Offering his economic prognostication for 2005, Erdman addressed deficits, energy (especially oil) and the decline of the dollar. Perhaps most startlingly, having noted that Wall Street likes Republicans in the White House, he explained why he thinks the reforms being floated for Social Security are, in his words, "one of the dumbest things that this president has come up with so far." Robert Saldich, vice chair of The Club's Board of Governors, moderated the Q&A.

Summary by Commonwealth Club staff.