Coronavirus recession is 'likely,' economist says

Automatic TRANSCRIPT

What's the damage to the economy that we've suffered so far but it's primarily from the attempts to fight the virus rather than the ravages of the virus itself which includes kind of shutting down a lot thanks for in teens planned shutdowns you know businesses closing transportation and so on all those things are devastating global GDP and so the question is and you said the question twenty twenty is how are we collectively meaning the room the human race going to manage to fight off the virus as we must without destroying everything else we care about the economy our family lives and so on and it one of the interesting things about this economic moment and you quote mark Zandi well known guy over at moody's chief economist he says we could be moving from a self reinforcing positive cycle to a self reinforcing negative cycle and that seems to be such a key insight here because what is a recession recession is when you lose faith in the future and you don't invest for the future of your business you don't buy if you're a consumer you hunker down and that very active hunkering down which is trying to protect you from the recession itself can trigger the recession because what works for one family or one company doesn't work collectively when everybody tries to do what it wants is what John Maynard Keynes called the paradox of

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