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Detailed text transcripts for TV channel - CNN - 20100704:14:13:00

the markets believe that we are not going to do the big things on medicare and revenue that are going to be necessary for the long run. yeah, it s fine to believe that something terrible could happen, but it s a pure imputation of motives for which there s no evidence to believe that spending on the economy right now is going to make the difference. i was trying to put forward the krugman view, and he said which in some ways he thinks is also the administration view. and he said look, the problem here is what these guys are trying to, do the keynesians, the people who want to spend march money march money is they re trying to reflate the economy and pump it back to where it was in 2005, 2006, 2007, but that was all unsustainable, you re trying to stop these mortgages from being foreclosed but people had bought houses they couldn t pay for, you re trying to somehow get people borrowing again, but they were borrowing too much, why are

Long runKrugman viewMarch money

Detailed text transcripts for TV channel - CNN - 20100704:14:39:00

taking advantage of the low interest rates at the moment but i also believe that the lesson of the last three years is surely when things are out of whack you can sail along just fine for years but then the storm could hit you very suddenly. housing prices never fell, people said, until suddenly they started crashing. banks will never run out of money, people said, until they did. the united states has never had trouble borrowing money until one day it might. it s the small chance of a very bad outcome, something that economists call tail risk, and it s something that everyone from the banks to bp to governments should all be more attentive about. i actually think that both professors krugman and ferguson would be comfortable with my grand bargain as long as all parts of it were worked out. but some will say that we can t calibrate policy that carefully, that we re not capable of that level of sophistication.

Interest ratesMarch moneyUnited statesTrouble borrowing moneyHousing pricesTail riskProfessors krugman

Detailed text transcripts for TV channel - CNN - 20100704:14:09:00

myself said was necessary and that had failed, then we could have discussion. but in fact, they did something inadequate and the results are disappointing. but when you look at look around, you don t see federal dollars at work. is that a reasonable criticism? people compare it to the 30s and they say where did all the stimulus money go? we don t see the wpa-type projects. we don t see massive new infrastructure. we spent, you know, at the end of the day it s still a large number. i know you would have proffered 1.2, 1.3 trillion. but $800 billion is a lot of money, and where did it go? why did it not have an effect? well, first of all, a third of it was tax cuts, which we didn t think in principle was going to be largely effective because they would be largely saved. a lot of the rest was aid to state and local governments, which would help avoid job cuts, help make the job cuts at that level less than they would have been, but that s not something visible. it s something that

Wpa type projectsStimulus money go1 3 trillion1 2March moneyTax cuts00 billion800 billionUnemployment benefitsDidn tJob cuts

Detailed text transcripts for TV channel - CNN - 20100704:14:16:00

something that was forced on us by the real economic environment but instead a bad decision. paul krugman, pleasure to have you on. good to be on. we will be right back. once you suddenly find your interest payments rising, it s very quickly a shift into a death spiral, a kind of tailspin in which things compound. the greeks have been there. spain is there now. japan could be next. the uk s teetering on the brink. [ male announcer ] progress. progress is saving tax payers millions of dollars, with the help of visa digital currency. which lets troy reiners, manager of nebraska s child support payment center, put money into pre-paid visa accounts for just a penny. instead of mailing out checks for 59 cents each. now that s progress.

Paul krugmanUnited statesTail spinDeath spiralDigital currencyTroy reinersTax payers millionsMarch moneyChild support payment center

Detailed text transcripts for TV channel - CNN - 20100704:14:00:00

Detailed text transcripts for TV channel - CNN - 20100704:14:00:00
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March money