Coronavirus: State of the Economy Part One

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 13 June 2020

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than 1.5 million Americans filed for unemployment last week, bringing the total jobless claims to over 44 million in the last 12 weeks. Yes, weekly job losses continue despite a big gain in May. And yes, the rollercoaster on Wall Street is just as bumpy as it was a few months ago. To help try and demystify the current state of the economy, we're joined today by Mark Spindel, one of my oldest friends in the world and the Managing Member, Chief Executive Officer and Chief Investment Officer for Potomac River Capital. Mark, who along with Sarah Binder, recently published: The Myth of Independence: How Congress Governs the Federal Reserve. If you're looking for a deep dive on the Fed, this is the book for you. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Corona virus Market update.
0:08.0	It is Saturday, June 13th and as a wonderful enhancement to your life I will bring to you once again my best friend from high school
0:20.3	Mark Spindell as our guest. Now, he's more than just my best friend. He is the
0:26.8	founder and chief investment officer of Potomac River Capital. He is also the
0:32.0	co-author of The Myth of Independence, how Congress
0:36.6	governs the Federal Reserve. I am bringing Mark back on the show because I
0:42.4	adore him and I talked to him constantly about what's going on in the world and I figured it was nicer of me to share his wisdom with you directly rather than spout off what he says in a way that's not as smart as he is.
0:57.8	So Mark's parents and my parents are best friends and so we really did grow up together we grew up more more as
1:04.0	cousins than we did as friends so we are really like family and so that's why I
1:10.7	can call him at six o'clock in the morning and ask him questions.
1:13.8	So Mark, here we are, it's June, it is now basically 100 days since most of the country went on lockdown. Can you describe how you see the economy
1:26.3	big picture right now? So we've we've clearly been in a huge hole, a somewhat
1:31.7	self-induced medical coma, the need to self-quarantine, to socially
1:37.0	distance, to really shut down an entire range of non-essential workers sent the economy into a very deep
1:46.2	tailspin, a sharp rise in unemployment, the likes of which none of us have ever seen a huge collapse in gross domestic product, the output.
1:57.3	You know, again, I think the thing to keep in mind is that we clearly had to prioritize health policy over any kind of economic policy.
2:07.3	That being said just last week we saw a somewhat shocking rise in the labor markets.
2:15.0	No one had suspected that we'd see that uptick in May,
2:19.0	which suggests to me that the whole is slightly shallower than we first thought.
2:24.6	So what do you think has happened to make this perhaps a shallower hole than anticipated.
2:33.0	So I think one thing is we've managed to get our heads somewhat around social distancing and
2:39.8	figuring out ways to work.
	...

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