Oct. 8 (Bloomberg) -- Harvard University economist Martin Feldstein, a member of the committee that charts American business cycles, talks with Bloomberg's Kathleen Hays from Cambridge, Massachusetts, about today's coordinated action by the Federal Reserve, the European Central Bank and four other central banks to ease the economic effects of the financial crisis, the outlook for the U.S. economy and Feldstein's proposals to help halt the slide in home prices. ("On the Economy" is seen weekdays on Bloomberg TV. Source: Bloomberg)

00:00 Coordinated action by six central banks
01:18 Outlook for "longer and deeper downturn"
03:14 Fed, Treasury and credit crisis
04:24 Paulson plan and U.S. housing market
06:52 Feldstein's proposal for housing "firewall"
10:06 What's the biggest risk broadly?

Running time 10:56

Last Updated: October 8, 2008 15:58 EDT