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Bloomberg Washington Summit: Appraising the Economy Election

May 16, 2012

At a time when there is more rhetoric than reality in Washington, it’s nice to hear some straight talk and some real debate. We got both at the Bloomberg Washington Summit where we discussed economic issues that will dominate this election year.

The day’s highlight for me? An intense but civilized exchange over regulation of the financial sector featuring Rep. Scott Garrett (R-NJ), Deputy Treasury Secretary Neal Wolin and former SEC Chairman Arthur Levitt. Let’s just say they agreed to disagree on the merits of Dodd-Frank and the risks facing the financial system today.

Here are some other highlights that left us all with something to think about:

–  Former Fed Chairman Alan Greenspan, who once famously warned of “irrational exuberance,” told our Tom Keene stocks are cheap right now and the housing market is “moving nowhere.”

–  Secretary of Housing Shaun Donovan said winter was a turning point for the housing market.

–  Richmond Fed President Jeffrey Lacker defended his dissents at the last three Fed meetings. He’s worried about inflation and thinks the economy will be strong enough to justify raising interest rates next year, not in late 2014 as the Fed has signaled.

–  Former Minnesota Congressman Vin Weber, an economic adviser to Mitt Romney said he thinks the President did substantial damage to their ability to solve the country’s fiscal problems by basically turning his back on his own commission. He also said the Bowles-Simpson plan could still be a starting point for a long-term deal.

–  The President’s top economist Alan Krueger told us he sees signs of healing in the private sector economy, and challenged the suggestion that the President didn’t embrace his own deficit commission. He did tell Bloomberg’s Al Hunt that he never lost to Larry Summers in tennis as a student at Harvard.

The “combustible cocktail” of fiscal issues (as Rep. Chris Van Hollen, D-MD likes to call it) must be addressed by the end of the year. Will we come up with a “balanced” solution? Without one, Van Hollen warned that the country will be in a “world of hurt.”

Peter Cook is Chief Washington Correspondent for Bloomberg Television

Bloomberg Washington Summit: Appraising the Economy Election

April 24, 2012

Washington, D.C. — As the 2012 presidential election enters
into its final stretch, Bloomberg LINK will bring together
influencers and stakeholders from both Washington and Wall
Street to assess the United States’ economy and the best
path forward at the Bloomberg Washington Summit. Featured
speakers will include key administration officials, CEOs,
lawmakers, and economists, who will meet to focus on
solutions for investors in the thick of what has been dubbed
“The Economy Election.”

Speakers at the Conference, which will take place at the The
Newseum on Tuesday, May 1, 2012, will focus on a variety of
issues including how investors should be positioning
themselves in the election year and the market moves that
investors are missing, as Washington considers its future.
Among other topics, panelists will discuss the housing
recovery and the future of government sponsored entities
like Freddie Mac and Fannie Mae; the legacy of the financial
crisis and how we can insure against a repeat; as well as
the intersection of Wall Street and Washington and how it
may impact the future of banking.

The Summit will also feature a special interview with Alan
Greenspan, Former Chairman of the Federal Reserve of the
United States, and Bloomberg’s Tom Keene on the state of
policy, regulation and free markets which will be simulcast
on Bloomberg Radio.

“With continuing concern over the state of unemployment and
the more than $1.2 trillion in government deficit, improving
economic stability is the focus of the presidential
election,” said Robert Bierman, head of Bloomberg LINK. “At
the Summit, investors will hear key policy and finance
stakeholders debate market solutions offered from both sides
of the aisle, regardless of which party takes leadership in
November, and walk away with a better understanding of how
to position themselves in an election year.”

Additionally, participants at the Summit will discuss how to
close the trading gap; strategies for fueling
entrepreneurship and ensuring the United States’ competitive
edge; the ongoing debate over corporate tax; and how
Washington policy is impacting the dollar.

Key speakers include:

-Steve Case, Chairman of Case Foundation and Revolution LLC;
Co-founder, AOL; Chairman, Startup America Partnership

-Gene L. Dodaro, Comptroller General, United States
Government Accountability Office (GAO)

-Shaun Donovan, Secretary, United States Department of
Housing and Urban Development

-Robert Engle, Michael Armellino Professor of Management and
Financial Services at New York University Stern School of
Business; 2003 Nobel Prize Laureate in Economics

-Kenneth Feinberg, Founder and Managing Partner, Feinberg
Rozen LLP; Former Special Master, TARP Executive
Compensation, U.S. Department of the Treasury

-Carly Fiorina, Founder, Carly Fiorina Enterprises; Vice
Chairman, National Republican Senatorial Committee; Former
Chief Executive Officer, Hewlett-Packard Co.

-Richard A. Gephardt, President and CEO, Gephardt Group
Government Affairs; Former House Majority Leader, U.S. House
of Representatives (D-Missouri)

-Kristin Gilbertson, Chief Investment Officer, University of

-Alan B. Krueger, Chairman, Council of Economic Advisers

-Jeffrey M. Lacker, President, The Federal Reserve Bank of

-James Lockhart, Vice Chairman, WL Ross & Co., LLC; Former
Head, Federal Housing Finance Agency; Former Deputy
Commissioner and COO, Social Security

-Arthur Levitt, Jr., Former Chairman, United States
Securities and Exchange Commission

-Harvey L. Pitt, Chief Executive Officer, Kalorama Partners,
LLC; Former Chairman, United State Securities and Exchange
Commission (SEC)

-Bruce Richards, CEO and Founding Partner, Marathon Asset

-Richard L. Trumka, President, AFL-CIO

-Daniel Yergin, Chairman, IHS Cambridge Energy Research
Associates; Author, The Quest: Energy, Security and the
Remaking of the Modern World

The Summit is being hosted in partnership with Bloomberg
Government, which provides an online resource to help people
understand the business implications of government actions
through customized data, analysis, and news.

The Summit is sponsored by JNK Securities Corp.

For more information on the program and speakers, please

Follow us on Facebook, LinkedIn and Twitter (@BBGLINK). The
hashtag for this event is #BBwash.

For more information on Bloomberg, please visit

Find 2012 election updates, campaign news and the latest
polling at

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