April 28 (Bloomberg) -- David Jones, chief executive of DMJ Advisors, and James Galbraith, economics professor at the University of Texas, talk with Bloomberg's Kathleen Hays about former Federal Reserve Chairman Arthur Burns's role during the economic crisis of the 1970s, current Chairman Ben S. Bernanke's challenges and reasons why a Paul Volcker-inspired rescue solution would not work right now. (Source: Bloomberg)

00:00 Jones: Fed's Burns 1970s policy actions
01:21 Galbraith: Bernanke's new "responsibilities"
02:48 Jones: risks of Fed's rate-cutting strategy
04:33 Galbraith: "I am worried about inflation."
05:14 Jones: recession; "genius" of discount window
06:28 Galbraith: 1980s versus current economy

Running time 07:09

Last Updated: April 28, 2008 16:30 EDT