Coronavirus and the Economy
Heritage Explains
Heritage Podcast Network
4.7 • 847 Ratings
🗓️ 12 March 2020
⏱️ 18 minutes
🧾️ Download transcript
Summary
The stock market crashed to record lows this week and lawmakers and the administration are rushing to put out new legislation to deal with the spread of coronavirus and its effects on the economy. But how does everything happening on Wall Street effect everyday Americans? This week, Joel Griffith, a research fellow in Heritage’s Roe Institute for economic policy, breaks it down.
Read Heritage's new report: Sound Policy Responses to the Economic Consequences of the Coronavirus
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Transcript
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| 0:00.0 | From the Heritage Foundation, I'm Michelle Cordero, and this is Heritage Explains. |
| 0:19.9 | The stock market continued to plummet this week, and lawmakers and the administration are rushing to put out new legislation to deal with the spread of coronavirus and its effects on the economy. |
| 0:32.5 | If you turned on the news this week, it probably sounded a lot like this. |
| 0:42.3 | All three of Wall Street's major indexes plunged more than 7% on Monday. The Dow's more than 2,000 point drop is a one-day record. |
| 0:46.3 | Mickey Patiste is outside the New York Stock Exchange for us. |
| 0:49.3 | Nikki, good morning. |
| 0:50.3 | And some stations that focus on the economy sounded like this. |
| 0:55.8 | This is one of the worst days in the history of the stock market. |
| 0:58.4 | Day where the circuit breakers got to activate it down 7%. |
| 1:01.1 | A day where oil had its worst decline since 1991, down 24%. |
| 1:04.7 | Day where the 10-year treasury went below 0.5%. |
| 1:08.2 | A record low, which tells you the bond market is terrified. |
| 1:11.6 | That's Jim Kramer on CNBC's Mad Money. He says the bond market is terrified. |
| 1:19.6 | For many Americans who don't follow the stock market, like myself, we understand that this is a bad thing, but not really why or how it affects everyday Americans. |
| 1:31.2 | Today, we're going to talk with an expert who can explain why this is happening and how crashes on Wall Street eventually do matter on Main Street. |
| 1:40.5 | We'll also get into what lawmakers and the administration should and shouldn't do about it. |
| 1:46.7 | Joel Griffith, a research fellow in Heritage's Roe Institute for Economic Policy, will explain right after this short break. |
| 1:54.6 | Overwhelmed by the 24-7 news cycle? Looking for a way to keep up with the news that matters, |
| 1:59.4 | the Daily Signal podcast brings you the top news of the day, |
| 2:02.3 | plus interviews with lawmakers, authors, Heritage Foundation experts, and more on the most important policy debates in America today. |
| 2:09.8 | If you're a conservative who wants to be on top of the news, check out the Daily Signal podcast available every weekday morning. |
| 2:16.8 | Joel, this week was the worst day on Wall Street since the financial crisis in 2008, and that was because of the coronavirus. |
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