Dec. 23 (Source: Bloomberg) -- Edmund Phelps, an economics professor at Columbia Univesity and winner of the 2006 Nobel Prize in economics, talks with Bloomberg's Mike Schneider about the outlook for the U.S. economy.

The U.S. economy shrank at a 0.5 percent annual pace in the third quarter, the worst contraction since 2001. Employers cut payrolls last month at the fastest pace in 34 years as the unemployment rate rose to 6.7 percent.

00:00 "Very long slog back" for U.S. economy       
01:45 Factors leading to U.S. recession; "panic"   
06:02 Job losses; "remedies" for recession
11:59 U.S. consumers; background; Europe economies
20:33 Nobel Laureates Stiglitz, Krugman; Obama 
26:29 Support for U.S. spending on infrastructure 
31:41 Financial industry regulation; home ownership
38:29 Outlook for U.S. economy, financial industry 

Running time 41:45

Last Updated: December 23, 2008 19:43 EST