Day two of the New York Forumin 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 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.