bob mcdonald who is the ceo and president of procter & gamble, and ralph schlosstein who's the ceo of ever corp.. so really a terrific group. let me just give a little bit of context, at least while everyone's filing into the room. i'm martin baily with the economic studies program at brookings. if we cast our minds back to the 1960s, the 1960s, obviously b, was a troubled decade politically, but economically growth was pretty strong. productivity growth was strong, economic growth was strong, unemployment was low for really almost all of that decade. and then that was followed by, um, i don't know if you'd say a lost decade, but a much more difficult period economically in the '70s and the early 1980s. and the thing that hung over the economy at that time was inflation. we just couldn't seem to deal with the inflation problem. so we had a deep recession in '7 4-'75. we had another recession in 1980, we had another recession in 1981-'82, so a double dip recession. and then finally, paul volcker who was chairman of the federal reserve and his colleagues decided to whack the economy ove

bob mcdonald who is ceo and president of procter & gamble and ralph schlosstein, ceo of ever core. so really terrific career. let me give a little bit of context while everyone is filing into the room. i'm martin daly with economic studies program at brookings. if we countermand spec to the 1960s, the 1960s as they troubled decade. productivity was strong, unemployment was low or really almost all of that decade. and that was followed by, i don't know if he failed last decade or month at a much more difficult. economically in the 70s and early 1980s. the thing that hung over the economy time is inflation. we couldn't seem to do at the inflation problem, so we have a deep recession and 74, 75. at another session in 1880. another session in 1981, 82, slick double dip recession. finally, paul volcker, chairman of the federal reserve and his colleagues decided to wreck the economy over the head really hard and take inflation on this one. finally it did, although it took a while. wasn't until the fall in oil prices and 86, but we got rid of the inflation demon and in some ways laid the

bob mcdonald who is the ceo and president of projector and gamble -- b procter & gamble, and ralph schlosstein who's the ceo of evercore. let me give a little bit of context while everyone's filing in the room. i'm martin baily with the economic studies program at brookings. if we cast our minds back to the 1960s, the 960s, obviously, was a troubled decade politically, but economically growth was pretty strong. productivity growth was strong, economic growth was strong, unemployment was low for really almost all of that decade. and then that was followed by, um, i don't know if you'd say a lost decade, but a much more difficult period economically in the '70s and the early 1980s. and the thing that hung over the economy at that time was inflation. we just couldn't seem to deal with the inflation problem. so we had a deep recession in '74-'75. we had another recession in 1980, we had another recession in 1981-'82. so double dip recession. and then finally, paul volcker who was chairman of the federal reserve and his colleagues decided to whack the economy over the head really hard and take the

bob mcdonald who is the ceo and president of proctor and gamble, and ralph schlosstein, really, a terrific group. i want to give a little context while everyone's filing into the room. i'm with the economic studies program at brookings. if we cast our minds back to the 1960s, the 1960s, obviously, was a troubled decade politically, but economically was strong, unemployment was low, so, really, almost all of that decade, and then that was followed by -- i don't know if a lost decade, but a much more difficult period economically in the 70s and the early 1980s, and the thing that hung over the economy at that time was inflation. we just couldn't seem to deal with the inflation problem. we had a rescission in 1981-82 #, a double dip recession, and then finally, paul volker, chairman of the federal reserve and his colleagues decide to whack the economy over the head really hard and take the inflation out of the system and finally, it did, although it took awhile, it was not until the fall in oil prices in 86, but we really got rid of the inflation demon, and i think it in some ways laid the gr