I'm John Bachelor. This is the new John Bachelor show on CBS Audio Network and I welcome

my colleague and long informant of the economy, John Tamney, the editor of RealClear

Markets in addition to other distinguished publications. However, it is the author

John Tamney, I welcome, with his new book, When Politician's Panicked, The New Coronavirus

Expert Opinion, and A Tragic Lapse of Reason. Mr. Tamney, congratulations. I take you

immediately to the day itself for New York City where I live and work. This is March 20,

2020. The announcement from the Governor of New York, Mr. Cuomo. He says that he is closing

down New York. When I talk about the most drastic action we can take, this is the most

drastic action we can take. We're going to take it to the ultimate step, which is we're

going to close the valve. The Governor is thinking of the economy as a valve that opens and

shuts. He then orders a mandated shelter in place. He then orders a mandated closure

for any business, not in compliance with the Governor's orders, to shut down, to lock

down. He adds your actions can affect my health. That's where we are. He stated, said

the Governor. The question at that point was how long? That question was not answered that

day. There was the impression it was not a lengthy shutdown. It was, however, a severe

contraction immediately. Mr. Tamney, March 20, 2020 for New York City. I report the New York

City's largely still under the Governor's order of essential, non-essential distancing

of how many people can be in a restaurant at the same time, of how many people can be

in a movie theater, how many people can gather. And the office towers, as you know, very

well, Mr. Tamney, are still largely shut. There's some volunteer return. There's more

plan for April and May, perhaps a opening up with the office towers in September, but

New York remains closed. John, what explains right now the severe contraction of our economy?

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