Pushkin.

It's hard to read the news these days without asking yourself, how did we get here?

Fiasco is a history podcast for the co-creators of Slow Burn.

In our first season, Bush v. Gore, we examined an unmistakable turning point in American

politics, the 2000 election, which resulted in a high-stakes stalemate, ended with one of the most

controversial rulings in Supreme Court history. So if you're trying to make sense at the present

moment, check out Fiasco, Bush v. Gore. Listen on theHeart Radio app, Apple Podcasts, or wherever you listen to podcasts.

From Pushkin Industries, this is deep background, the show where we explore the stories behind the

stories in the news. I'm Noah Feldman. Today we're returning to COVID, our once, and it seems

almost eternal topic. But we're not going to be

talking about viruses and vaccines, at least not directly. Instead, our topic today is the very

bizarre behavior of financial markets that we're observing right now, both stock market and the

bond market, under circumstances of global pandemic.

To help make sense of the somewhat bizarre and anomalous behaviors of the markets right now,

I'm joined by an expert on those things. He's Boas Weinstein, the founder of Saba Capital,

a hedge fund in Manhattan. Boas has been deep in the markets for almost 20 years now,

and he has a reputation as among the most intellectually brilliant students of the subject.

We spoke on Monday.

Boas, thank you very much for joining me. I want to start with something that maybe probably is incredibly obvious to people in your

line of work, but the rest of us are a little bit puzzled by. And that is, the economy is in a

shambles. Companies are shutting down. 30 million people are just about are going to be unemployed.

And yet, the stock market, after an initial marked decline,

...