Financier George Soros, former U.S. Treasury Secretary Lawrence Summers, and Nobel Prize–winning economist Robert Merton discussed and debated the current global financial crisis in New York City on October 23, 2008, at a conference developed by Big Think and sponsored by strategy+business. Tom Stewart, the chief marketing and knowledge officer of Booz & Company, moderated the event, which took place at City University of New York.
Click on the links below to view each video segment.
Summers cites "overwhelming likelihood" that the U.S. and the world will experience "the most serious recession in more than a generation," but cautions against viewing the crisis "dominantly through the prism of finance."
Soros says developing alternative energy sources and putting money into energy-saving investments should be America’s new engines for economic growth and "the way out of recession or depression."
Soros describes the connection between the financial markets and the "real economy" and how policymakers can protect average men and women from the financial crisis.
Merton defends the "enormously efficient ways" of redistributing risk that have "transformed" modern financial markets. Soros responds that risk management techniques "have been built on a false assumption."
Summers cites "stunning" insensitivity to risk and describes how to protect "systemic stability."
Stewart summarizes key points by panelists in Big Think’s "Beyond the Crisis" conference.