Columbia's Phelps Discusses Tax Compromise

Dec. 14 (Bloomberg) -- Edmund Phelps, a Nobel Prize-winning economist and professor at Columbia University, talks about President Barack Obama’s $858 billion agreement with Republicans to extend all Bush-era income-tax cuts and its likely impact on the U.S. economy. Phelps, speaking with Matt Miller and Carol Massar on Bloomberg Television's "Street Smart," also discusses Federal Reserve policy. (Source: Bloomberg)