What Past Recessions and Depressions Teach Us?
Newt's World
Gingrich 360
4.6 • 6.4K Ratings
🗓️ 8 April 2020
⏱️ 44 minutes
🧾️ Download transcript
Summary
What policies do we need to put in place restart the economy in 2020? Newt looks at economic recessions of the past and how we solved them with renowned economist Dr. Arthur Laffer and author James Grant.
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Transcript
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| 0:00.0 | Hi, this is Noot. Because of the coronavirus, I am currently staying at home in Rome, |
| 0:05.9 | where my wife serves as the United States ambassador to the Holy See. She's leading the embassy |
| 0:11.2 | in dealing with all the different changes being brought about by the pandemic. To bring you this |
| 0:16.4 | episode this week, I'm recording from my home, so you may notice a difference in audio quality. |
| 0:22.0 | On this episode of Noot World, the financial recovery of America amid the coronavirus pandemic |
| 0:30.8 | is such a uniquely challenging issue. I am devoting the next two episodes of this podcast |
| 0:36.6 | to providing context and understanding about what every American needs to know |
| 0:41.8 | about restarting the economy and what needs to happen next. On Friday, March 27, |
| 0:48.5 | the United States Senate passed the $2.2 trillion coronavirus aid relief and economic security |
| 0:55.6 | act, or the CARES Act, and President Trump signed it into law. The CARES Act provides financial |
| 1:02.5 | assistance and relief to small businesses in the form of small business administration, |
| 1:07.6 | forgivable loans to individuals and families, and to some of the industries that have been |
| 1:13.1 | affected by the nationwide spread of the virus, like airlines and hotels. As the unemployment |
| 1:19.1 | numbers soared to almost 10 million, are we headed for a recession or the next rate depression? |
| 1:25.6 | Or is this simply a V-shaped recession, which we will pull ourselves out of as soon as we overcome |
| 1:31.2 | the health crisis we are facing? And what can we learn from the countries who are already on the |
| 1:37.6 | road to recovery, both from the virus and with their economies? In part one, I'll talk with James |
| 1:44.8 | Grant, author of the Forgotten Depression, 1921, the crash that cured itself, and Dr. Arthur |
| 1:52.4 | Laffer, president of Laffer Associates, and a longtime economic advisor to presidential |
| 1:58.3 | administration since the early 1970s will give us his point of view of how to best deal with the |
| 2:04.0 | current economic crisis. In part two, I will be joined by Ms. Yuki Tatsumi, senior fellow and |
| 2:11.2 | co-director of the East Asia program and director of the Japan program at the Stimston Center. We'll |
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