How The Coronavirus Crisis Pushed The Fed Into Truly Uncharted Territory
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 23 April 2020
⏱️ 47 minutes
🧾️ Download transcript
Summary
The fate of the economy remains extremely unclear. However there is little doubt that the Fed has taken dramatic steps to arrest the crisis. Not only has Jerome Powell’s Federal Reserve dusted off old tools that were designed during the last crisis, it’s engaged in unconventional actions, such as lending directly to municipal authorities, as well as becoming a player in the market for private sector corporate debt. Amid this crisis, Nathan Tankus, a researcher at the Modern Money Network, has emerged as one of the foremost experts on what the Fed has done, and what it’s capable of doing, through his widely read newsletter. He joined us on this episode to explain and contextualize the historic nature of the Fed’s actions so far.
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| 0:00.0 | On December 4th and 5th, against the backdrop of the United Nations Climate Change Conference, |
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| 0:25.1 | battle against climate change. Register at Bloomberg Live.com slash B Green Radio. Hello and welcome'm Tracy Allowatt's podcast. I'm Joe Wiesenthal. |
| 0:48.0 | And I'm Tracy Alloweth. |
| 0:50.0 | So Tracy, this is obviously for the two of us in our careers we've discussed numerous times already I mean this is the second big |
| 1:00.1 | Prices that both of us have been involved in covering. |
| 1:03.0 | Yeah, you know, I kind of always used to think that nothing would ever top the 2008 financial crisis. |
| 1:10.0 | And boy, was I wrong because I'm pretty sure this is going to be a much much bigger economic crisis. |
| 1:18.0 | Maybe not as big a financial crisis in terms of what's happening to the banking system but definitely bigger from a sort of macro perspective. |
| 1:26.0 | Yeah, definitely bigger from a macro perspective. It's a more global crisis even though 2008, 2009 was global. It's also just like, you know, from a societal perspective, like, |
| 1:37.6 | obviously the last crisis had huge ramifications for the financial system, but for the most part like it didn't really change how people lived. |
| 1:47.0 | There wasn't really much ambiguity about, you know, that much about what the post-crisis landscape would look like, whereas of this case, I don't think anyone really has any solid prediction. |
| 1:58.0 | Yeah, for sure, this one is much wider in scale with the potential to affect not just the economy but politics and society as a whole |
| 2:06.7 | and even back in 2008 in the worst of the crisis you know right after Lehman collapsed |
| 2:11.9 | when people were really worried about the entire |
| 2:13.9 | baking system they were still going out to get sandwiches you know still going out |
| 2:19.3 | getting haircuts going about their sort of day-to-day business more or less and all of that is very different right now. |
| 2:26.0 | Yeah, that's exactly right. |
| 2:29.0 | Well, there's never anything good by and large about crises and this one is particularly horrific from so many |
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