next, international monetary fund managing director christine lagarde discusses economic global issue answers the role of the imf and the state of the china, europe and the u.s. she spoke earlier this month for 40 minutes. [ applause ] >> that was last year. what an extraordinary 12 months we've all witnessed. who would have forecast the price of oil. in june oil was $102. in the midst of mideast may may hem, the isis crisis, it is now $62 degrees.mayhem, the isis cr now $62 degrees. precisely how much did that person make by shorting oil?the degrees. precisely how much did that person make by shorting oil? and think back to when qe2 was a very large ship, before it was hijacked by bankers. then eqe3 and possibly qe4. and with qe, it is not quite kwet qed. since we last gathered, there are new leaders. three countries together bring together 2.9 billion people. the trajectory of those countries sometimes colliding. more facts from the future from many people on our climate. a year of anniversaries, a particularly poignant one, is that literally 25 years ago this month, the nikkei, dec

this year's meeting began with the international monetary fund managing director christine lagarde. discussed the imf cost roll ineconomic -- the imf's role economic issues. this is 40 minutes. [applause] >> that was last year. what an extraordinary 12 months we have all witnessed. who would forecast the price of oil? in june, $102. in the midst of mideast mayhem, it is now sixtysomething dollars. who was the precedent person -- prescient person who understood that trajectory, and how much did that person make by shorting oil? [laughter] qe2 wask back to when , before very large ship he was hijacked by central bankers. and then we have had qe3, and possibly even qe4. but it is pretty fair to say that with qe, it is not yet qed. since we last gathered, india, indonesia have both got new reformist leaders. china, xi jinping has become newly assertive. those three countries together bring together 2.9 billion people. of transition and trajectory those countries, sometimes colliding, will fashion the future for many of the people on our planet. and it is a year of anniversaries. is a pa

christine lagarde said it's positive for the economy's world. >> come on, she's the queen. >> mediocre queen, not mediocre growth. at the end of the day, there are two conflicting things here. obviously opec countries are coming up pressure. oil price falling, but on the other hand, in terms of the disposable income, actually a positive. net-net for our business -- >> we got to go to commercials. >> thank goodness for that. a long commercial. >> back to the "wall street journal." >> i just to want clarify something. tom keene meant to call christine lagarde the queen of mediocre, not the mediocre queen. >> it's a correction, because that's i'm a minimally talented spoiled brat. >> we are going to cover more, including those emails. we're going to discuss lending club. will it change the world of finance as we know it? ♪ >> good morning, everyone. we welcome all of you to our new york city studio this morning. let me get right to scarlet fu on an i.p.o. >> with the v.i.x. climbing, we've got a high-profile i.p.o. to tell about you. lending club is like a do it yourself bank. they arrang

this year's meeting began with international monetary fund managing director christine lagarde. she discussed the imf role in addressing global economic issues. it's 40 minutes. [applause] >> that was last year. what an extraordinary 12 months we have witnessed. who would have forecast the price of oil and engine oil was up $2. in the midst of the isis crisis is now 60 something dollars. who knew -- who was depressing person understood that connection and precisely how much did that press make by shorting oil? [laughter] and think back to when kerry too was merely a very large ship before was hijacked by central bankers and then we have had qe3 and possibly even qed for but it's pretty fair to say that was qed it's not qed. since we last gathered india, indonesia have both gotten new reformist leaders. china's xi jinping has become newly assertive. those three countries together bring together 2.9 billion people and that transition and trajectory of those countries sometimes collided or fashioned a future for many the people on our planet. it's a the year of anniversaries. a par

for example, for me, the fact that christine lagarde and talking about fossil fuel, it is new and different and actors are coming on board. i think the agreement is a completely important milestone. i'm much more optimistic than i was even a year ago. but my goodness, this requires so many changes and this is why today i really wanted to bring home the point that economic management can have a huge role. because if we get this right and align the incentives, the marketplace will push us toward the targets that we need to hit in any way that any amount of conscious or personal conservation just won't get us to. >> right, yeah. >> thanks. speaking of signals and economics, the price of oil has fallen about 40% over the last few months. is this a plus or minus on the climate front? >> i think we are all trying to understand it. we are trying to understand the impact of the lower price of oil. of course we work with exporting countries and net importing countries. i think that the jury is still out and what impact it is going to have. but for me, whatever happens doesn't take away from the very

i think that, you know, for example, for me the fact that christine lagarde so engaged with climate change and in talking about fossil fuel subsidies is new and different, and there are more actors coming onboard. i was extremely encouraged with the statement that we were able to bring together for the u.n. general assembly, and i think the agreement between the u.s. and china is really an extremely important milestone. so i'm much more optimistic than i was even a year ago a. but, my goodness, this requires so many changes. and this is why to not, you know, today i really wanted to bring home the point that economic management can have a huge role. because if we get this right and align the incentives, you know, the market system will push us toward the targets we really need to hit in ways that any amount of conscience or personal conservation just won't get us to. >> right. thanks. you know, speaking of market signals and economics, the price of oil has fallen about 40% over the last few months. is this a plus or a minus on the climate front? >> i think we're all still trying to underst

>> christine lagarde we can thank for that phrase, the new mediocre. 3, 3 .5% growth we're experiencingrging world is no longer able to grow at 6-8%. we have settled into a new normal for the emerging world at 4.5%. a lot of that is due to china rebalancing towards the growth model away from investment and towards consumption. they can't grow at the rates they have grown in the past. that is basically felt across the emerging world. >> you see this for the long term? >> yes. >> i want to go back to the theme of oil and how it is affecting asset classes. this is from the vice-chairman of ihs and a noted author -- he writes in "the journal" >> really dead on. >> to what extent do you think it might be time to start looking at some of the energy companies, given that they have become so efficient and reducing costs and how they drill for oil? >> well, at some point it will be time to buy energy. i don't think i would do it right now with oil dropping like a falling knife. but as it continues the valuation starts to get interesting. >> what are you looking at in terms of energy companies, s

. >> christine lagarde said last night that talking about china that chinese authorities deliver. the expectation is they will deliver a soft landing. i become suspicious of soft landings having lived through a number of hard landings, do you have confidence they can deliver a soft landing? believe in full confidence in anybody's ability to work miracles. they have done it every time. i'm not sure the period around tiananmen square was such a nice soft landing, they had trouble than. they're basically done it with one major crisis since the late 70's and early 80's and it will not continue forever but four you -- 40 years is close to forever in our lives. we'll see if they can pull it off again but it is tough. >> i want to turn our focus to europe, you were mario draghi's professor at m.i.t. some years ago, what advice would you give to the student on whether you we >> are you his deputy in this? >> i would be happy to relay the information. -- my goodness. >> i don't know if that is some kind of a signal about qe. [laughter] be a signal of a hard landing. >> not to embarrass any

whether it's new york fed president dudley, christine lagarde saying that will boost our economy. >> u.s. economic cycle has now reached a level that generally provides big upside surprises on the earnings front. we've been banging around here 5% to 10% earnings growth. don't be surprised if on this economic strength alone you see a much stronger earnings outlook for 2015. the oil side is another boon. that probably hasn't been discounted yet in the market. we have good probably 5% to 10% earnings growth coming from lower costs throughout the economy at every level from gasoline to manufacturing costs. this could be just the beginning of something that is very, very powerful. >> let me pick up what central bankers are saying. we might have learned something very important over the last 24 hours. the assumption from many had been because the price of oil had come down and was disinflationary, actually the fed would stay lower for longer. if you look at what advice chairman stanley fisher said yesterday and to many people, he said he is not very worried. the lower inflation we'll get f

i think this conversation and the one earlier with christine lagarde helped set up all the conversations tomorrow, and appreciate very much you being here and we are grateful to you for helping us get launched. >> thank you for the invite. [applause] .. >> according to a rand corporation survey, reports of military sex assaults are up 8%. today defense secretary chuck hagel holds a briefing on sexual assaults in the military. live at 1:00 p.m. eastern on c-span3. >>> ann compton, who recently retired as abc news white house correspondent, on her over 40 years covering the white house and the administrations of gerald ford through barack obama. >> we sat and watched him, listen to a group of second graders go through their drill and andy card came in interrupted to the president and whispered to him. i was stunned. wrote it down in the reporters notebook, 9:07 a.m., nobody interrupts the president even in front of second graders. the president said he had to go and went into a side room. then we heard, we discovered that it was two planes down, two plane crashes in new york. ari fleischer

i think this conversation and the one earlier with christine lagarde helped set up all the conversations tomorrow, and appreciate very much you being here. and we're grate. to you for helping us get launched this way. >> thanks for the invite. [applause] >> that interview from earlier this month. the news today that former governor jeb bush announcing that he will actively explore a run for president in 2016. the younger brother of the 43rd president is considered a leading candidate for the republican nomination. the u.s. senate is trying to wrap up the 113th congress with votes on a number of president obama's executive and judicial branch nominations. the senate in recess for weekly party lunches, they'll return at 2:15 p.m. eastern and voting on sarah saldana's nomination to serve as the head of i.c.e.. follow the senate live when they gavel back in at 2:15 eastern or so here on c-span2. >>> and ahead of the national institute of allergy and infectious diseases, dr. anthony fauci speaks about the latest efforts at creating an ebola vaccine. it's hosted by the center for strategic and

. >> christine lagarde said last night in talking about china, chinese authorities deliver. the expectation is that they're going to deliver a soft landing. i've become a little suspicious of soft landings having lived through a number of hard landings over the last few years. do you have confidence that the chinese can deliver a soft landing? >> well, i never believe in having full confidence in anybody's ability to work miracles. and they've done it every time. i'm not sure the period around tian men square was such a soft landing but they've done it with one major crisis since the late '70s, early '80s. and it's not going to continue forever, but for 40 years is close to forever in many of our lives. and we'll see if they can pull it off again. so, it's tough. >> i want to turn our focus to europe. you were mario dragi's professor. what advice would you give the student on whether qe. >> i'll only give advice when asked. are you his deputy in this -- >> i'd be happy to relay the information. >> i think he could -- my goodness. >> i don't know if that's some kind of a sign

christine lagarde, first female head of the international monetary fund was invited to speak to the graduating class at smith, only to break out after students protested her support of imperialist and patriarchal regimes. on the pc campus, shouting down a controversial voice is not necessarily seen as an evil, but a virtue, a small group of close-minded students and faculty is all that is needed to cut off discussion on the grounds that their view, the correct view, is the only view. warning. trigger warning. this speech may contain traumatic subject matter for those who believe our colleges and universities have an obligation to foster a robust exchange of ideas in the pursuit of truth. now it wasn't always this way. back in december 1820, as he founded the university of virginia, thomas jefferson laid out the foundation of academic freedom. the university will be based on the inimitable freedom of the human mind, he wrote. for here we are not afraid to follow truth wherever it may be more to tolerate any errors so long as reason is left free to combat them. again, in 1859, john stewart mill