What to Do When the Market Drops? Call Larry Summers.

Honestly with Bari Weiss

The Free Press

News, Society & Culture

4.6 • 7.8K Ratings

🗓️ 6 August 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Monday, the markets had one of its worst trading days since the 2008 financial crisis. Stocks tumbled around the world, with a global sell-off, amid fears of a recession. The VIX (an index often called “Wall Street’s Fear Gauge”) was at times today as high as we saw it when the economy was shutting down for Covid. This comes on the tail of a pretty insane news cycle: a presidential assassination attempt, Joe Biden dropping out of the race, the coronation of a new Democratic nominee, a stolen election (actually) in Venezuela, a Middle East on the brink of war. . . should I go on? But the most pressing issue to most Americans is and always has been the economy. And with everything else going on, many of us have been paying far too little attention to the economic story here at home, and the policies that may have brought us to this moment we find ourselves in today. To explain how we got here is Larry Summers. Summers was Secretary of the Treasury under President Clinton, and he was the director of the National Economic Council under President Obama. He was president of Harvard for five years. And he is one of the world’s most prominent economists. Today: What is going on in the market? What caused it? Was it avoidable? What happens next? And what are the long-term repercussions? If you liked what you heard from Honestly, the best way to support us is to go to thefp.com and become a Free Press subscriber today. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	History.
0:01.0	What does this make you think of?
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0:10.0	Or perhaps it makes you think of bravery, courage, resistance.
0:15.0	We shall fight on the beaches and in the streets.
0:18.0	We shall never surrender.
0:20.0	Uncover a thousand years of incredible defensive stories.
0:23.4	A brand new series, Defending Europe, starts Monday the 16th of September at 9 on National Geographic.
0:30.0	From the free press, this is honestly. I'm Michael Moynihan.
0:35.0	On Monday, the markets had one of its worst trading days since the financial crisis.
0:40.0	Stocks tumbled around the world, with a global sell-off amid fears of a recession.
0:45.5	The Vix, an index often called Wall Street's fear gauge, was, at times today,
0:51.5	as high as we saw it when the economy was shutting down for
0:54.3	COVID. This comes on the tale of a pretty insane news cycle. A presidential
0:59.0	assassination attempt, Joe Biden dropping out of the race, the coronation of a new Democratic nominee, a stolen election, actually, in Venezuela.
1:08.0	A Middle East on the brink of war? Should I go on?
1:11.0	But the most pressing issue to most Americans is and always has been the
1:15.4	economy. And with everything else going on, many of us have been paying far too little
1:20.7	attention to the economic story here at home, and the policies that might
1:24.8	have brought us to this moment we find ourselves in today.
1:28.5	To explain how we got here is Larry Summers.
1:30.9	Larry was the Secretary of the Treasury under President Clinton.
	...

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