The economic outlook for the world's largest economy remains uncertain with unemployment levels reaching 10 percent and budget deficits increasing at the national and state levels.
How will the Obama Administration address these and other economic challenges in 2010?
Lawrence H. Summers, Director of the National Economic Council talks with journalist Charlie Rose about these and other pressing economic questions.
Charlie Rose is executive editor and anchor of “Charlie Rose,” the nightly one-hour interview program that engages in one-on-one in-depth conversation and roundtable discussions about important issues and ideas of our time. He is co-anchor of the daily morning television program “CBS This Morning” and also a contributing correspondent to the CBS news program “60 Minutes.” Since 1991, Rose has done more in-depth hours with Nobel laureates and extraordinary men and women of science, politics, art, business, sports, technology, literature, and entertainment than any other program in the world. These conversations have made Rose the cultural and intellectual custodian of our time, providing accessible profiles of the people who have influenced our world. Rose is the recipient of the Legion d’honneur, numerous awards from the scientific and journalism communities, and many honorary degrees.
Lawrence H. Summers is the Charles W. Eliot University Professor at Harvard University, where he is also president emeritus. During the past two decades, he has served in a series of senior policy positions, including vice president of development economics and chief economist of the World Bank, undersecretary of the US Treasury for international affairs, director of the National Economic Council for the Obama administration from 2009 to 2011, and secretary of the US Treasury from 1999 to 2001. He is the recipient of the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and the National Science Foundation’s Alan T. Waterman Award for outstanding scientific achievement. He is a member of the National Academy of Sciences.
Prediction of future economic activity and developments. Economic forecasts, which range from a few weeks to many years, are widely used in business and government to help formulate policy and strategy. Macroeconomic forecasts predict the course of the aggregate economy and concentrate on variables such as interest rates, the rate of inflation, and the rate of unemployment. Forecasts of private consumption and investment, government expenditures, and net exports help government policymakers responsible for fiscal policy. For example, part of the justification for a change in taxes is a forecast of its economic effects. Microeconomic forecasts are designed to project the effects of change at the level of an industry or a firm. Most microeconomic forecasts begin with assumptions about the aggregate economy before focusing on the projected effects in the specific sector that is of interest. Manufacturers and retailers use such forecasts to formulate business plans such as those involving inventory, production levels, or hiring.
Yes. Charlie Rose, what a dissapointment! It seems he has not being watched the news lately. He did ask some good questions, but forgot very critical ones. And this Summers guy (I handn't heard him speak before), he is either an idiot or a farce --in any way, an awful speaker.
How could Charlie Rose not comment on the fact that the "Volcker Rule" is essentially like the Glass-and-Steagal famous law passed after the crisis of 1929(impacting the period which he commented, post WWII, which had many less financial crises). This law, fundamentally, separated investment firms from commercial banking. Now, Summers helped repeal that law during the Clinton administration in 1999.
How could get go on, totally shameless, on TV!, not realizing people know what he did?!
Cutestain, you are 100% correct with your statement.
Summers has a massive conflict of interest as do most of Obama's cabinet picks,
it reads like roll call on Wall street. Obviously nothing is changing.
Larry Summers has no room to criticize anyone on Wall St. He is a huge part of the problem and does not belong in any Administration. Shameful that he is part of the government, regardless of anything he says. Past (and consistent) actions speak much louder than any words.
Charlie Rose is a uniquely awful interviewer - It's like a pointless pastiche of the BBC's Jeremy Paxman.
He constantly talks over people without paying attention to their answers, but instead of forcing them into answering, he simply renders their responses inaudible.