It’s time to stop relying on crisis legislation (with Lindsay Owens)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 4 August 2020

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In 12 years, we’ve seen two economic crises with devastating long-term impacts. It seems by now we should be prepared to expect the unexpected… but instead, we’re relying on hastily prepared crisis legislation to save our economy. Again. Economist Lindsay Owens proposes an alternative plan: a standing, off-the-shelf program to stabilize the economy in the event of an economic emergency. Lindsay Owens is a Fellow at the Great Democracy Initiative, where her writing and research centers on a progressive economic agenda for housing, climate, labor, and healthcare. She previously served as Deputy Chief of Staff and Legislative Director to Representatives Pramila Jayapal and Keith Ellison and as Senior Economic Policy Advisor to Senator Elizabeth Warren. Twitter: @owenslindsay1 No more bailouts: https://greatdemocracyinitiative.org/document/no-more-bailouts/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	You know you would have thought Nick that maybe we would have learned from the Great Recession and been prepared for another crisis but no here we got caught flat footed again.
0:11.0	That would be too easy.
0:12.8	Instead of Congress rushing to put together
0:15.7	ad hoc processes for bailouts every time there's a recession,
0:20.2	we can have a sort of great glass in case of emergency standing set of policies in place that Congress could just turn on.
0:27.0	From the offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics with
0:38.3	Nick Hanauer, where we explore everything you wished you'd learn in Econ 101.
0:48.6	I'm Nick Hanauer, founder of Civic Ventures.
0:51.7	I'm David Goldstein, Senior Fellow at Civic Ventures.
0:57.0	Today we get to talk about how to avoid more bailouts.
1:04.7	More bailouts, more layoffs, more business closures,
1:09.2	more economic devastation.
1:11.2	Our guest today is Lindsay Owens, who you and I met, I think while she was working for Elizabeth Warren, as her policy director, but she's a fellow at the Great Democracy Initiative, and she's got this fantastic new paper out called
1:24.3	No More bailout, it's a blueprint for standing emergency economic resilience and
1:28.4	stabilization program. They should have at least it's not a
1:33.5	Yeah, you can just say no more bailouts, but it's yeah, but it's about much more than that and yeah and it basically you know
1:40.4	It addresses this I don't know if people can remember but this isn't our first major economic crisis
1:48.4	You know we most of us I assume everybody listening to this was alive in 2008 right lived either that
1:56.7	you're or you're very precocious obviously it was different in In 2008 the Great Recession was caused by a collapse in the housing market and the financial industry in 2020 it's been the COVID-19 pandemic that has been the cause of the current economic crisis, but regardless,
2:20.0	a lot of the symptoms of the crisis were exactly the same.
2:23.4	And a lot of the solutions are very similar.
2:25.9	You have to extend unemployment compensation, you have to address a liquidity crisis to prevent otherwise viable businesses from shutting down and laying off employees.
	...

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