Bloomberg Markets 50 Summit” />To address some of the most pressing issues amid a volatile global economy, Bloomberg Markets magazine has selected 50 of “the world’s influential” people in government, economics, finance and business to share their insights.During a discussion Thursday called “Bernanke’s Balancing Act” at the Bloomberg Markets 50 Summit at Inside Park at St. Bart’s in Manhattan, panelists gave their thoughts about Federal Reserve Chairman Ben Bernanke and Fed policy.
According to Clusterstock’s Courtney Comstock, who’s at the conference (read her Tweets here), this is what they said.
Note that the conversation didn’t take into account the huge news of the day, the big coordinated action, so already it might feel a little stale.
Don Brownstein, chief executive Structured Portfolio Management who was named a top manager by the magazine in 2010, says that Fed policy is a moral question more than anything.
What he thinks needs to happen is Congress should vote for fiscal stimulus “at the same time the Fed does its thing and banks do their thing.”
“What is not happening is coordinated action,” he said.
He also called for better leadership in the U.S.
“We need leadership!” he said. “If the world continues to be willing to lend us money at 2.3%, I mean, good God if there ever was a time to spend.”
Another pressing problem facing the nation is more and more corporations are squirrelling away cash, while nationwide unemployment remains at high levels.
Bob Doll, vice chairman of BlackRock, said a reason for is because there’s a lot of uncertainty coming from Washington, D.C.
“Executives are not willing to spend because of what ‘yo-yo’s’ in D.C. are going to do.”
Glenn Hubbard, dean and Russel L. Carson professor of finance and economics at Columbia Business School and Bruce Kasman, chief economist and global head of economic research at JPMorgan, were also on the panel.
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