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We wrapped up our Labor Day Camp Kotok with a round of excellent on-the-record discussions that we're happy to share with you here.
David Kotok and Charles Plosser at Camp Kotok: The Challenges Facing Central Banks
David Kotok and Christopher Whalen at Camp Kotok: Capital Markets, Debt and Deflation
David Kotok and Doug Duncan at Camp Kotok: Real Income Growth, Interest Rates and Housing
See more interviews and content at Cumberland Advisors' YouTube Channel:
David Kotok and Charles Plosser at Camp Kotok:
The Challenges Facing Central Banks
Central banks are not a panacea, Plosser warns, adding, political pressure is undermining the independence of central banks around the world and their ability to focus on long-term solutions. He cautions that the reliance on central banks to be problem solvers can lead to unconventional policies resulting in unintended consequences—that can be difficult to unwind. Plosser remains optimistic about the remarkable resiliency of the American system of government and our free market economy.
Charles Plosser served as president and CEO of the Federal Reserve Bank of Philadelphia from 2006-2015 when he retired. He is a visiting fellow at the Hoover Institution at Stanford University.
David Kotok and Christopher Whalen at Camp Kotok:
Capital Markets, Debt and Deflation
“I have confidence in America’s capital markets,” Whalen said. At the same time, he expressed concern about debt and related deflation in Europe and Asia focusing on the central banks unsuccessful attempts to fix the continuing 10-year crisis. Discussion covers negative interest rates in Europe, America’s ability to heal the crisis in non-bank markets, fishing and French Bordeaux.
Richard Christopher Whalen is an investment banker and author who lives in New York City. He is Chairman of Whalen Global Advisors LLC and focuses on the financial services, mortgage finance and technology sectors.
David Kotok and Doug Duncan at Camp Kotok:
Real Income Growth, Interest Rates and Housing
Kotok asks if America might see the negative interest rates that are in Europe now. Duncan responds. “I am hopeful that the fact that the US is still growing, at about 2% growth, is going to be sustained long enough to lead the rest of globe back to …a rational view of interest rates.” Kotok and Duncan remain optimistic about the US economy, fishing, friendship and good wine.
Doug Duncan is responsible for providing all forecasts and analyses on the economy, housing, and mortgage markets for Fannie Mae. Duncan also oversees corporate strategy and is responsible for strategic research regarding external factors and their potential impact on the company and the housing industry.
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