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Unemployed still waiting for checks as states struggle to pay out stimulus funds


The end of week three. I think check me on that of the greater parts of this economy being shut down as we saw the unemployment claims numbers. The damage is mounting. Even as political talk turns to reopening this economy so here for five maybe five and a half. I don't know we'll see minutes of live radio to look back and examine our headlong from the Washington Post also debris from politico. Hayatou kyw heather. Let me start with you And the Federal Reserve Chair Powell. I guess yesterday with that Big Move On getting more money this money into this economy two point three trillion dollars He is done kidding around the oppression I get. He has come out firing every bazooka. He's got really quickly and the stock market loves it. People keep asking. Why did the stock market rally ten percent this week? Even we have seventeen million people out of work and a big part of that is the Federal Reserve is keeps putting out massive amounts of money to backstop pretty much every part of of the market. What's new this week is for the first time. Ever the Fed announced it is actually going to make direct loans to companies and two states and municipalities. So that's never happened before and it tells you how cash-strapped and desperate for cash so many parts of the economy are all right so we're GONNA get to the disconnect between the markets and the real economy which pal talks about a lot in in his address in his remarks. Yesterday was the real economy but seeped. Sudip talked to me for a second about the congress of the United States representatives of the people and where they are in this whole crisis are mostly playing along. This is kind of Remarkable to see we've we a decade ago and since then I've had some pretty brutal discussions about the philosophy of government intervening in the economy and today most of the discussions are about tactics. There about how do you have the government intervening the economy? Not whether the government should intervene. And so you have Republican lawmakers who are trying to one up each other In in coming up with ways to inject more money into the economy Senator Josh Holly. From Missouri is is proposing that we just have the government pay. Everybody just like pour money in and pay everyone. Don't even worry about trying to route it through businesses which actually is probably a cleaner way to do it just have the government do total takeover of the economy for X. number of months the big problem is nobody knows what that excess right good point and it's the only thing was really really interesting but heather. I do wonder whether Congress appreciates the velocity with which Things are happening while they're certainly trying to make things happen. But it's it's just not fast enough when you have this. Many PEOPLE SEVENTEEN MILLION UNEMPLOYED. Who are trying to get these unemployment benefits A lot of people I talk to you know. They've called a hundred times a day to try to get through to an office to get this this aid in this relief and two or three weeks later they still haven't gotten their first check Same thing was small businesses. I talked to a small business center this week from Michigan and he called the small business administration to check up on where his lone and he was caller number. Sixteen thousand something and then have a phone and so I think the government and government terms that are acting at warp speed at light speed if he will but for the real economy we have never seen a deterioration this quick and like less than a month and it just the money is not getting out fast enough so deep as I said political talk is starting to turn to turn to actually now for a week or two. The idea of reopening this government Do you think it's possible to get things going again? in stages as summer talking about. Yeah it is possible for for us to do what is called reopening the economy but what that actually means is going to be really different reality than just seeing that it's happening is going to obviously happens slowly and deliberately most of Montana and Wyoming GonNa come back a lot faster than most of New York and California. But what does it look like when you have restaurants being ordered that they have to have every other table empty? Maybe every everyday every restaurant will have half of their seats. A third of their seats They can actually fill. That's going to continue throughout the summer. And maybe into the fall and so when we when we We talk about reopening the economy. There's a false sense that maybe it's like flipping switch and it's not. It's like slowly releasing a valve and letting people come back in With masks on wearing gloves like you've never seen before and it will look like a very different system and it's not going to inspire confidence in most people To to have that slow process. But it's certainly better than where we are right now with everything shut down for the foreseeable next week's stores to be done about definitions of terms and what that means Heather long really quickly and by really quickly. I mean like thirty seconds The markets are looking at the economy. And saying I don't really care. The feds give me is two trillion dollars. There's a disconnect here between Wall Street and the Real Economy Right. There definitely is right now. The other thing is the markets looking about six months out. And it's starting to see some weird glimmer of hope in that ideas. Zombie economy that. We were just talking about that. What if it partially reopened? While at least they'll be some money flowing again but of course if you're a small business owner who may who might have fifty percent of tables filled and the rest of the restaurant empty. That's no consolation to

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