For nearly a century, the U.S. was the largest oil producer in the world. But rising demand and stalled production led to America's increasing dependence on foreign oil, and energy independence became the fight of every president. Today, we're nearly there. By 2020, the United States is predicted to become a net energy exporter. But how did we get there?
Goldman Sachs, the Wall Street investment bank, has a storied history. Founded by Marcus Goldman 150 years ago, his son Henry revolutionized the industry with company valuations and IPOs. It was the gold standard in investment banking for decades and partners got rich when the company went public. But the firm's reputation took a beating during the financial crisis, eventually leading to one of the most interesting pivots in Wall Street history.
Brazil, Russia, India and China were supposed to reshape the economy in the early 2000s. But that all changed after the financial crisis.
Brazil, Russia, India and China were coined the BRICs in 2001 by Jim O'Neill, then chief economist at Goldman Sachs. For a while, everybody wanted a piece of the fast-growing emerging markets. But a few years after the financial crisis, the economies started diverging.
Former Goldman Sachs chief economist Jim O'Neill says that the rise of the Chinese consumer could be a good thing for the U.S. economy. Some concerns of globalization may be warranted, but O'Neill says he is worried that some western policy makers see this as "a zero sum game," which could be damaging.
Goldman Sachs' former chief economist breaks down potential threats to the global economy that could lead to the next recession. O'Neill says the global economy is slowing down and "if something went really, really badly wrong in China" it could cause major disruptions. But there are things that policy makers can do to stave off the next recession. But policy makers do have some flexibility to stave off the next potential recession.
Nobel Prize winner Robert Shiller says that despite a strong housing market since 2012, homebuyers do not seem as excited. Low unemployment rates in the U.S. are helping drive the market up.
Nobel Prize winning Yale economist Robert Shiller invented the Case-Shiller Home Price index. He explains why homebuyers do not seem as excited these days despite the fact that the housing market has been strong since 2012.
Robert Shiller says that the state of the economy, housing and stock markets, combined with continued low interest rates, could mean the U.S. is due for a recession. However, he says that human behavior makes it very difficult to make predictions.