Jean-Pierre Rosso on the U.S. Financial Markets
Mr. Rosso has been Chairman of World Economic Forum USA Inc. since April 2006. Mr. Rosso served as Chairman of CNH Global N.V. from November 1999 until his retirement in May 2004; was Chief Executive Officer of CNH Global N.V. from November 1999 to November 2000; and Chief Executive Officer of Case Corporation from April 1994 to November 1999 and Chairman from March 1996 to November 1996. He is also a director of ADC Telecommunications, Inc., Bombardier Inc., and Eurazeo.
Question: Are the U.S. financial markets in trouble?
Jean-Pierre Rosso: Well, you know that the US financial market is in a crisis and this results, as always in the capitalistic system of an excess at some point, that has to be taken care of and we have had an excess and we have had that before and we will just live for that again and that is the ups and downs of the capitalistic system which, Indiana is still, we haven’t found anything better at this point to generate progress, but it has. It is successes from time to time and that have to be absorbed.
Question: Can the markets be fixed?
Jean-Pierre Rosso: The first of all, the imbalances have to be progressively corrupted and people in charge are making the decisions they think are the right decisions, I think in the main they are the right decisions and it is just like, when you have disease and you have to take care prescription and you just have to go through it and take it and get well, and that is what that is what we are doing that is what the system is doing right now. Through the finance for the Federal Reserve Bank or the Government, that is what they are doing right now.
Question: Is there a need for more government involvement?
Jean-Pierre Rosso: No, I don’t think so, I think the danger is that some people would recommend that we regulate more and I think that is the end, the beginning of the end, because if we start regulating too much then we loose innovations, we loose progress, we loose investment, we just loose all the benefits surviving a an open system, where people can take initiatives and be rewarded for that. Now, I am taking those initiatives they all say take risks, and that is the part of the game, I mean you can win or you can loose but that is, that is how we have been progressing over those past decades. So the danger is that the government gets too much involved in trying to control every thing.
Date Recorded: 03/19/2008
Let the markets adjust on their own.
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