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NY Forum: Innovation in Finance
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CNBC Senior Producer
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Day two of the New York Forum in full swing this morning.
Mayor Bloomberg opened the meeting today by discussing the government's role to promote economic activity.
Wall Street remains the top industry for the Big Apple. Finance remains the economic engine for the United States.
Maria Bartiromo hosted a panel discussion on “WHAT NEXT FOR CAPITALISM AND THE US ECONOMY'S DYNAMISM?” Citi’s [C
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] chief Vikram Pandit, Glenn Hubbard, Dean, Columbia Business School, Edmund Phelps, Nobel Prize in Economics back in 2006, Richard Robb, CEO of Christofferson Robb and Leo Tilman, President of LM Tilman & Company all participated in this discussion.
Phelps: The “New Normal”
In terms of the economic recovery, the term “new normal” has been thrown around. Phelps said our future is at stake and we may not completely return to normal. We will not see the economic prosperity we saw in the mid 90s. Instead, there is a "new normal.” Our economy is running out of steam. Phelps believes we need to restructure to make market more innovative, adjust with the times.
Pandit: Innovation in Finance
Bartiromo asked, “Where do you see innovation coming from? Where is the risk?”
Pandit is convinced we need to create the inertia for ideas.
However, financing the ideas is where we find the risk. The financial services industry needs to continue to find the right place to put the money. Putting money into work is key. Many entrepreneurs take ideas abroad instead of staying in the United States because it is simply cheaper.
The challenge is that there’s no international standard. Pandit said “We can agree on shared principles about the market,” but each country faces different issues when it comes to their economy. One set of rules simply does not fit all.
G20 Meeting
When the G20 meets in Toronto this weekend, heads of states, finance ministers and central bank governors will all meet to discuss this very issue about the global economy. Speaking of finance minister, Christine Lagarde, Finance Minister of France will join Maria Bartiromo this afternoon at 4:15pm/et on the Closing Bell in an exclusive interview here from the New York Forum.
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