A panel of five world renowned Economists discussed the global economic situation and the effectiveness of the Obama administration’s economic initiatives.

• Dr. Graciana del Castillo, Senior Research Scholar, Columbia University
• Dr. Carol O’Cleireacain, Senior Fellow, Metropolitan Policy Program, Brookings Institution
• Dr. Claudio Loser, Senior Fellow, Inter-American Dialogue
• Dr. Seamus O’Cleireacain, Professor of Economics, Purchase College, State University of New York and Adjunct Professor of Economics and of International and Public Affairs, School of International Affairs, Columbia University

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Dr. Elisa Diaz Martinez
Director
Kozmetsky Center

Dr. Diaz introduces the panel of experts and provides their backgrounds.

 

Graciana del Castillo
Senior Research Scholar
Columbia University

Dr. del Castillo discusses the link between the current financial crisis and the foreign affairs crisis. She points out that while it may not seem that countries coming out of a crisis, whether it be a foreign affairs crisis or an economic crisis,  are in the same situation, there are similarities. In both contexts, policy-making is not “business as usual” and it is very relevant to come out of the crisis.

 

Carol O’Cleireacain
Senior Fellow
Metropolitan Policy Program
The Brookings Institution

Dr. O’Cleireacain provides a wealth of statistics to analyze the serious impact of the current recession on the financial situation of state and local governments. She states that the crisis is acute and provides data on job loss across several sectors, income loss, and the fiscal impact on state and local governments. She looks at how the impact on state and local governments then trickles down to individual cities and school districts.

 

Claudio Loser
Senior Fellow
Inter-American Dialogue

Dr. Loser looks at the global economic crisis with a special focus on Latin America. He discusses the shock to the economies of many countries in, using the idea of “geo-economics.” He discusses the responsibility the United States has to help lead the way out of the crisis and insists on the importance of open trade with Latin America.

 

James Galbraith
Lloyd M. Bentsen, Jr. Chair of Government and Business Relations
Lyndon Baines Johnson School of Public Affairs
University of Texas at Austin

Dr. Galbraith takes a critical view of some of the Obama administration’s economic policies. He states that the economy has stabilized but that the stabilization was not solely a result of the administration’s policies, but rather depended on the effects of programs that have been around for many years – including the progressive income tax and social security.  He also discusses the response to the financial crisis of banks and other financial institutions.

 

Seamus O’Cleireacain

Professor of Economics, Purchase College, State University of New York and Adjunct Professor of Economics and Public Affairs, School of International Affairs, Columbia University

Dr. O’Cleireacain looks not only at the geopolitical role of the U.S in the world, but also mentions domestic policies, such as renegotiation of NAFTA, and examination of key trade agreements as areas needing attention. He discusses the critical and influential relationship between China and the U.S. as the U.S. moves from being the world’s largest creditor to the world’s largest debtor. Increasing exports are an important starting place for economic recovery, but increasing savings is also key.

 

 

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