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Pitchfork Economics with Nick Hanauer

Disaster Economics

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 24 March 2020

⏱️ 32 minutes

🧾️ Download transcript

Summary

As the world shelters in place from the coronavirus pandemic, an economic crisis is growing. This week, Nick and Goldy pull the curtain back on why trickle-down has made us extra vulnerable to disasters like COVID-19. Our focus always, but especially now, should be on building a more resilient and inclusive economy that can actively protect people from ruin and tragedy. The only limit to our ability to address this crisis is our imagination and our willingness to act. Further reading: Hurricanes hit the poor the hardest: https://www.brookings.edu/blog/social-mobility-memos/2017/09/18/hurricanes-hit-the-poor-the-hardest/ Insult to Injury: Natural Disasters and Residents’ Financial Health: https://www.urban.org/research/publication/insult-injury-natural-disasters-and-residents-financial-health How natural disasters can increase inequality: https://www.pbs.org/newshour/economy/making-sense/how-natural-disasters-can-increase-inequality Poverty and Death: Disaster and Mortality 1996-2015: https://reliefweb.int/report/world/poverty-death-disaster-and-mortality-1996-2015 Poll: Nearly 1 in 5 Households Have Lost Work Because of Pandemic: https://www.npr.org/2020/03/17/817158521/poll-nearly-1-in-5-households-have-lost-work-because-of-pandemic Mnuchin warns senators of 20% US unemployment without coronavirus rescue, source says: https://www.cnbc.com/2020/03/18/mnuchin-warns-senators-of-20percent-us-unemployment-without-coronavirus-rescue-source-says.html Coronavirus shock will likely claim 3 million jobs by summer: https://www.epi.org/blog/coronavirus-shock-will-likely-claim-3-million-jobs-by-summer/ News clips from CBS News and ABC News Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

Hey gang, we're continuing to try to do weekly podcasts at Pitchwork Economics despite the coronavirus crisis.

0:08.6

You should know that the quality will be varying as we try to sort out how to do all of this remotely.

0:15.4

So thank you so much for sticking with us.

0:18.3

Also know that some of the podcasts that you'll be hearing in the future were recorded before the

0:25.2

coronavirus so you won't get any of that context and some of it will be

0:29.5

recorded during the coronavirus crisis so it will be reflected. But in a case thank you so much

0:36.3

for sticking with us. Wash your hands. Be safe and take care of one another.

0:41.9

The coronavirus has not only attacked the health of thousands, but also threatened the livelihoods of millions.

0:48.0

Stocks on Wall Street plummeted again this morning because of coronavirus concerns.

0:53.6

The economic ramifications of the coronavirus are also far-reaching.

0:57.2

Businesses large and small are suffering.

0:59.9

We are not facing Armageddon, but we are facing very challenging possibly years ahead.

1:05.0

From the offices of Civic Ventures in downtown Seattle,

1:13.3

this is Pitch Fork Economics with Nick Hanauer.

1:17.0

One American capitalist take on how we got into this mess

1:20.2

and how we can get out.

1:29.0

I'm Nick Henauer, founder of Civic Ventures. I'm David Goldstein, Senior Fellow at Civic Ventures.

1:35.8

So Goldie, are we having fun yet?

1:38.4

No, I'm not having any fun whatsoever in case you could tell from the poor sound quality. Nick and I are

1:48.7

recording this remotely from our own secure locations.

1:54.6

Exactly.

1:55.8

Nix, no doubt, more secure than mine.

...

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