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Manner. those who did might simply have been lucky. international crises happen when they happen for a variety of complex reasons that are always easier to see in hindsight. but surely we can be better prepared. government agencies should be preparing policymakers and bureaucrats for sharp changes in international, regional and national patterns. they should be imaginative about the possibilities of sudden shifts and new circumstances and force policymakers to confront the scenarios in advance. ...

That the housing mark wouet wou collapse in 2007. they could have made that prediction just as easily in 05 or 06 and bet on it and lost lots of money as many firms did. what jpmorgan, goldman sachs and others that weathered the financial crisis did was to carefully manage their risk, preparing themselves for sharp shifts in the market. so i hope that at the highest levels of the u.s. government, they are playing out crisis scenarios in saudi arabia right now. of all the possible events in the m...

Recession. why? >> well, simply, oil, $105, gas at $3.60. gdp, 3 1/2% to 3%. if it goes to $4 a gallon, enough to take 2.5% not self-sustaining. at that point employers lay workers out and you get on the down side of the power curve. >> and for american urban radio networks, people feel energy policy in terms of what it cost to fill up their gas tank. thats what theyre concern about here. is the president communicating what his policy is? he did come out after japan and said, look, i am still be...

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>> bill, they are threatening us. they are going to make a 300 billion-dollar lets call it profit this year on the united states. 300 billion. more importantly, not only 300 billion, they are taking our jobs. we have to do something about china. we have to do something about opec. we cannot have oil at $105, which is going to go to $150 very soon. we have nobody to speak to these guys. they wouldnt be there except for us. they wouldnt be there. >> bill: what are you going to say to opec? you hav...

Latest updates on this topic.

Latest updates on this topic.

Latest updates on this topic.

Latest updates on this topic.

Guys, let me bring in cnbcs l melissa francis on this topic. were talking about gas prices that are really frustrating, already, here in two weeks when you see them go up 33 cents, people feel it. theyre likely to feel it not just when they go to the gas station but when they two to the grocery store and on and on. correct? >> were already seeing airlines are saying theyre going to raise prices, $10 a ticket again. you never see those prices come off when you get the fuel surcharge, do you ever ...