BREAKDOWN: People Aren’t Buying the ‘Great American Recovery’ Narrative
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 22 August 2020
⏱️ 13 minutes
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Summary
Despite the stock market returning to all-time highs, many can’t shake the feeling that all is not well in the economy.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on The Breakdown’s Weekly Recap:
- People aren’t buying “the Great American Recovery”
- Let’s stop considering the economy as one thing
- Dave Portnoy doesn’t care about your principles
- DeFi is the Wild West and saved only by the fact that no normie understands what the hell is going on
- Bitcoin is being compared to the dollar not stocks and that’s serious progress
This week on The Breakdown:
Monday | What’s Actually Happening With Inflation Right Now
Tuesday | How Excess Capital and Low Interest Rates Reshaped Silicon Valley, Feat. Chris McCann
Wednesday | S&P5 vs. S&P 500: The Real Story of the Stock Market Recovery
Thursday | The Most Pro-Bitcoin Politicians in the US
Friday | Winter Is Coming: Examining the Economy’s Eight-Body Problem
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.8 | It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world. |
| 0:15.3 | The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDes. |
| 0:24.3 | What's going on, guys? It is Saturday, August 22nd, and that means it's time for the |
| 0:30.0 | breakdown weekly recap. On this weekly recap, I'm going to go through five themes that stand |
| 0:36.8 | out to me from the past week. |
| 0:39.0 | This will be brief, short, to the point precise. Let's go. |
| 0:43.9 | Number one, people aren't buying the Great American Recovery narrative. |
| 0:49.7 | So earlier this week, one of the biggest things to happen this week was that the S&P 500, |
| 0:55.2 | or as you probably heard me call it on Wednesday, the S&P 5, is now back at all-time highs. It is completely |
| 1:01.0 | erased its losses from the COVID crash and is now back on track for all-time highs and everyone |
| 1:06.7 | is happy, right? Well, the problem is that that is both a reality, but it's also a narrative. |
| 1:11.8 | And the narrative is that politicians try to use the stock market as the great economic |
| 1:17.0 | scoreboard. They say if the stock market is doing well, America is doing well, and you are doing |
| 1:22.0 | well. And the problem is that third part that you are doing well, because as it turns out, |
| 1:26.7 | 50% of Americans or more |
| 1:28.2 | can't access or don't access at least the stock market. They don't have stocks, they don't have |
| 1:33.4 | big money tied up in it. And so it is not a lot of support or comfort for them when these stock |
| 1:38.7 | prices go up when jobless numbers continue to rise as well. Those are two things that we don't |
| 1:44.0 | want to see correlated at the same time. We don't want to see stocks going up as jobless numbers continue to rise as well. Those are two things that we don't want to see correlated |
| 1:45.0 | at the same time. We don't want to see stocks going up as jobless claims are going up as well. |
| 1:49.9 | And so it's interesting to me. I was really fascinated to see how mainstream media, how |
... |
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