richard clarida is one of america's greatest economists at columbia, now head of global strategy at pimcojust about oil our eyeballs. give us an update on this new neutral, this new mediocre, the demand that is out there. this is not enough demand. >> exactly, and they are related. the new mediocre says the economy is growing sluggishly. new neutral is a prediction that says in a mediocre world, policy rates are going to be lower for longer, and once banks start the hike like the set or bank of england, it will do it slowly and be much below what we saw before the crisis. >> all politicians including krugman -- paul krugman says we need stimulus to make that demand go. is there any substance there to a need for global or united states? >> we are getting stimulus from very accommodative monetary policy. my friend paul krugman would say we need another big round of fiscal stimulus, and i do not see that happening . for better or worse, monetary policy is the only game in town right now. >> general rule of morning television, if you refer to someone as "my friend," you are about to disagree

even as stocks were bid up, richard clarida of pimco said they are ignoring problems in the big economy. >> the big thing we are trying to figure out is what a global economy looks like with insufficient demand and very accommodative unconventional policies. what is the endgame? we really don't know. >> meanwhile, oil stocks were up today. the price of oil slid nearly 3% after yesterday's big rebound. ibm signs more cloud computing deals as it tries to boost revenue. the latest deals are with wpp and thomson reuters. they could add $4 billion to ibm's top line. the revenue comes at a crucial time for big blue, which recently ditched its earnings forecast. a federal judge in minnesota refused to toss out a lawsuit filed by banks against target over last year's huge seven security breach. they sued target for negligence, saying they failed to protect systems, and the banks had to reimburse people for fraudulent charges. uber has partnered with america movil. -- america mobil, the wireless company owned by carlos slim. the right sharing app will be on all america movil phones in mexico. --

even as stocks were bid up, richard clarida of pco