55% of audience think another US recession is likely ...
Krugman says "Canada has not messed up enough to be interesting". Memories of columns celebrating Canadian banking that kicked around US in early 2009
Questions / comments? Use the field to your right as the debate continues
Krugman had advocated for a massive stimulus -- more than a trillion dollars for the first package; and has been warning since then of possibility of a double dip when the first stimulus didn't deliver enough
Krugman's critique is as much political as economic -- US does not know how to solve its problems at this point. Now Summers is up, and a whoop goes up from the crowd -- memories of The Social Network
Summers still has some turf to defend as key adviser to Obama 2009-11
David Rosenberg up now. Talking about 0% interest rates -- After inflation, you are basically paying the US government to take your money if you buy their bonds
Rosenberg says reduction of debt would mean taking another $3-trillion out of the US economy
Bremmer bringing American swagger and a Woody Allen-style comedy routine to the audience's approval
Summers says a European crisis does not equal an era of stagnation.
Krugman wants technocrats! These are solvable problems, he says. In which case, he should be excited about Greece and Italy
First use of "gamechanger" tonight: Bremmer says its unconventional oil and gas
Rosenberg gets off a good joke involving debt to GDP ratios
Richard Florida now hovering over the debate. American "creativity" as a resource that will help US economy through rough times
Summers now touting Obama activism in 2009-10. Probably no other US president faced as man different crises when first taking office
Please pos to the comments on the side with your thoughts as you follow the debate
Rosenberg making some deep points. Underwater mortgages mean folks can't move to a new job, even if one is available to them
Krugman says Occupy Wall Street is "entirely salutary". No applause
Summers' aphorism: "in a democracy, fear does the work of reason"
"nobody has ever done what we need to do" to respond to crisis, says Krugman. (implicit critique of Obama's plan to double exports in 5 years)
Both Krugman and Rosenberg agree problem is primarily political: Rosenberg now talking about $1-trillion worth of tax loopholes that US political system can't get rid of, because of benefits it provides to entrenched interests
Thanks Frederick Douglass for your Q. I think he would argue for Medicare, and limits on banks' leverage/endebtedness.
Krugman just answered a related question: said keeping the Canadian dollar has served Canada well (as keeping kroner helped Sweden during euro-woes)
Michael Ignatieff just asked a question -- what's your advice to the incoming President about how to break gridlock -- and a frisson went through the crowd
Summers says solutions will happen if they are focused on seriousness of current recession and draw from both parties' beliefs
The Canadian is the wonkiest of the bunch. Rosenberg's discourse on interest rates may have won the crowd, but now Summers is firing back. "bringing down interest rates is the way you solve a problem like this"
Summers worries that pessimism can be a self-fulfilling prophecy
That's it for tonight's Munk Debates; thanks very much for joining
