i'm erik schatzker. december the 15th marks 10 years since the lehman brothers tragedy, a collapse that triggered the financial crisis. the effects are felt around the world by individuals, companies, and two shoes, and governments. in the next hour, many people who played key roles in the financial system as those events were unfolding. people who helped spearhead the recovery and we will discuss the legacy of the crisis as well as the critical question. could it happen again? first, let's flashback to september 2008 to capture the mood of the meltdown. major financial institutions have teetered on the edge of collapse and some have failed. >> we clearly have an unprecedented crisis in our financial system. >> today, there is unprecedented turmoil in our capital markets. it is very mysterious. not sure what is happening. ,> nobody, including me anticipated how the problems in the mortgage markets would spread to our credit markets and our banking system. >> two of the leading insurers of mortgage-backed

i am erik schatzker.um featured to star-studded panels on the discussion of the future of finance. i asked my panelists to assess how finance and financial markets have you balled in the decades since the financial crisis. an a jump in with impassioned response. how do we encourage americans and europeans to take more risk? and there is no doubt the metrics have been successful. we are at an all-time record in the issuance of high-yield debt and the lack of confidence, ironically, the 10 year anniversary of the failure of the financial system we are in , this debt fueled bind that is pushing up valuations and laying the seeds for the next crisis. >> just to summarize, the oa crisis was not about lehman brothers, it was about the collapse of the u.s. housing market. millions of americans lost trillions of dollars. it was a national economic catastrophe, but the post-financial crisis. the change has been the weight all of us have to place on what is going to happen in washington? what is going to happen wit

i am erik schatzker.e focusing on the 2018 bloomberg global business forum. one of the day's liveliest panels gathered four past and present heads of state on stage. it was a vigorous conversation. former u.s. president bill clinton moderated. >> ok, we all live in an interdependent world. we want to work together. we believe that creative cooperation is better. you have to figure out what creative cooperation means in terms of how you are going to get the economy going, how you are going to reduce inequality, and how you redeem the promise of land reform without screwing up the investment climate and making people trust you. >> apartheid was once seen as the most intractable problem in the world. that could not be solved. but under the leadership and guidance of nelson mandela, we were able to resolve it. and similarly, now, his spirit, his values and his principles and his vision is guiding us. we are not going to have land grabs. that is never going to be allowed. we're going to make sure that as we em

i am erik schatzker. since bankruptcy, a collapse that triggered the world financial crisis. the effects are still being felt around the world by individuals accompanied by institutions and by government. you will hear from many people who play key roles in the financial system and more unfolding. we will discuss the lessons and the legacy of the crisis as well as a critical question, would it happen again. first, let's go back and capture the mood of the meltdown. >> some have failed. >> we clearly have an unprecedented crisis. >> today, there is unprecedented turmoil in capital markets. >> i'm not sure what is happening. >> no one including anticipated the problems and our banking system is. >> many believe they were guaranteed by the federal government. --e,nnie let's start with my conversation he was the cohead of investment banking at deutsche bank. >> do you recall the moment where you felt -- ? markets, perhaps panic would be a better word. i would say, for me, i will tell you what. small gone thro

he spoke to erik schatzker in an exclusive interview. pres. n as we look forward to more certainty, to the financial growth of argentina next year -- erik: what does that mean? more money? pres. macri: we have more support from them. erik: how much more? pres. macri: i cannot say, but that will bring more confidence to the market. at the same time, we are committed that plan that we had of five years to achieve i fiscal balance of our public accounts will be done next year, so we are doing a huge, huge effort. erik: mr. president, you want to avoid what happened on august 29 again.ng on august 29, you went on national television and told argentines you had an agreement with the imf and you accelerated disbursement of funds. it turns out there wasn't an agreement, and right here we are talking about a new agreements with the imf and we have not heard anything with the imf. are a certain imf will give you more money and will give it to you on a faster timetable? close tori: we have final agreements. programl benefit the and will benefit argentina

erik schatzker is discussing the extraordinary response from policymakers to the financial crisis.i think it is broader than that and will end up being broader than that. i don't think it is large enough to be a major problem, but i do know that it will grow. question, i dour know that the regulations don't withde the freedom to deal those things as well erik:. the regulations we have today -- as well. erik: the regulations we have today. ray: right. the laws are written in such a precise way for things that don't have yet -- are unknown. be ank that there should act incy economic powers which the president -- if the president of the united states, the head of the federal reserve and probably the representatives of two houses of congress all agree that the circumstances are not properly anticipated in the law, that they could with agreement to do the things that are necessary. i think that is a big risk. when i look at countries like china and the debt issues that they will have, i am much less worried because their debt is denominated in their own currency and they have the flexib

vonnie: we spoke with ray dalio earlier, erik schatzker asked him about the lessons learned during theal crisis and why he sees the recession to the u.s. ahead. >> it can be terrific or terrible, debt that is put into productivity that produces income, that services the debt, is great. it creates the opportunity. there is debt service and return for those who lend and prosperity for those two are the borrowers. that can be great. if it fails to service it and go forward, you have problems. the real question is whether the companies that enjoy these tax cuts convert those things into productivity, that produces the incomes that carries it through. the other big question is whether that trickles down, whether it really trickles down to what are called the bottom 60%, really the bottom 80% of the population in terms of that. not as worried about the debt service payments for companies as a whole. i am worried about the united states'supply demand for credit to take all the obligations, not only of the debt but the pension obligations. i am worried about those things in a few years. partic

amanda: thanks so much to erik schatzker at the bloomberg global business forum in new york city. now we take you to president donald trump with the prime minister of japan, budget -- participating in a bilateral meeting. you can watch full coverage of the meeting at live go. >> a smashing election win just last week, it was tremendous. we actually celebrated at the trump tower. his win, his birth they, a lot of good things are happening for him and we have a lot of good things happening between our countries. so, prime minister, thank you very much. >> [speaking japanese] shery: that is a live shot of president trump holding the bilateral with the prime minister of japan. still ahead, we will have a look at the fed decision. this is rumored. ♪ shery: we are minutes away from the latest fed rate decision. with a look at what to expect, a 25% basis point hike is expected but it's more about december of next year? let's that play, it will be more about the contingency of future signaling. do they further push for a december rate increase that would them already at 75% chance of a ra

let's joint erik schatzker and listen in. jpmorgan asset and wealth management, one of the largest and most diversified businesses in the industry. to her leftist jim coulter, the co-ceo and founding partner of a pioneer in equity and social investing. to his left is ken griffin, the founder and ceo of said adel, a firm that uniquely is, at the same time, one of the most biggest biggest firms in one of the leading market makers. we cannot look forward into the future without considering the past. two weeks ago, we marked something to celebrate, the 10th year anniversary of the financial crisis and the only thing worth celebrating is we have made it this far without another crisis. panelists, as you consider the performance of the economy over the past decade, how markets have evolved and the changes you have witnessed in your industry, i want to talk about what lessons we have learned. the lessons we have learned from the past guide our behavior in the future. very, why don't you start? learned,many lessons probably too much

he is here with erik schatzker. erik: it is always great to talk to ray dalio. new book template for understanding big debt crises. to me, the underlying message of this book is that history is doomed to repeat itself. have i got that right? ray: everything happens over and over again for similar cause/effect relationships. erik: that sounds like an awfully depressing reality. does it need to be a depressing reality? ray: it is like any reality. you have to embrace the reality and know how to deal with it. there are debt cycles and debt cycles provide great opportunities and they provide real problems. i think it is just like a progression, a disease. wasreason i wrote the book a compendium of research but i wrote mostly before the financial crisis. it is because i think it is essential for everyone to understand the sequence of events, the logical sequence of events that makes these all the same. there, they in all play out the same. basically in 60 pages, i want to convey that template. erik: let's talk about one of those two types of debt crises, the inflatio

. ♪ it is with great pleasure returned to erik schatzker because he is here with jonathan gray, blackstone chief operating officer. erik: thank you. jonathan gray, good morning. thank you for coming to bloomberg. athan: thank you. great to be here. erik: you held your investor day in four years on friday and revealed a lot about blackstone's future, and you initiative in life sciences you are talking about with an expansion in asia, and an emphasis on permanent capital, and specific funds you plan to raise. why reveal so much about your strategy? jonathan: it has been a while since we sat down with investors and we wanted to give them a comprehensive update. a lot has changed at blackstone since four years ago. the biggest thing that has changed is the way the firm is expanding. further, theack firm was more focused, let's say, in private equity and real estate private equity, and we have seen this liberation of things we do, all built on the backs of delivering great performance for investors. we have delivered great returns and that has given us the confidence of investors and they have