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Growth Without Bubbles: A Conversation with Christina Romer

Speaker: Christina Romer, Chair, Council of Economic Advisers
Presider: Henry R. Kravis, Founding Partner, Kohlberg Kravis Roberts & Co.
May 12, 2009

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Christina Romer, the chair of U.S. President Barack Obama's Council of Economic Advisers, presented a cautiously optimistic picture of U.S. recovery from the current recession in a May 12 address at the Council on Foreign Relations. Romer argued that the United States ought to be able to achieve strong economic growth without risking asset price bubbles like the ones seen in the dot-com business in early 2000 and then again in U.S. housing prices in 2006. Romer said President Obama's stimulus and regulatory reform agenda is an appropriate means to achieve this goal. "The goal of long-run economic growth without asset price bubbles is not only achievable," she said, "but is something we should expect if we put a sound regulatory framework in place and if policymakers remain vigilant." Romer cited "pent-up demand" and "the natural forces of inventory rebound" as factors that could work alongside Obama's policy to stir this growth.

The meeting highlight below features financier Henry Kravis, the moderator of Romer's discussion with CFR members, questioning her on the economic assessments she makes in her speech.

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