Economist and professor Russ Roberts and TV producer John Papola have masterminded another hip-hop battle between all-star economists Keynes and Hayek. Check out the philosophical throwdown, including these lines that nicely sum up the competing world views.

I want real growth not just a series of bubbles. Let's stop bailing out losers and let prices work. If we don't try to steer them, they won't go berserk.

Come on, Are you kidding? Don't Wall Street's gyrations challenge your world view of self-regulation? Even you must admit that the lesson we've learned, is more oversight's needed or else we'll get burned.

SEE ALSO: The first video from Roberts and Papola

The recession risk, although higher today than it was a month or two back, still isn't so severe that the threat is now destined to go viral. Nonetheless, the markets are predicting a higher risk of trouble ahead, as last month's selling suggested.

Every time we have an expansion, the strength of that expansion — not just GDP, but jobs, production, broad sales numbers, broad income numbers — on every count of these key points and indicators, the strength is weaker and weaker with each expansion.

Betsy Graseck of Morgan Stanley asked if there was anything preventing JP Morgan from raising its dividend. Dimon: Not really. I think we’ve said we really want to see a real recovery before we do that because we don’t want to have to do this again, just in case you have another dip down here. Finally, Calyon analyst Mike Mayo tried to clear things up. “So you expect [nonperforming assets] to go down in mid or late 2010?” Dimon: “Well, Mike, we don’t know when the recovery is.”