There is a World of Change Coming
The Risk of Robots Taking Jobs
The U.S. Still Outperforms the Rest of the World
2018: Time for a Black Swan?
The world has gone almost seven years without a major event roiling the financial markets. That’s an unusually long time for stocks to go without falling at least 20% or more. Since 1987, markets have experienced a so-called “Seven Sigma,” “Black Swan,” or similarly unexpected event about every two to three years. However, the U.S. market, for its part, has not even seen a 3% pullback in a full year, an unprecedented stretch of rising stock prices and extraordinarily low volatility. History has shown us that such conditions rarely last that long.
In this riveting presentation, Ron Insana explores several different scenarios in which the economy, businesses, and markets could get rocked by unexpected events, including:
- The economy in overdrive
- A fight at the Fed
- From Kim to Khameini, the risk of war
FinTech and the New Financial Order
The telegraph, telephone, and ticker tape. Radio, TV, and internet. AI and algorithms. All of these innovations have been financed by Wall Street, but they have also profoundly affected financial markets over the last century.
It’s ironic that the center of the financial universe, historically the provider of capital to disruptors, is in the midst of historic disruption itself. From high frequency trading and automated advisory services, to Bitcoin and blockchain technologies, these massive changes are challenging legacy financial firms.
How do these firms embrace change, utilize new technological tools, and enhance their relationships with their clients? What can be done to meaningfully enhance results for the investors who rely on Wall Street to help them finance their ambitions, meet their daily financial needs, and plan for an ever-increasing number of “golden years” for which they seek safety and security?
CNBC’s Ron Insana maps out how the latest changes in technology can be harnessed by, and not just financed by, Wall Street to prepare itself to interact with a new generation of investors who expect an entirely new level of service and success. Insana demonstrates how those who adopt new technologies and adapt to these new revolutions will become the backbone of the new financial order.
The State of Fortress America
For several years, Ron Insana has been touting the rise of “Fortress America,” even as others have heralded the emergence of the Asian Century. The Fortress appears to have some cracks, as radical shifts in U.S. foreign, fiscal, and regulatory policies could make it less impregnable than ever before.
With the gutting of the U.S. diplomatic corps, the American withdrawal from—or renegotiation of—key multilateral agreements, from the Paris Climate Accord to TPP to NAFTA, the United States is risking its leadership position in the world, its ability to aid its allies, and its credibility in admonishing its adversaries. While the elimination of costly regulations has been a boon to businesses and stock prices, the long-term consequences of these changes are not yet known.
What happens if the pillars of Fortress America—energy independence, manufacturing, technological innovation, demographic and political stability—begin to weaken? Ron Insana explores how the shifting domestic and global political environments could strain the economy, disrupt certain industries, and affect financial markets in the relatively near future.
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Chairman, President's Council of Economic Advisers (2010-2011) and Professor of Economics, University of Chicago Booth School of Business
Chairman, Council of Economic Advisers (2013–2017); Principal Deputy Director, National Economic Council and Assistant to President Barack Obama (2009–2013)
Editor-at-Large, Vox; Columnist, Bloomberg News and Policy Analyst/Contributor, MSNBC