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[0:03] ..." nearly as Hurley who used to be a former chief counsel to the Fed board of governors. About the economic appointments the president elect Obama has made and what they seem to signify when taken as"...
[0:44] ..." moved to new sheriff in town and you know there's an old Casey Stengel quote that -- along the lines that. Getting the players is the easy part. Getting them to play together that's the hard"...
[1:09] ..." Now I would assume that some of these folks like Larry Summers and Paul -- have past history --"...
[1:16] ..." ball passed through either the had been on the treasury or the Federal Reserve Bank of New York. There's no question about the experience level of all of them."...
[1:55] ..." end his career. And he brings -- historical perspective -- was shepherded the Fed in the economy through an earlier crisis and and secretary of Larry Summers has his own background in the Clinton administration. Has a brilliant economist and it is somewhat acerbic personality. But nonetheless -- brilliant"...
[0:00]" We're talking with Boston University law professor -- nearly as Hurley who used to be a former chief counsel to the Fed board of governors. About the economic appointments the president elect Obama has made and what they seem to signify when taken as a whole. When you look at these three days of announcements in these three days. Statements that the president elect has made with regard to the economy. Is there one unifying. Message. That all of this sentence."
[0:30]" Evil. Yet I don't unifying message I believe is that it's it's a new day. Compared to the chaos that we've been experiencing over the last two to three months we have moved to new sheriff in town and you know there's an old Casey Stengel quote that -- along the lines that. Getting the players is the easy part. Getting them to play together that's the hard part. And I think president elect Obama has had tumbled -- brilliant team. And the challenge will be whether he can get them whether the new character and get them to play together."
[1:09]" Now I would assume that some of these folks like Larry Summers and Paul -- have past history --"
[1:14]" very much so. You know over the ball passed through either the had been on the treasury or the Federal Reserve Bank of New York. There's no question about the experience level of all of them."
[1:26]" Do you think that I guess it's it's it's. Easily within the grasp of these men to cooperate and work together and tried do something to get things back on track."
[1:35]" While they talk about it from from a different perspective I mean Timothy Gardner -- and there there during this crisis he represents continuity in his own. Personal tenacity. Paul -- on the other hand this is probably be the last. Installment of here's. To end his career. And he brings -- historical perspective -- was shepherded the Fed in the economy through an earlier crisis and and secretary of Larry Summers has his own background in the Clinton administration. Has a brilliant economist and it is somewhat acerbic personality. But nonetheless -- brilliant strategist. And sensibility. Ben Bernanke at the -- is very cerebral. But he has the institutional backing of the giant and powerful organizations so it's -- present stated that it's a brilliant stroke I think on the president elect's. Park but again the -- will be how he manages these personalities it and digest there. Very local strategic advice they're going to begin until."
[2:44]" Given that the personalities and the track records of these folks. -- do you think it's likely that will seek quick and decisive action once. New president is sworn into office."
[2:55]" I think we'll see more cohesive action please let my hope and I think that's the hope of the capital markets as well. That mentioned the the performance of treasury over the last few months has been. Erratic to say the best we -- say the least they're not I think going forward you'll see a more cohesive message. It's all about confidence and you can't restore confidence in appear careening from one crisis for the next with a different solution their brief 48 hours. And I think he says gentlemen we were just discussing fully understand that in no. Knows where which levers to the course and at which time."
[3:34]" I know that. President elect Obama was speaking today saying you know we will fix this thing that help is on the way. How do you make that's something other than just. A nice headliner an empty promise."
[3:49]" Well again goes back to being consistent you. -- could be difficult it is. That in this crisis when we look back as we will and in a matter -- quarters of my -- it was begun is going to be very difficult to figure out what worked and what didn't because it's -- strategic and major actions have been taken in such a rapid fire. You know I think what they need to do -- settle on a strategy number one and then communicated clearly to the public into the -- the number two and haven't -- that they will -- that the nation. On on a steady course for recovery."
[4:30]" In your view is there one piece of this puzzle -- that needs to be addressed first would. Would -- be banks would be the availability of credit consumer confidence I mean there there are so many different components to this."
[4:41]" Well I think the thing we have to watch it is housing values you know that's crisis began as. As a sub prime crisis many many. Many quarters ago and I think it's going to be the be bottoming out of housing crisis. That. Signals the Beatty uptick. That we're all looking for and -- if it were the an economist -- predict that but it looks like we're in for several more quarters before that the bottom is reached."
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