Why This Recession Will Be Different

The Daily

The New York Times

Daily News, News

4.4 • 102.8K Ratings

🗓️ 16 March 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

In past financial crises, central banks across the world developed a time-tested tool kit to rescue national economies. So why don’t previous interventions seem to be working this time? Guest: Peter S. Goodman, who writes about the economy for The New York Times. For more information on today’s episode, visit nytimes.com/thedaily. Background reading: The Federal Reserve cut interest rates to near zero and said it would buy hundreds of billions of dollars in U.S. government debt, moves reminiscent of its actions during the 2008 financial crisis.The coronavirus is upending life as we know it — and news is changing rapidly. Here are the latest updates on school closings, travel restrictions and governmental directives.

Transcript

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0:00.0	From the New York Times, I'm Michael Barrow. This is The Daily.
0:10.0	Today, central banks across the world have developed a time-tested set of tools
0:17.5	to rescue their economies in the middle of a crisis. Peter Goodman, on why this time,
0:23.7	none of those tools seem to be working. It's Monday, March 16.
0:40.8	Okay, that's hot. But first, there, you guys come up.
0:46.0	So Michael's the host of The Daily, and I've known Michael for like 20 years.
0:51.2	Can I put Michael on speaker now or no? Yeah, I just want to on speaker.
0:53.9	Okay. Can you guys hear each other?
0:57.5	I think so. Can you, can you two hear me?
0:59.6	No, I can hear. I can hear. I can hear.
1:01.9	Hi. Can I ask you to tell me both your names?
1:06.6	My name is Mila. My name is Leo.
1:10.9	Hi. Nice to meet you too.
1:12.8	Nice to meet you.
1:14.4	Can you two tell me, oh, about your day? I understand that you were not in school.
1:19.9	There was no school today because someone a parent at our school had the coronavirus.
1:26.4	Oh, wow.
1:27.3	So, um, school was canceled.
1:30.8	But then we got to have a little like screen time.
1:34.7	And then?
1:35.6	Oh, you got screen time.
1:37.2	Yeah, and then we went out to playground for the whole afternoon.
	...

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