economy - Federal Reserve - financial crisis - subprime
Edmund Phelps, Nobel Prize laureate in Economics
Friday 26 September 2008
As Washington scrambles to put a lid on the spiralling financial crisis, FRANCE 24's Raphaël Kahane debates whether a Wall Street rescue plan is the right remedy with Edmund Phelps, the 2006 Nobel Prize laureate in Economics.
This week, the Bush administration launched the countdown to save the banking industry from near collapse with a 700 billion dollar bailout. A rush to rescue Wall Street that ran into substantial opposition in Congress.
Some lawmakers are calling for extended aid to troubled homeowners, while others want to scale back the cost of the package. As help is on the way, there is a growing sense that "big gvernment" is back in the economy, after the public bailout of Freddie and Fannie and the rescue of AIG.
Joining Raphaël Kahane, from New York City to discuss this situation, is Emund Phelps, the winner of the Nobel Prize in Economics in 2006.
Watch the interview by clicking 'Play Video' above.
The Business Interview (14/03/08): watch Edmund Phelps answer to Raphaël Kahane's questions in FRANCE 24's studios.
05/10/2008 22:02:56 Alert a moderator
Economist or lump of molasses?
By Anonyme - Washington USA
This interview was about as interesting & informative as watching a lump of molasses roll down a hill! France 24 continues with its use of 2nd rate experts when it comes to the economy. Phelps typifies what is wrong with the system - an acedemic with little experience in the 'real' world who even admits he didnt see the current crisis coming - he must be the only one!