Oct. 6 (Bloomberg) -- Edmund Phelps, winner of the 2006 Nobel Prize for economics and a professor at Columbia University, talks with Bloomberg's Kathleen Hays in Washington about U.S. Treasury Secretary Henry Paulson's $700 billion plan to buy troubled assets from financial firms, the outlook for the economy and labor markets, and Federal Reserve policy. (Source: Bloomberg)

00:00 Fed's actions; outlook for Paulson's plan
02:01 Bank recapitalization "vitally necessary"
02:49 Outlook for economy, unemployment rate
03:55 Effects of low interest rates

Running time 04:23

Last Updated: October 6, 2008 10:50 EDT