor of economics at Columbia University, talks with Bloomberg's Tom Keene about the credit crisis, regulating the financial industry, dollar weakness and globalization.
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Sept. 29 | Bloomberg
Author Norb Vonnegut, talks with Bloomberg's Tom Keene about his new novel ``Top Producer'' and its parallels with the Bernard Madoff scandal.
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Sept. 28 | Bloomberg
Justin Logan, a foreign policy analyst at the Cato Institute and former U.S. Undersecretary of State for Political Affairs Nicholas Burns, talk with Bloomberg's Tom Keene about Iran's political economy, nuclear program and the successful launch of the Shahab-3 missile.
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Sept. 24 | Bloomberg
Michael Burda, an economics professor at Humboldt University, talks with Bloomberg's Tom Keene about the political economics of Germany, re-unification and Chancellor Angela Merkel's chances for re-election.
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Sept. 23 | Bloomberg
Stuart Hoffman, senior vice president and chief economist with PNC Financial Services Group Inc., talks with Bloomberg's Tom Keene about the U.S. and global economies, today's Federal Reserve's Open Market Committee statement and the Group of 20 nations meeting in Pittsburgh.
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Sept. 22 | Bloomberg
Ray Anderson, chairman of Interface Inc., talks with Bloomberg's Tom Keene about his book ``Confessions of a Radical Industrialist: Profits, People, Purpose -- Doing Business by Respecting the Earth.''
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Sept. 21 | Bloomberg
John Herrmann, president of Herrmann Forecasting, talks with Bloomberg's Tom Keene about the U.S. bond market, unemployment, housing, business investment and consumer spending.
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Sept. 17 | Bloomberg
Former U.S. President Bill Clinton talks with Bloomberg's Tom Keene about the Clinton Global Initiative for poverty relief, ways to reduce the nation's deficit and the dollar's performance.
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Sept. 17 | Bloomberg
Steven Englander, chief currency strategist at Barclays Capital Inc., talks with Bloomberg's Tom Keene about the U.S. economy, the dollar and other currencies.
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Sept. 16 | Bloomberg
Tom Gjelten, a correspondent who covers intelligence and other national security issues for NPR News, talks with Bloomberg's Tom Keene about his new book ``Bacardi and the Long Fight for Cuba: A Biography of a Cause,'' and the changing political economy of Cuba.
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Sept. 15 | Bloomberg
Robert Skidelsky, a Conservative member of the U.K. House of Lords and professor emeritus of political economy at Britain's Warwick University, talks with Bloomberg's Tom Keene about his new book ``Keynes: The Return of the Master,'' economic theory, mathematics, and banking policy and consolidation.
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Sept. 14 | Bloomberg
Israeli Industry and Trade Minister Binyamin Ben-Eliezer talks with Bloomberg's Tom Keene about Israel, its trade policy and compromise with the Palestinians. James Gelvin, a history professor at the University of California at Los Angeles, discusses Iran's nuclear and Palestinian policies, oil in the Middle East and his book ``The Modern Middle East: a History.''
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Sept. 10 | Bloomberg
Marc Faber, publisher of the Gloom, Boom and Doom Report, talks with Bloomberg's Pimm Fox about the global economy, equities and currency markets, and Federal Reserve monetary policy.
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Sept. 9 | Bloomberg
Justin Fox, economics and business columnist for Time magazine, talks with Bloomberg's Tom Keene about efficient market theory, financial regulation and his book, ``The Myth of the Rational Market.''
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Sept. 8 | Bloomberg
William Cohan, a former JPMorgan Chase & Co. investment banker and author of ``House of Cards,'' talks with Bloomberg's Tom Keene about the bankruptcy of Lehman Brothers Holdings, Inc. on September 15, 2008 and the U.S. financial industry.
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Sept. 3 | Bloomberg
Bruce Kasman, chief economist at JPMorgan Chase & Co., talks with Bloomberg's Tom Keene about the outlook for the global economy and U.S. growth.
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Sept. 2 | Bloomberg
Former Bank of England policy maker David Blanchflower talks with Bloomberg's Tom Keene about the U.S. and U.K. economies, central banks' monetary policies and imposing the so-called Tobin tax on financial transactions. James Tobin proposed a tax in 1971 on currency trading to deter speculation in the wake of the collapse of the Bretton Woods system of pegging currencies.
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Sept. 1 | Bloomberg
U.S. Representative Ron Paul, a Republican from Texas, talks with Bloomberg's Tom Keene about proposed U.S health-care overhaul, his bill to audit the Federal Reserve and President Barack Obama's nomination of Ben S. Bernanke to a second term as chairman.
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Aug. 31 | Bloomberg
Stephen Cecchetti, economist for the Bank of International Settlements, talks with Bloomberg's Tom Keene about the global economic crisis, financial regulation and his essay ``Financial Crises and Economic Activity.''
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Aug. 27 | Bloomberg
Edward Ayers, historian and president of the University of Richmond in Virginia, talks with Bloomberg's Tom Keene about slavery in the U.S., reconstruction after the Civil War, Martin Luther King's influence on the south's economy and Kenneth M. Stampp's book ``Peculiar Institution: Slavery in the Ante-Bellum South.''
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Aug. 26 | Bloomberg
Uwe Reinhardt, professor of economics and public affairs at Princeton University, and Elliott Fisher, director for the center of health policy and a research professor at Dartmouth Medical School, talk with Bloomberg's Tom Keene about the state of U.S. health care and proposed reforms.
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Aug. 25 | Bloomberg
Callum Henderson, head of currency strategy at Standard Chartered Plc in Singapore, Rebecca Patterson, global head of foreign exchange at JPMorgan Private Bank, and Hans-Guenter Redeker, head of global currency strategy at BNP Paribas SA, talk with Bloomberg's Tom Keene about the dollar, the Chinese and global economies, and the currency market.
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Aug. 27 | Bloomberg
Edward Ayers, historian and president of the University of Richmond in Virginia, talks with Bloomberg's Tom Keene about slavery in the U.S., reconstruction after the Civil War, Martin Luther King's influence on the south's economy and Kenneth M. Stampp's book ``Peculiar Institution: Slavery in the Ante-Bellum South.'' Listen/Download
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Aug. 26 | Bloomberg
Uwe Reinhardt, professor of economics and public affairs at Princeton University, and Elliott Fisher, director for the center of health policy and a research professor at Dartmouth Medical School, talk with Bloomberg's Tom Keene about the state of U.S. health care and proposed reforms.
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Aug. 25 | Bloomberg
Callum Henderson, head of currency strategy at Standard Chartered Plc in Singapore, Rebecca Patterson, global head of foreign exchange at JPMorgan Private Bank, and Hans-Guenter Redeker, head of global currency strategy at BNP Paribas SA, talk with Bloomberg's Tom Keene about the dollar, the Chinese and global economies, and the currency market.
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Aug. 24 | Bloomberg
Edward Morse, head of economic research at LCM Commodities LLC in New York, talks with Bloomberg's Tom Keene about oil prices, global oil production and energy demand, and his essay ``Making the Most of Cheap Oil.''
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Aug. 20 | Bloomberg
John Taylor, an economics professor at Stanford University, talks with Bloomberg's Ken Prewitt about Federal Reserve monetary policy and the central bank's purchase of mortgage-backed securities, the U.S. economy and the book ``The Road Ahead for the Fed.''
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Aug. 19 | Bloomberg
James Hamilton, an economics professor at the University of California, San Diego, talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, regulating the financial industry, risk of inflation and the book ``The Road Ahead for the Fed.''
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Aug. 18 | Bloomberg
Myron Scholes, chairman of Platinum Grove Asset Management and 1997 winner of the Nobel Prize in economics, talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, the banking industry, credit markets, the need for fair-value accounting and the book ``The Road Ahead for the Fed.''
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Aug. 17 | Bloomberg
Allan Meltzer, an economist at Carnegie Mellon University, talks with Bloomberg's Tom Keene about U.S. fiscal policy, the Federal Reserve's monetary policy, market regulation and the book ``The Road Ahead for the Fed.''
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Aug. 13 | BloombergPatty Edwards, a retail analyst and founder of Storehouse Partners LLC in Bellevue, Washington, talks to Bloomberg's Tom Keene about U.S. retail sales, the economy and consumer spending.
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Aug. 12 | BloombergFormer Federal Reserve Bank of Cleveland President Lee Hoskins talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, U.S. fiscal policy and the Shadow Open Market Committee, a group of economists that critiques the Fed.
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Aug. 11 | BloombergDavid Wessel, a columnist at The Wall Street Journal, talks with Bloomberg's Tom Keene about the Federal Reserve and his book, ``In Fed We Trust: Ben Bernanke's War on the Great Panic.''
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Aug. 10 | Bloomberg
Michael O'Hanlon, a senior fellow at the Brookings Institution in Washington, talks to Bloomberg's Tom Keene about North Korea and his book, ``The Science of War: Defense Budgeting, Military Technology, Logistics, and Combat Outcomes.''
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Weak
Aug. 6 | Bloomberg
Richard Bove, an analyst at Rochdale Securities LLC, talks with Bloomberg's Tom Keene about the U.S. banking industry and its regulation. Simon Leopold, a senior analyst at Morgan Keegan & Co., discusses information and video-enabling technologies. James Corridore, an analyst at Standard & Poor's in London, talks about airline profits.
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Aug. 5 | Bloomberg
Paul De Grauwe, a professor at the Catholic University of Leuven in Belgium, talks with Tom Keene about a crisis in macroeconomics, Ricardian and Keynesian economics, and fiscal policies.
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Aug. 4 | BloombergRichard Edelman, president and chief executive officer of Edelman Public Relations Worldwide, the world's largest independent public relations agency, talks with Bloomberg's Tom Keene about the Edelman `Trust Barometer,' and the public relations challenges facing U.S. corporations.
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Aug. 3 | BloombergAdam Sieminski, chief energy economist at Deutsche Bank AG in Washington, talks with Bloomberg's Tom Keene about the global economy, the U.S. Government's ``cash-for-clunkers'' program, oil prices and energy demand.
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Weak, some interesting points about deficit...
July 30 | Bloomberg
Mark Chandler, global head of currency strategy at Brown Brothers Harriman & Co., talks with Bloomberg's Tom Keene about global currency markets and his book, ``Making Sense of the Dollar: Exposing Dangerous Myths About Trade and Foreign Exchange.''
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July 29 | Bloomberg
Steve Hanke, a professor at Johns Hopkins University and senior fellow at the Cato Institute, talks to Bloomberg's Tom Keene about the dollar, the U.S. deficit, monetary and fiscal policy, and hyper-inflation in Zimbabwe.
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July 28 | Bloomberg
Lee C. Bollinger, president of Columbia University in New York, talks with Bloomberg's Tom Keene about the challenges for funding U.S. higher education, declines in endowments and Judge Sonia Sotomayor's nomination to be the first Hispanic on the U.S. Supreme Court.
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July 28 | Bloomberg
North Dakota's Republican Governor John Hoeven, talks with Bloomberg's Tom Keene about his state's economy, employment, housing and energy policy.
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July 27 | Bloomberg
Axel Merk, president of Merk Investments LLC in Palo Alto, California, talks with Bloomberg's Tom Keene about global currencies, the meetings between U.S. and China officials in Washington, and central banks' policies.
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July 23 | Bloomberg
Joshua Shapiro, chief U.S. economist at MFR Inc. in New York, talks to Bloomberg's Tom Keene about the U.S. economy, employment, the effectiveness of the stimulus plan, and consumer spending and savings.
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July 22 | Bloomberg
Martin Wolf, associate editor at the Financial Times in London, talks with Bloomberg's Tom Keene about his book, ``Fixing Global Finance,'' the economic crisis, and central banks' monetary and fiscal policies.
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July 21 | Bloomberg
Michael Moran, chief economist at Daiwa Securities America Inc., talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, the budget deficit, proposed financial regulations, employment and the U.S. economy.
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July 20 | Bloomberg
Philip Verleger, economist and founder of PKVerleger LLC, a professor at the University of Calgary's Haskayne School of Business and a former U.S. government adviser, talks with Bloomberg's Tom Keene about oil and gasoline prices, global fuel demand and a shortage of storage capacity.
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July 16 | Bloomberg
Robert Eisenbeis, former research director at the Federal Reserve Bank of Atlanta, talks with Bloomberg's Tom Keene about the need for Fed independence, U.S. monetary and fiscal policy, and risks of inflation.
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July 15 | Bloomberg
Bloomberg's Janet Frankston Lorin talks with Tom Keene about U.S. college tuition, applications, admissions, student loans and stresses in the higher education system.
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July 15 | Bloomberg
Richard Levin, president of Yale University, talks with Bloomberg's Tom Keene about the decline in its endowment, challenges facing the U.S. education system and Keynesian economics.
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July 14 | Bloomberg
Stanley Collender, managing director of Qorvis Communications and a former U.S. House and Senate Budget Committee analyst, talks with Bloomberg's Tom Keene about the U.S. deficit, President Barack Obama's budget proposals, Federal Reserve policy and health care.
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July 13 | Bloomberg
Chris Anderson, editor-in-chief of Wired magazine, talks with Bloomberg's Tom Keene about his book, ``Free: The Future of a Radical Price,'' the internet shift to the so-called ``freemium,'' or free plus premium, and the challenges facing traditional media.
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July 8 | Bloomberg
Billionaire hedge fund manager George Soros talks with Bloomberg's Tom Keene about the financial crisis, regulating the credit-default swap market, and the economies of China and Russia.
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July 7 | Bloomberg
Jagdish Bhagwati, a professor of economics at Columbia University, talks with Bloomberg's Tom Keene about international trade, President Barack Obama's internationalism and U.S. health-care reforms.
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July 6 | Bloomberg
Alice Rivlin, senior fellow at The Brookings Institution and a former Federal Reserve Board vice chairman, talks to Bloomberg's Tom Keene about U.S. monetary policy, the budget deficit, unemployment, gross domestic product and health care.
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July 3 | Bloomberg
Jill Lepore, David Woods Kemper '41 Professor of American History at Harvard University, and Jane Kamensky, Professor of American History at Brandeis University, talk with Bloomberg's Tom Keene about their novel, ``Blindspot: By a Gentleman in Exile & a Lady in Disguise.''
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July 2 | Bloomberg
Mark Thoma, professor of economics at the University of Oregon, talks with Bloomberg's Tom Keene about U.S. employment, consumer confidence and the fiscal stimulus.
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July 1 | BloombergIris Lav, tax policy specialist and deputy director at the Center on Budget & Policy in Washington, D.C., talks with Bloomberg's Tom Keene about U.S. state's fiscal and budget problems.
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June 30 | Bloomberg
Carl Weinberg, chief economist at High Frequency Economics Ltd., talks with Bloomberg's Tom Keene about the global trade, the U.S. savings rate and employment.
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June 29 | Bloomberg
David Greenlaw, chief economist at Morgan Stanley, talks with Bloomberg's Tom Keene about the U.S. auto industry, employment and Federal Reserve policy.
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June 25 | Bloomberg
Larry Kantor, head of research at Barclays Capital Inc., talks with Bloomberg's Tom Keene about U.S. GDP, the increased savings rate, Federal Reserve policy and the global economy.
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June 24 | Bloomberg
Bradford DeLong, an economics professor at the University of California at Berkeley, talks with Bloomberg's Tom Keene about Federal Reserve policy, bailouts of the financial industry and copyright law in the digital world.
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June 24 | Bloomberg
Nouriel Roubini, professor at New York University's Stern School of Business, talks with Bloomberg's Tom Keene and Deirdre Bolton about the U.S. economy, Federal Reserve monetary policy, personal savings and the unemployment rate.
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June 23 | Bloomberg
Elliott Fisher, director for the center of health policy and a research professor at Dartmouth Medical School, talks with Bloomberg's Tom Keene about proposed reforms of the U.S. heathcare system.
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June 22 | Bloomberg
Christopher Whalen, managing director of Institutional Risk Analytics, talks with Bloomberg's Tom Keene about the U.S. banking industry, credit default swaps and Federal Reserve monetary policy.
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June 18 | Bloomberg
Chris Rupkey, chief economist at Bank of Tokyo-Mitsubishi UFJ Ltd., talks with Bloomberg's Tom Keene about the U.S. economy, employment, Treasuries and the possible end of the recession.
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June 17 | Bloomberg
T. Boone Pickens, chairman of BP Capital LLC, and John Kilduff, senior vice president of energy at MF Global Inc., talk with Tom Keene about the need for the U.S. to decrease its dependence on foreign oil. Listen/Download
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June 16 | Bloomberg
Kevin Tynan, an analyst at Argus Research in New York, speaks with Bloomberg's Tom Keene about the U.S. auto industry, possible collapse of parts suppliers and Ford Motor Co.'s product strategy.
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June 15 | Bloomberg
John Lipsky, first deputy managing director of the International Monetary Fund, talks with Bloomberg's Tom Keene about fiscal and monetary policy in the U.S. and other nations, and the global economy.
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June 15 | Bloomberg
John Briscoe, Professor of the Practice of Environmental Health at the Harvard School of Public Health, talks with Bloomberg's Tom Keene about water and economic development.
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June 11 | Bloomberg
Barry Eichengreen, professor of economics and political science at the University of California at Berkeley, talks with Bloomberg's Tom Keene about global currencies, the international monetary and financial system, and the economy.
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June 10 | Bloomberg
Abby Joseph Cohen of Goldman Sachs Group Inc., Peter J. Daugherty Director of Princeton University Press and Bill Gross of Pacific Investment Management Co., talk with Bloomberg's Tom Keene about the published works and impact of economic historian Peter L. Bernstein on investment and economic theory. Bernstein died on June 5 at the age of 90 after contracting pneumonia.
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June 9 | Bloomberg
Gerard Minack, equities strategist at Morgan Stanley Australia Ltd. in Sydney, talks with Bloomberg's Tom Keene about the Australian and global economies, commodities, currencies and Central Banks' monetary policies.
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June 8 | Bloomberg
Barry Ritholtz, chief executive officer and director of equity research at Fusioniq, talks to Bloomberg's Tom Keene about his new book, ``Bailout Nation,'' the auto industry, banking and TARP.
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June 3 | Bloomberg
Don Cherry, Canadian sportscaster and hockey analyst at the Canadian Broadcasting Corp., talks with Bloomberg's Tom Keene about the National Hockey League's Stanley Cup finals and the economics of hockey.
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June 3 | Bloomberg
William Cohan, author of ``House of Cards'' and ``The Last Tycoons,'' talks with Bloomberg's Tom Keene about the impact of Bear Stearns Cos.' downfall on Wall Street and the financial industry.
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June 2 | Bloomberg
Albert Appleton, former commissioner of the city's Department of Environmental Protection, talks to Bloomberg's Tom Keene about the infrastructure of city water systems, conservation, global warming and the economics of clean water.
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June 1 | Bloomberg
David Skeel, a corporate law professor at the University of Pennsylvania Law School, talks with Bloomberg's Tom Keene and guest host Bill Rochelle about Chrysler LLC's sale to Fiat SpA and General Motor Corp.'s bankruptcy filing.
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May 28 | Bloomberg
Alan Blinder, an economics professor at Princeton University and former vice chairman of the Federal Reserve, talks with Bloomberg's Tom Keene about Federal Reserve monetary policy, the risks of inflation, Treasuries and employment.
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May 27 | Bloomberg
Edmund L. Andrews, author and a reporter at the New York Times, talks with Bloomberg's Tom Keene about his book, ``Busted: Life Inside the Great Mortgage Meltdown,'' and President Barack Obama's economic policies.
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May 26 | Bloomberg
Bank of England policy maker Timothy Besley talks with Bloomberg's Tom Keene about the global political economy, the future of capitalism and plans to bring public finances under control.
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May 21 | Bloomberg
Robert Sawyer, professor emeritus of energy studies at the University of California, Berkeley, talks to Bloomberg's Tom Keene about California's energy policies, President Barack Obama's emissions initiatives and green automotive technologies.
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[May 11, 2009] The lecture comes in two videos, Part 1 and Part 2. Enjoy!
- GawainsGhost said...
- I've been saying the same thing for years.
I resigned from teaching in 02, when my father was sick and dying of cancer, to help my mother run her real estate company. We deal mainly with repossessed homes, and from what I've seen fraud is endemic and systemic.
I'm talking about mortgage fraud, appraisal fraud, brokerage fraud, accounting fraud, you name it. I'm talking about a monstrosity of a manufactured home that sold for $280,000 in 06, was foreclosed on six months later, then resold for $45,000 in 07. I'm talking about builders using phantom buyers, appraisers routinely overvaluing properties by at least $35,000, mortgage brokers falsifying documents, buyers taking out liar's loans, not only on the house but the appliances and furniture as well, then gutting the home, stealing everything and disappearing. I've seen it all.
Question: If one of the constitutional duties of government is to protect the citizens from fraud, then why is fraud so rampant? Answer: Because the government is not doing its job.
I am sickened and sad at heart.
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May 13 | Bloomberg
Phillip Swagel, former U.S. Treasury assistant secretary for economic policy, talks with Bloomberg's Tom Keene about his experiences during former President George W. Bush's administration, former Treasury Secretary Henry Paulson and the challenges facing current Treasury Secretary Timothy Geithner.
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May 12 | BloombergGillian Tett, a columnist at the Financial Times, talks with Bloomberg's Tom Keene about her book, ``Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe.''
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May 11 | Bloomberg
Carl Lantz, an interest-rate strategist, and James Sweeney, a global strategist at Credit Suisse Group AG, talk with Bloomberg's Tom Keene about the shadow banking system, Federal Reserve monetary policy, and the U.S. and European economies.
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April 29 | Bloomberg
John Ryding, founding partner and chief economist at RDQ Economics LLC, talks with Bloomberg's Tom Keene about the Federal Open Market Committee meeting, U.S. bond markets and Federal Reserve monetary policy.
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April 29 | Bloomberg
John Bruton, the European Union's ambassador to the U.S., talks with Bloomberg's Tom Keene about Ireland's ``Celtic Tiger'' economy, the success of the euro and regulating the financial industry.
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April 28 | Bloomberg
Richard J. Webby, the Rose Marie Thomas Chair in Infectious Diseases at St. Jude Children's Research Hospital, talks with Bloomberg's Tom Keene about the swine flu virus outbreak, the pharmaceutical industry and the World Health Organization (WHO).
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April 27 | Bloomberg
Judge Richard Allen Posner of the U.S. Court of Appeals for the Seventh Circuit talks to Bloomberg's Tom Keene about Federal Reserve monetary policy, fiscal regulation and his new book, ``A Failure of Capitalism: The Crisis of '08 and the Descent into Depression.''
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April 23 | Bloomberg
Luigi Zingales, a finance professor at the University of Chicago's business school, talks with Bloomberg's Tom Keene about Treasury Secretary Timothy Geithner's Public-Private Investment Program for Troubled Assets (PPIP), `behavioral' finance and stress testing the banks.
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April 22 | BloombergJohn Tumazos, founder of Very Independent Research LLC, talks with Bloomberg's Tom Keene about the Chinese economy, commodities prices and the U.S. steel industry.
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April 21 | Bloomberg
Larry Kantor, head of research at Barclays Capital, talks to Bloomberg's Tom Keene about U.S. jobless claims, manufacturing, the U.S. recession, and the Chinese and European economies.
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April 20 | Bloomberg
Liaquat Ahamed, chief investment officer at Charter Atlantic Corp. talks with Bloomberg's Tom Keene about his book, ``Lords of Finance: The Bankers Who Broke the World,'' and central banks' monetary policies.
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April 16 | Bloomberg
Nobel laureate Joseph Stiglitz and Michael Spence, former dean of the Stanford University Business School, talk with Bloomberg's Tom Keene about Treasury Secretary Timothy Geithner's and President Barack Obama's economic recovery plans and the financial system.
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April 14 | BloombergMark Thoma, an economics professor at the University of Oregon, talks with Bloomberg's Tom Keene about the U.S. government's response to the financial crisis, Oregon's labor market and U.S. tax policy.
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April 13 | BloombergMichael Vogelzang, president and chief investment officer of Boston Advisors LLC., Gary Townsend, president of Hill-Townsend Capital LLC and Bruce Foerster, president of South Beach Capital Markets, talk with Bloomberg's Tom Keene and Pimm Fox about Goldman Sachs Group Inc.'s first-quarter earnings report.
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April 9 | BloombergShirley Tilghman, president of Princeton University, talks to Bloomberg's Tom Keene about how the university is adapting to the economic slowdown, "the new normal" of austerity in education and retaining excellence in faculty. Included is a report on higher education endowments by Bloomberg's Gillian Wee.
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April 9 | BloombergAlexia Howard, a food analyst at Sanford C. Bernstein & Co., talks to Bloomberg's Tom Keene about chocolate companies including Mars Inc. and The Hershey Co., the food industry, investment recommendations and commodity prices.
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April 8 | BloombergBradford DeLong, an economics professor at the University of California at Berkeley, talks with Bloomberg's Tom Keene about Treasury Secretary Timothy Geithner's Public-Private Investment Plan (PPIP), U.S. employment and the government's fiscal stimulus plans.
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April 7 | BloombergDavid Skeel, a professor of corporate law at the University of Pennsylvania Law School, talks with Bloomberg's Tom Keene about the history of bankruptcy law, General Motors Corp.'s restructuring options and his book, "Debt's Dominion: A History of Bankruptcy Law in America.''
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April 6 | BloombergAuthor Vince Gennaro talks with Bloomberg's Tom Keene about his book, "Diamond Dollars: The Economics of Winning in Baseball."
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April 2 | BloombergSimon Johnson, a senior fellow at the Peterson Institute for International Economics, talks with Bloomberg's Tom Keene about the Group of 20 nations summit in London, political power in the U.S. financial industry and the European economy.
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April 1 | BloombergGuillermo Calvo, a professor of economics at Columbia University, talks with Bloomberg's Tom Keene about Mexico's request for a $47 billion International Monetary Fund loan, the role of the IMF and the World Bank, and central bank polices in emerging markets.
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March 30 | BloombergRobert Shiller, chief economist at MacroMarkets LLC and an economics professor at Yale University, and George Akerlof, economist at the University of California, talk with Bloomberg's Tom Keene about their book, ``Animal Spirits: How Human Psychology Drives The Economy, and Why It Matters For Global Capitalism.''
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March 30 | BloombergRobert Lucas, a professor of economics at the University of Chicago and winner of the Nobel prize in 1995, and Edward Prescott, an economist at Arizona State University and winner of the 2004 Nobel prize, talk with Bloomberg's Tom Keene about the financial crisis, the U.S. deficit and economic theory.
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March 25 | BloombergMortimer Zuckerman, owner of the New York Daily News and chairman of Boston Properties Inc., which owns the Citigroup Center and the General Motors Building in New York City, talks with Bloomberg's Tom Keene about the state of newspapers and real estate, the effect of the Bernard Madoff investment scandal and U.S.-Iran relations.
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March 25 | BloombergRobert Gay, managing partner at Fenwick Advisors, talks with Bloomberg's Tom Keene about the Group of 20 nations meeting in London, the global economic crisis and international trade.
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March 24 | BloombergSusan Wachter, a professor at the University of Pennsylvania's Wharton School, talks with Bloomberg's Tom Keene about U.S. housing, the rental market and the economic crisis.
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March 23 | BloombergBarry Eichengreen, an economics professor at the University of California, Berkeley, talks with Bloomberg's Tom Keene about the Public-Private Investment Program (PPIP) to remove toxic assets from the books of U.S. banks, the Group of 20 nations summit in London and the European and global economies.
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April22, 2008Wall Street veteran Kenneth D. Moelis, the CEO of Moelis & Co., recently shared with Bloomberg TV his insights on what's happening in the leveraged loan market and on changes at the investment banks.
In the interview, which Prince of Wall Street was kind enough to break down here, Moelis waxes poetic on the leading topics on the minds of private equity dealmakers. Moelis, the former president of UBS Investment Bank, will also be the morning keynote interview at The Deal's Private Capital Symposium on May 14. - George White
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March 11 | Bloomberg
Charles Calomiris, a professor at Columbia University, talks with Bloomberg's Tom Keene about U.S. housing, the banking industry and Federal Reserve Chairman Ben S. Bernanke's ``different tack'' on financial market regulatory changes. Listen/Download
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March 10 | Bloomberg
Kit Juckes, head of fixed-income research at Royal Bank of Scotland Group Plc, talks with Bloomberg's Tom Keene about Treasuries, foreign investment in U.S. debt, inflation and financial regulation.
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March 9 | BloombergSteve Forbes, chief executive officer of Forbes Inc., talks with Bloomberg's Tom Keene about U.S. political economics, mark-to-market and short-selling regulations, and President Barack Obama's policies.
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March 5 | BloombergLouise Yamada, managing director of Louise Yamada Technical Research Advisors, talks with Bloomberg's Tom Keene about the U.S. stock market declines, oil and gold prices, and Treasuries.
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March 4 | Bloomberg
Russell Shorto, author, historian and contributing writer at the New York Times Magazine, talks with Bloomberg's Tom Keene about his books, ``The Island at the Center of the World: The Epic Story of Dutch Manhattan and the Forgotten Colony that Shaped America'' and ``Descartes' Bones: A Skeletal History of the Conflict Between Faith and Reason.''
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March 3 | BloombergChristopher Rupkey, chief economist at Bank of Tokyo- Mitsubishi UFJ Ltd., talks with Bloomberg's Tom Keene about the impact of U.S. stocks on the economy, the labor market, the bond market and Federal Reserve monetary policy.
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March 2 | BloombergStan Collender, managing director of Qorvis Communications and a former U.S. House and Senate Budget Committee analyst, talks with Bloomberg's Tom Keene about his book, ``The Guide to the Federal Budget,'' and President Barack Obama's budget and deficit reduction plans.
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Feb. 26 | Bloomberg
Daniel Fuss, vice chairman of Loomis Sayles & Co., talks with Bloomberg's Tom Keene about Treasuries, corporate bonds, credit rating companies and the U.S. budget deficit.
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Feb. 25 | Bloomberg
Marvin Goodfriend, an economics professor at Carnegie Mellon University, talks with Bloomberg's Tom Keene about deflation and disinflation, President Barack Obama's economic policies and the Term Asset-Backed Securities Loan Facility.
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Feb. 24 | BloombergE.J. Dionne, a senior fellow at the Brookings Institute, talks to Bloomberg's Tom Keene about President Barack Obama's first address to a joint session of Congress, labor unions, bank nationalization and health care.
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Feb. 23 | Bloomberg
Kevin Logan, senior market economist at Dresdner Kleinwort, talks with Bloomberg's Tom Keene about the U.S. economy, expectations for the President Barack Obama's $787 billion stimulus package, the housing market and the possible government nationalization of banks.
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Feb. 19 | Bloomberg
Pascaline Dupas, an assistant professor at University of California in Los Angeles, talks with Bloomberg's Tom Keenee about Novartis AG's malaria treatment known as Coartem, the global efforts to prevent malaria and microeconomics.
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Feb. 18 | BloombergClifford Gaddy, a specialist on Russian political and economic affairs at the Brookings Institution, talks with Bloomberg's Tom Keene about Russian economic policy, the impact of falling oil prices on Russia's economy and U.S.-Russia relations.
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Feb. 17 | Bloomberg
Elizabeth Economy, director of Asia studies at the Council on Foreign Relations in New York, talks with Bloomberg's Tom Keene about the Chinese economy and employment, U.S. Secretary of State Hillary Clinton's trip to China and China's relationship with Russia.
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Feb. 12 | Bloomberg
James McPherson, a Pulitzer Prize-winning author, talks with Bloomberg's Tom Keene about his new book, `` Abraham Lincoln,'' and Lincoln's Civil War leadership.
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Feb. 11 | Bloomberg
Michael Beschloss, author and presidential historian, talks with Bloomberg's Tom Keene about Abraham Lincoln's life and legacy and his book, ``Presidential Courage: Brave Leaders and How They Changed America 1789-1989.''
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Feb. 10 | Bloomberg
Harold Holzer, author of ``Lincol President-Elect: Abraham Lincoln and the Great Secession Winter 1860-1861,'' talks with Bloomberg's Tom Keene about similarities between the 16th U.S. president and Barack Obama, the 44th.
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Feb. 9 | BloombergPulitzer Prize-winning author and presidential historian Doris Kearns Goodwin talks with Bloomberg's Tom Keene about her book, ``Team of Rivals: The Political Genius of Abraham Lincoln.''
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Feb. 5 | Bloomberg
Former New York State Governor Mario Cuomo talks with Bloomberg's Tom Keene about Abraham Lincoln and Cuomo's books, ``Why Lincoln Matters: Today More Than Ever,'' and ``Lincoln on Democracy.''
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Feb. 4 | Bloomberg
John D. Herrmann, president of Herrmann Forecasting LLC, talks with Bloomberg's Tom Keene about the new seven-year Treasury notes, U.S. employment, the retail industry and the Obama's administration's stimulus plan.
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March 11 | Bloomberg
Duncan Niederauer, chief executive officer of NYSE Euronext, talks with Bloomberg's Peter Cook about the performance and regulation of the U.S. stock market and other financial markets.
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March 11 | Bloomberg Clark Winter, chief investment officer at SK Capital Partners, talks with Bloomberg's Erik Schatzker and Julie Hyman about the outlook for the equity market.
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March 11 | BloombergIan Shepherdson, chief U.S. economist at High Frequency Economics Ltd., talks with Bloomberg's Betty Liu and Julie Hyman about the outlook for U.S. unemployment.
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March 11 (BloombergAndrew Milligan, head of global strategy at Standard Life Investments, talks with Bloomberg's Ken Prewitt about the outlook for stocks.
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March 11 | BloombergRoger Nightingale, global strategist at Pointon York Ltd., talks with Bloomberg's Erik Schatzker and Deirdre Bolton about the reporting of troubled assets at UBS AG and Citigroup Inc.
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March 11 | BloombergFormer U.S. Securities and Exchange Commission Chairman Arthur Levitt talks with Bloomberg's Peter Cook about the possibility that the SEC may restore the so-called uptick rule to curb short-selling abuses.
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March 11 | BloombergGuy LeBas, chief economist at Janney Montgomery Scott LLC, talks with Bloomberg's Betty Liu about the outlook for the global economy.
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March 11 | BloombergU.S. President Barack Obama and Treasury Secretary Timothy Geithner speak about the need for the U.S. and other Group of 20 nations to seek agreement on a coordinated response to the global economic crisis.
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Jan. 22 | Bloomberg
Marshall Goldman, a professor at Harvard University, talks with Bloomberg's Tom Keene about Russia's economy, crude-oil prices and relations between Moscow and the Baltic states.
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Jan. 21 | BloombergLuigi Zingales, a finance professor at the University of Chicago, talks with Bloomberg's Tom Keene about the banking industry, the U.S. stimulus plan, capital gains tax and the housing market.
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Jan. 20 | BloombergU.S. presidential historian James MacGregor Burns and Ted Sorensen, a former special adviser to President John F. Kennedy and senior counsel at Paul Weiss Rifkind Wharton & Garrison LLP, talk with Bloomberg's Tom Keene about the challenges for President Barack Obama.
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Jan. 15 | BloombergDavid Zetland, an agricultural and resource economist at the University of California, Berkeley, talks with Bloomberg's Tom Keene about the economics of bottled and tap water, conservation, and global water supply and management.
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Jan. 14 | BloombergPaul Krugman, a professor at Princeton University and winner of the 2008 Nobel Prize for economics, talks with Bloomberg's Tom Keene about the U.S. economy, President-elect Barack Obama's economic stimulus plan and the impact his Nobel Prize has had on his career.
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Jan. 13 | BloombergGerald Greenwald, a managing partner at Greenbriar Equity Group LLC and a former chairman at Chrysler Corp., talks with Bloomberg's Tom Keene about the U.S. automobile industry bailout plans, Chrysler LLC's bailout history and the similarities between the auto and airline industries.
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Jan. 12 | BloombergSpencer Abraham, chief executive officer of Abraham Group LLC and a former U.S. energy secretary, talks with Bloomberg's Tom Keene about the energy policy of President-elect Barack Obama's administration and the U.S. auto industry.
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Jan. 8 | BloombergEric Dinallo, superintendent of the New York State Department of Insurance, talks with Bloomberg's Tom Keene about the U.S. government takeover of American International Group, Inc., his outlook for Wall Street and credit-default swaps, and the need for insurance companies to demonstrate liquidity.
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Jan. 7 | Bloomberg
Thomas Sowell, a senior fellow at the Hoover Institute, talks with Bloomberg's Tom Keene about President-elect Barack Obama's economic stimulus plan, his political appointments and what Sowell sees as Obama's lack of experience to handle nuclear threats and economic challenges.
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Jan. 6 | BloombergMitchell Zuckoff, a professor at Boston University, talks with Bloomberg's Tom Keene about his book, ``Ponzi's Scheme,'' and similarities to the Bernard Madoff investment case.
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Jan. 5 | BloombergJeffrey Frankel, a Harvard University professor, talks with Bloomberg's Tom Keene about President-elect Barack Obama's energy policies, global trade and the euro's progress as a currency 10 years after its introduction.
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Nov. 19, 2009 | BloombergJagdish Bhagwati, a professor of economics at Columbia University, and Alan Blinder, a former Fed vice chairman who is now an economics professor at Princeton University, talk with Bloomberg's Tom Keene about the U.S. economy, labor market and their book, "Offshoring of American Jobs: What Response from U.S. Economic Policy?"
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Nov. 18, 2009 | BloombergDavid Smick, chief executive officer at Johnson Smick International Inc., talks with Bloomberg's Tom Keene about the global economy, the U.S. labor market and Smick's book ``The World Is Curved: Hidden Dangers to the Global Economy.''
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Nov. 17, 2009 | BloombergBloomberg's Rich Miller talks with Tom Keene about Federal Reserve Chairman Ben S. Bernanke's speech at an Economic Club of New York luncheon, Fed monetary policy and U.S. fiscal policy.
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Nov. 17, 2009 | BloombergMichael Moran, chief economist at Daiwa Securities America Inc., talks with Bloomberg's Tom Keene about the U.S. economy, fiscal and Federal Reserve monetary policies, and the budget deficit.
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Nov. 16, 2009 | BloombergDonald Broughton, equity analyst at Avondale Partners LLC, and Bloomberg columnist Alice Schroeder talk with Tom Keene about the U.S railroad industry and Berkshire Hathaway Inc.'s purchase of Burlington Northern Santa Fe Corp.
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Nov. 12, 2009 | Bloomberg
Dr. John Shoven, the Charles R. Schwab Professor of Economics at Stanford University and chairman of Cadence Design Systems Inc., talks with Bloomberg's Tom Keene about U.S. fiscal policy, the Social Security system and wage controls.
Nov. 10, 2009 | Bloomberg
Michael Mauboussin, chief investment strategist at Legg Mason Capital Management, talks with Bloomberg's Tom Keene about his book ``Think Twice: Harnessing the Power of Counterintuition.''
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Nov. 11, 2009 | BloombergBruce Bartlett, who served as a Treasury Department economist under President George H.W. Bush, talks with Bloomberg's Tom Keene about his new book ``The New American Economy: The Failure of Reaganomics and a New Way Forward.''
Nov. 9, 2009 | Bloomberg
Neal Soss, chief economist at Credit Suisse, talks with Bloomberg's Tom Keene about the U.S. labor market and economy, credit availability and fiscal policy.
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Nov. 4, 2009 | Bloomberg
Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., and Victor Li, professor of economics at Villanova University, talk with Bloomberg's Kathleen Hays about the Federal Open Market Committee meeting, Federal Reserve monetary policy and the U.S. economy.
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Nov. 20, 2009Small Business Administration chief Karen Mills talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. banking industry and the challenges facing small business.
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Nov. 20, 2009Terry McEvoy, a financial-services analyst with Oppenheimer & Co., talks with Bloomberg's Ken Prewitt and Tom Keene about the U.S. economy, the banking industry and credit availability for small businesses.
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Nov. 20, 2009William Dunkelberg, chairman of the National Federation of Independent Business, talks with Bloomberg's Ken Prewitt and Tom Keene about the state of small business in the U.S., the banking industry and the economy.
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Nov. 19, 2009Bloomberg's Kathy Burton talks with Ken Prewitt and Tom Keene about Ken Griffin, the chief executive officer at Citadel Investment Group LLC, and his efforts to rival Goldman Sachs as an investment bank. Griffin is the subject of Bloomberg Markets magazine's December cover story.
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Nov. 19, 2009Dan Clifton, head of policy research at Strategas Research Partners in Washington, DC, talks with Bloomberg's Ken Prewitt and Tom Keene about the $848 billion U.S. health-care plan by Senate Majority Leader Harry Reid.
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Nov. 19, 2009Fred Moran, an analyst at Benchmark Co., talks with Bloomberg's Ken Prewitt and Tom Keene about Time Warner Inc.'s planned spinoff of its AOL Internet unit.
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Nov. 19, 2009James O'Sullivan, global chief economist at MF Global Ltd., talks with Bloomberg's Ken Prewitt and Tom Keene about U.S. gross domestic product, Treasury bills, unemployment numbers, inflation and risk aversion versus optimism.
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Nov. 19, 2009Ethan Harris, head of North America economics at Bank of America-Merrill Lynch, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, housing and consumer spending.
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Nov. 19, 2009Meredith Whitney, founder of Meredith Whitney Advisory Group, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, the banking industry and proposed financial industry regulation.
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Nov. 18, 2009Gregory Zuckerman, a reporter for the Wall Street Journal, talks to Bloomberg's Ken Prewitt and Tom Keene about his book, ``The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.''
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Nov. 18, 2009U.S. Representative Eric Cantor of Virginia, the second-ranking Republican in the House, talks with Bloomberg's Ken Prewitt and Tom Keene about congressional politics and President Barack Obama.
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Nov. 18, 2009Peter Boockvar, an equity strategist at Miller Tabak & Co., talks with Bloomberg's Ken Prewitt and Tom Keene about U.S. housing and consumer-price index data.
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Nov. 18, 2009Kenneth Fisher, chief executive officer at Fisher Investments Inc., talks with Bloomberg's Tom Keene and Ken Prewitt about the toy industry, U.S. retail sales and his book ``How to Smell a Rat: The Five Signs of Financial Fraud.''
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Nov. 18, 2009Brian Wesbury, chief economist at First Trust Advisors LP, talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy and his book ``It's Not as Bad as You Think: Why Capitalism Trumps Fear and the Economy Will Thrive.''
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Nov. 18, 2009Former U.S. Securities and Exchange Commission Chairman Arthur Levitt talks with Bloomberg's Tom Keene and Ken Prewitt about Pennsylvania Democrat Paul Kanjorski's proposed regulatory council to monitor companies for possible risks to the economy. Levitt, an adviser to the Carlyle Group and Goldman, is a board member of Bloomberg LP, parent company of Bloomberg News.
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Nov. 17, 2009John Brynjolfsson, chief investment officer of Armored Wolf LLC in Aliso Viejo, California, talks with Bloomberg's Ken Prewitt and Tom Keene about the recovery of the U.S. economy, China's ``robust'' economy and the monetary policies of the two countries.
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Nov. 17, 2009Michael Darda, chief economist at MKM Partners in Greenwich, Connecticut, talks with Bloomberg's Ken Prewitt and Tom Keene about the Producer Price Index released this morning, U.S. economic growth and October unemployment trends.
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Nov. 17, 2009Michael Holland, chairman of Holland & Co., talks with Bloomberg's Tom Keene and Ken Prewitt about the U.S. economy, the dollar and the performance of the stock market.
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Nov. 17, 2009Marvin Goodfriend, professor of economics at Carnegie Mellon's Tepper School of Business, talks with Bloomberg's Tom Keene and Ken Prewitt about Federal Reserve monetary policy.
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Nov. 17, 2009Uwe Parpart, chief economist and strategist for Asia at Cantor Fitzgerald HK Capital Markets, talks with Bloomberg's Tom Keene and Ken Prewitt about President Barack Obama's trip to China and the Japanese economy.
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Financial markets provide an excellent laboratory for demonstrating and testing the ideas that I put forward in an abstract form yesterday. The course of events is easier to observe than in most other places. Many of the facts take a quantitative form, and the data are well recorded and well preserved. The opportunity for testing occurs because my interpretation of financial markets directly contradicts the efficient market hypothesis, which has been the prevailing theory about financial markets. That theory claims that markets tend towards equilibrium; deviations occur in a random fashion and can be attributed to extraneous shocks. If that theory is valid, mine is false-and vice versa.
I am not in a good position to criticize the prevailing paradigm directly. I went into the financial markets in order to make money, and to do that I did not need to know either modern portfolio theory or the theory of rational expectations. I developed my own interpretation of financial markets and put it forward as a clear alternative to the prevailing view. When I published The Alchemy of Finance in 1987 I frankly admitted my ignorance of the generally accepted theories. No wonder that the economics profession reciprocated by ignoring my interpretation. The Governor of the Bank of England, Mervyn King, did me the honor of explicitly dismissing my theory, but most other economists simply ignored it.
All this has changed in the wake of the recent financial crisis. Events have conclusively demonstrated the inadequacy of the efficient market hypothesis. It neither predicted nor explained what happened. At the same time, my writings provided a conceptual framework in terms of which events could be better understood. They began to be taken seriously, both by others–like Mervyn King–and by myself. I began to think that my interpretation does provide a new and better paradigm, and I put it forward as such in a book I published early in 2008, well before the bankruptcy of Lehman Brothers.
And yet the theory of reflexivity is still not accepted in academic circles. The failure of the efficient market hypothesis is generally admitted, but insofar as a new paradigm is emerging, it is based on behavioral economics. Behavioral economics is compatible with reflexivity but, as I will try to show, it explores only one half of the phenomenon.
Market Morning July 22, 2008 Market Movers [07-22-08 950 AM]
Society
Groupthink : Two Party System as Polyarchy : Corruption of Regulators : Bureaucracies : Understanding Micromanagers and Control Freaks : Toxic Managers : Harvard Mafia : Diplomatic Communication : Surviving a Bad Performance Review : Insufficient Retirement Funds as Immanent Problem of Neoliberal Regime : PseudoScience : Who Rules America : Neoliberalism : The Iron Law of Oligarchy : Libertarian Philosophy
Quotes
War and Peace : Skeptical Finance : John Kenneth Galbraith :Talleyrand : Oscar Wilde : Otto Von Bismarck : Keynes : George Carlin : Skeptics : Propaganda : SE quotes : Language Design and Programming Quotes : Random IT-related quotes : Somerset Maugham : Marcus Aurelius : Kurt Vonnegut : Eric Hoffer : Winston Churchill : Napoleon Bonaparte : Ambrose Bierce : Bernard Shaw : Mark Twain Quotes
Bulletin:
Vol 25, No.12 (December, 2013) Rational Fools vs. Efficient Crooks The efficient markets hypothesis : Political Skeptic Bulletin, 2013 : Unemployment Bulletin, 2010 : Vol 23, No.10 (October, 2011) An observation about corporate security departments : Slightly Skeptical Euromaydan Chronicles, June 2014 : Greenspan legacy bulletin, 2008 : Vol 25, No.10 (October, 2013) Cryptolocker Trojan (Win32/Crilock.A) : Vol 25, No.08 (August, 2013) Cloud providers as intelligence collection hubs : Financial Humor Bulletin, 2010 : Inequality Bulletin, 2009 : Financial Humor Bulletin, 2008 : Copyleft Problems Bulletin, 2004 : Financial Humor Bulletin, 2011 : Energy Bulletin, 2010 : Malware Protection Bulletin, 2010 : Vol 26, No.1 (January, 2013) Object-Oriented Cult : Political Skeptic Bulletin, 2011 : Vol 23, No.11 (November, 2011) Softpanorama classification of sysadmin horror stories : Vol 25, No.05 (May, 2013) Corporate bullshit as a communication method : Vol 25, No.06 (June, 2013) A Note on the Relationship of Brooks Law and Conway Law
History:
Fifty glorious years (1950-2000): the triumph of the US computer engineering : Donald Knuth : TAoCP and its Influence of Computer Science : Richard Stallman : Linus Torvalds : Larry Wall : John K. Ousterhout : CTSS : Multix OS Unix History : Unix shell history : VI editor : History of pipes concept : Solaris : MS DOS : Programming Languages History : PL/1 : Simula 67 : C : History of GCC development : Scripting Languages : Perl history : OS History : Mail : DNS : SSH : CPU Instruction Sets : SPARC systems 1987-2006 : Norton Commander : Norton Utilities : Norton Ghost : Frontpage history : Malware Defense History : GNU Screen : OSS early history
Classic books:
The Peter Principle : Parkinson Law : 1984 : The Mythical Man-Month : How to Solve It by George Polya : The Art of Computer Programming : The Elements of Programming Style : The Unix Hater’s Handbook : The Jargon file : The True Believer : Programming Pearls : The Good Soldier Svejk : The Power Elite
Most popular humor pages:
Manifest of the Softpanorama IT Slacker Society : Ten Commandments of the IT Slackers Society : Computer Humor Collection : BSD Logo Story : The Cuckoo's Egg : IT Slang : C++ Humor : ARE YOU A BBS ADDICT? : The Perl Purity Test : Object oriented programmers of all nations : Financial Humor : Financial Humor Bulletin, 2008 : Financial Humor Bulletin, 2010 : The Most Comprehensive Collection of Editor-related Humor : Programming Language Humor : Goldman Sachs related humor : Greenspan humor : C Humor : Scripting Humor : Real Programmers Humor : Web Humor : GPL-related Humor : OFM Humor : Politically Incorrect Humor : IDS Humor : "Linux Sucks" Humor : Russian Musical Humor : Best Russian Programmer Humor : Microsoft plans to buy Catholic Church : Richard Stallman Related Humor : Admin Humor : Perl-related Humor : Linus Torvalds Related humor : PseudoScience Related Humor : Networking Humor : Shell Humor : Financial Humor Bulletin, 2011 : Financial Humor Bulletin, 2012 : Financial Humor Bulletin, 2013 : Java Humor : Software Engineering Humor : Sun Solaris Related Humor : Education Humor : IBM Humor : Assembler-related Humor : VIM Humor : Computer Viruses Humor : Bright tomorrow is rescheduled to a day after tomorrow : Classic Computer Humor
The Last but not Least Technology is dominated by two types of people: those who understand what they do not manage and those who manage what they do not understand ~Archibald Putt. Ph.D
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Last modified: July 11, 2019
