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MPR News Staff

Intelligence Squared debate: Years after the global financial crisis, is the system safer?

Neel Kashkari, president of the Mpls. Fed
Neel Kashkari, president of the Minneapolis Federal Reserve Bank, Kashkari was interim Assistant Secretary of the Treasury for Financial Stability from October 2008 to May 2009.
Judy Griesedieck for MPR News

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A debate from the Intelligence Squared series.

The debate motion: Ten years after the global financial crisis, the system is safer.

FOR:

Jason Furman, former chairman, Council of Economic Advisers & senior fellow, Peterson Institute.

"Overall, our banking system is safer. Our non-financial system is safe. Our international system is safer. Monetary and fiscal policy have just about as much room as they had before the crisis."

AGAINST:

Kenneth Rogoff, American economist & professor, Harvard University.

"When you have financial crises, the next war's usually pretty different than the last war. It's important to prepare for what happened last time, but a critical element of the system is the leadership, making decisions."

FOR:

Neel Kashkari, president, Federal Reserve Bank of Minneapolis & former assistant secretary, U.S. Treasury Department.

"The biggest banks are safer than they were 10 years ago, and we should be honest about that."

AGAINST:

Robert Rosenkranz, chairman, Delphi Capital Management & Intelligence Squared U.S. Foundation.

"If you imagine that the financial system is a car at the crest of a hill, it's gotten out of control, a lot of the accelerators of trouble are at least as much as they were ten years ago, if not more."

To listen to the debate, click the audio player above.