Hello!

Hello welcome to the Jack Jack edition of Slate Money, your guide to the business and finance news of what has been a pretty exciting week.

I'm Felix Salmon of Axios. I'm here with Anna Schmansky of

Breaking Views. Hello. I'm here with Emily Peck of Huffpost. Hello.

And we're going to talk about Jack Jack. We're going to talk about specifically we're going to talk about specifically, we're going to compare and

contrast, shall we say, the Jack of the moment, Mr. Dorsey of Twitter and

Square, versus the Jack of the 80s and 90s Mr Welch of General Electric.

We are going to talk about Lebanon because we promised that we would and so Anna gets to talk

about Lebanese Ponzies which which are, you know, they used to be called

CEDARS, now they're called Ponzies.

And of course we are going to talk about the Fed, the emergency rate cut that they did this week, what it has to do with

coronavirus, what the rate response to coronavirus is, all of this coming up on slate money. So when was the last time we had an emergency rate

cut? I feel like that was financial crisis, right? Correct, 2008. For 50 basis points, yeah. And so these things are rare and they're

meant to panic the world I guess or something. They're not meant to panic. If you want to really try and send a signal that don't worry people, we have this under control and don't panic,

then like a panicky rate cut in between meetings feels like the wrong message to send?

I agree.

I mean it was weird because you basically had before the rate cut you all of a sudden had this kind

you had a jump in stock prices because there was an anticipation of a rate cut.

However, when there was then this emergency rate cut that was not communicated clearly, then the markets fell.

It was just another example of this particular. communicated clearly, then the markets fell.

It was just another example of this particular Fed's poor communication skills.

Well, there's one market which isn't falling,

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