Hubbard's been vocal on the Federal Reserve's new role in regulation as part of the Financial Stability Oversight Council. Here's how Reuters quoted him earlier in the year.
"The Fed will need to beef up its ability to investigate sources of systemic risk -- something it should already be doing, but its very sanguine attitude at the onset of the
financial crisis suggests a need for improvement. To do its job, it will also need to collect data from large non-bank institutions, including very large hedge funds and insurers.
The danger is that the Fed has wandered into distinctly political areas with the new authority. Indeed, the Fed's expansion of authority in the recent crisis already potentially compromised the independence of monetary policy."
R. Glenn Hubbard is the dean of Columbia Business School.
He was the chair of the Council of Economic Advisers under President George W. Bush, where he helped craft the tax cuts enacted in 2001 and 2003. Hubbard was a senior economic adviser to Mitt Romney’s 2008 presidential campaign and held a Treasury post in the George H.W. Bush administration.
Hubbard’s research interests include tax policy, monetary economics, corporate finance, and international finance.
Laura Tyson is a professor at the Haas School of Business at the University of California, Berkeley and a member of President Barack Obama’s Economic Recovery Advisory Board, an outside panel of economic experts.
She was the chairwoman of the White House National Economic Council (NEC) and the Council of Economic Advisers during the Clinton administration and has been mentioned as a potential candidate to replace Larry Summers as Obama’s top economic adviser.
Her research interests include trade policy, changes in the global economy with a focus on high-tech competition and doing business in emerging markets.
In a first ever collaboration with YouTube, Reuters invites you to an exclusive live debate between two of the most influential economists of the past decade, and possibly the next: Laura Tyson, a leading candidate to be President Obama's top economic advisor, and former Chairman of President Bill Clinton's Council of Economic Advisers; and Glenn Hubbard, who held that same position under President George W. Bush.
Hosted by Reuters Global Editor-at-Large Chrystia Freeland, this one hour exclusive is live on Tuesday October 12 at 8 a.m. ET.
After the debate, stay with us as Freeland referees a live discussion with two of the most widely followed political commentators on You Tube, progressive Cenk Uygur and conservative Lee Doren.
Uygur and Doren will deconstruct the Tyson/Hubbard conversation as well as the profound economic challenges and policy positions dominating the upcoming midterm Congressional elections, which could change the political balance in Congress and have a major impact on the U.S. and the global economy.
During the first part of the show, Uygur and Doren will live blog their thoughts on this page. We invite you to join the discussion by leaving a comment.
Combined, this two-part debate, produced by Reuters at its headquarters in the heart of Times Square and featured on Reuters.com and Youtube.com, will provide distinctive analysis in an unprecedented forum of the election’s major issue: the economy.
Please join us for an extraordinary event.
Good morning from Reuters.com. Our live event is due to start shortly.
Hi everyone, this is Lee. Should be an interesting debate.
Curious to see what Glenn has to say since he has such a tough record to defend. The economic disaster under Bush is hard to argue in favor of.
Exactly, the private sector needs to predict the future in Washington in order to grow. Right now, nobody knows what politicians will do next.
2000-2008 period: $1.9 trillion went from the US to foreign investments
I actually agree a lot with what Glenn just said, except for his comment on entitlements. We're printing too much money, not enough savings and over-focusing on housing.
Exactly, protectionism has never worked to bring countries out of recessions.
This should be interesting with the Stimulus talk.
Again, agreeing with Glenn on over focusing on short term, housing and consumption. We need to fix our underlying economy. We probably disagree on how to do that.
The idea that we should blow another $800 billion on money losing projects isn't the way to "stimulate" the economy.
Public-Private partnerships remove accountability on both ends.
Most economists do know where the money went in the stimulus package and it did create jobs.
I can't disagree more. In practice, nothing is shovel ready. We have environmental impact studies, litigation and all sorts of roadblocks to every project.
Glenn says we are "harassing the private sector," but Bush gave the "private sector" everything they wanted -- and we had a spectacular crash. It is an unjustifiable position.
The comment on the Chamber of Commerce is crazy. They are spending $75 million attacking the Democratic Party. They do not represent real small businesses in the country; they represent right-winger multi-national corporations and the richest people in the country. Their positions would destroy the economy.
It is COMICAL to claim that President Obama has been too tough on the corporate CEO's.
With Hubbard on that point.
I disagree. One of the major problems with the healthcare law is that businesses had no way to predict what it would mean for them. This caused them not to expand and hire more people, which would reduce unemployment.