Jack Lew, Paul Karin, Bloomberg discussed on Bloomberg Surveillance

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Paul Karin, Thanks so much greatly appreciated a good conversations, warning, always a good conversation. With one Jacob Liu. He's a former treasure secretary of the United States. Check. Lou especially fired up this morning. We had a wonderful ranging conversation, including his time of duty with Mr Moakley in Mr O'Neill of Boston. That was a bit ago. Conversation with Jack Lew. Common ground has been clear for a very long time. And finally in the last We've seen a conversation, beginning looking to find it since the expiration of extended and supplemental unemployment benefits since the expiration of protections on conviction. We've seen a train coming right at us on. It's been far too long since Congress has had a serious kind of conversation has passed legislation in May and we've seen virtually nothing since then. Let's just remember what the facts are. Chairman Powell described it so well those opening comments but nearly 10, million people unemployed and a large fraction of them 5 to 10. Million people facing eviction. Degree of crisis here is not a small It's very large is large and macro terms and it's just enormous in terms of personal terms if people lose their homes. If people are homeless at the end of this crisis, their recovery period will not be months. It will be very long and it will be very hard that is going to be a social problem in an economic problem. So Congress passed the deal now before the inauguration with multiple challenges of keeping people in their homes with eviction protection, giving them support to pay mortgages and red Hoping keep food on the table through a combination of unemployment benefits and food assistance and dealing with the problem that's taken local government which are going to meet a cutback and services in the loss of employment at the worst time. We went through the last high point of the coded crisis, the low point of the economy with enormous government support. That's over. So if we go through the long, hard winter that we see ahead without additional support is a long time before January, February Mr Secretary. How do we spend the great distrust of the rural urban divide in this nation? You have tackled that for years again going back to the Commonwealth of Massachusetts ages. Go. There's just a immense distrust of those cities and those Democrats. It's right out of the 19th century. How do we break that distrust and come to meaningful compromise? It's a good question time and you know it used to be that food assistance was one of the areas that brought people together. You know, the original food stand program. Compromise between the agricultural community and people advocating on behalf of sport. People wait could see something like that again. The truth of the matter is working People, regardless of whether they live in cities are in rural areas face common challenges. You look at the team and vice President President elect Biden has put together its a group of people who focus on what does it take to make work produce a decent standard of living for people regardless of where they live? Starting with Janet Yellen and her deputy, while the idea Moe the chairs the Castle of Economic Advisors, silly Arouse the head of the Office of Management Budget, Neera Tanden. These are all people understand the problems that working people face whether they're in cities or in rural areas. I hope we can begin that conversation that their life experiences. Help them to connect with people both in the communities where people like you and I live and in rural areas where the problems are not as different as they seem. But Jack going back to the stimulus and good morning to you. Are you worried that Republicans are rediscovering their traditional concerns over debt and thus won't do enough on stateless? So, Francine, you know, I've spent most of my career trying to strike the right balance between government having the resource is to do it it needs and fiscally responsible way to make this a better country. On and in times of crisis, saying We need to do what it takes to get through the crisis. This is a moment of crisis. This is a time when we should not be worrying about $100 billion here, 100 there JetBlue and extraordinary conversation today, whatever your politics, just always interesting to hear the discussion there in the immediacy and stimulus and Paul, I can't gauge how much of this lift His belief in lame duck stimulus. I just honestly don't even answer that important question. No, I don't And you know, I think the expectation Tom is that we will get some stimulus. Whether it's the one billion into the three billion that seems to be the biggest spread. But it's kind of a question of timing here, Tom because there's a a Jack Lew just mentioned, you know, we're going into a three month period here. Let's call it December, January February where the numbers are going to be extraordinarily grim on the pandemic. Side and presumably, that's not supportive of the economy, either. Which would suggest boy if you think about now versus March April last year, it seems like you know, fiscal stimulus is as needed, Perhaps even more than it was back then it will necessarily have the political will that we did back then. So that's kind of the conundrum. This is a real observation, and I'll admit to all of you across this nation and particularly in You know, the more climactic warmth of south of this country. It's starting to get cold up here. Yeah, and Paul, the whole restaurant experience outside. I I think that Bill had to go out and get the holiday puppy cut last night, which was like the like The GDP of you know, I can't remember what state but I was after I unloaded the checkbook on Ah. Kyle on the team over there clipping hair. I noticed the restaurant next door and you know they got the tent thing out of the street. I didn't see any heaters and there's two people eaten. Yeah. How long can that go on? Yeah. You're exactly right time. I think that you know the restaurant folks did a wonderful job adapting here, you know, over the spring and summer in the fall here, but Again. It's again is present like Biden suggested. You know, very difficult Winter ahead and a lot of these businesses that have been kind of hanging on. They might certainly be at risk here..

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