35 Burst results for "Trillion Dollars"
Paid in full? Biden, GOP struggle over infrastructure costs
"Hi Mike Ross you're reporting negotiations on an infrastructure package appeared to gain momentum president Joe Biden re entered negotiations on a roughly one trillion dollar bipartisan infrastructure package Monday but the key stumbling block remains how to pay for it the president hosted two key democratic senators Joe Manchin of West Virginia and Christensen above Arizona at the White House and later the two senators met with others in the bipartisan group at the capitol one Republican senator Susan Collins of Maine and one Democrat senator Jon tester of Montana emerged sounding upbeat Collins told reporters there was significant progress tester said the bipartisan group is very close to having a full proposal that could come together as soon as Tuesday Mike Rossio Washington
Leftist Media Lacks Coverage of Inflation and Biden's Disastrous $6 Trillion Proposal
"This issue quickly, but at the top Inflation. I've been talking about inflation now, almost three months. Actually, more than three months. I've been trying to explain that the wild deficit spending that's taking place even under the Republicans. But someday To quote Pastor, right? The anti Semite. Obama's Mentor. The will come home to roost. Well, that's coming home to roost. Then it's going to come home to roost a lot more. Because the Democrats next week want to push through another $6 trillion in spending. On top of the $6 trillion. They want to spend another 2/2 trillion dollars on what they call infrastructure. They're lying to you. They're using labels to try to confuse you the immediate regurgitates this stuff because that's what they do their corrupt and the radical leftists. Because you don't feel this in any harsh way today doesn't mean It's not occurring, it is occurring takes time to resonate through the economy. And that's precisely what's taking place. So, the head of the Fed in ST Louis said. We're probably gonna have to increase interest rates earlier than we thought. Oh, Why Because it's just too much cash out there. Printed by the government. We have people in this country now. They're not on unemployment insurance. They're not on coronavirus relief. They're on welfare.
Media Fails to Truly Analyze Biden's $6 Trillion Budget
"Some news platform new shall be going through exactly what it is that Joe Biden is proposing in his sixth damn trillion dollar budget. Schumer wants to ram through without a single Republican vote. Doesn't this requires some analysis rather than Oh, these guys are winning on this team, and this guy is losing on this team. How about some substance from our news media? How does that make you feel? Democrats? As long as they get the rich, right. Go down with the ship. Is that it? They can't get enough money from the rich. They're already taxing the hell out of honest rich people, and I'm not talking about the bas O se's and the others. Honest, rich people who aren't billionaires. But aren't in the middle class, upper middle and lower upper Look, I even sound like a Marxist, but you get the point. So they're going to tax Your kid as an example of the difference between the $300,000 you paid for the property the value at the time 20 years ago. And the value. At the time of your death. Not the value. At the time of your death. And then the value at the time your kids sell it. So there's a big difference. And you know what? Biden call this? Call it the trust fund baby loophole. And it kicks in over a million dollars by line. Doesn't take much for a house to be worth over a million dollars these days. It just doesn't It could be. Earning an average salary. You bought a home. Home prices are going through the roof right now.
Dems Eye $6T Plan on Infrastructure, Medicare, Immigration
"Hi Mike Rossi a reporting Democrats have set their sights on a six trillion dollar national investment plan if congressional Democrats decide to go it alone on president Biden's infrastructure investment plan they plan to go big Democrats are eyeing a six trillion dollar investment plan that would go beyond roads and bridges to pet projects like lowering Medicare eligibility to age sixty and adding dental vision and hearing benefits details were confirmed by aides who spoke on condition of anonymity while president Biden still has hopes of striking a deal with Republicans the emerging strategy for Democrats is to get what they can in a bipartisan agreement and then tackle the rest on their own the bipartisan negotiating group that number ten senators until Wednesday has now grown to twenty one with eleven Republicans Mike Crossey up Washington
Bipartisan Group Grows in Effort to Reach Infrastructure Compromise
"A key milestone in the effort to reach a bipartisan compromise on an infrastructure spending bill. I'm nova safa with the marketplace minute. The group of senators working toward that end has more than doubled in number two twenty one that includes eleven republicans and suggests there may be the sixty votes necessary in the senate to pass a bipartisan infrastructure. Bill the senators are discussing trillion dollars in spending. That's less than president. Biden wants white house advisers are on capitol hill meeting with the senators.
Rep. Elise Stefanik Suggests Biden Infrastructure Proposal Leaves Our Defense Vulnerable
"I guess Americans to know that the Russian nuclear Inventory about 88% of it has been modernized about. None of ours has been modernized under the Biden proposed massive multi trillion dollars $6 trillion budget. The defense budget really goes negative because he doesn't even give enough of an increase to cover existing expenses. Correct. That is correct. President Biden budget, which will bankrupt America is actually a cut to our national defense budget because it doesn't keep pace with inflation. This is a really big win that President Trump delivered. We were in the process of rebuilding our national defense. Our military readiness. This is something that I work on on the House Armed Services Committee. When it comes to nuclear modernization. Democrats in Congress are very much opposed to making the critical investments we need when it comes to nuclear modernization. Yet adversaries like Russia to your point mark have made those investments and Putin's top priority was to get that five year extension for the new start treaty. Biden gave it away. Without delivering anything back to the United States.
Bipartisan Senators Reach Deal on Infrastructure Bill, but It Faces Hurdles
"In washington. A group of bipartisan senators have reached an agreement for an infrastructure proposal without the need for tax increases. The group of ten senators didn't reveal details of the plan but people familiar with the proposal. Say it would spend nine hundred seventy four billion dollars over five years and one point two trillion dollars. If it continued over eight years to move forward those plans will need buy in from a broader group of lawmakers and the white house.
Senators Eye $579B in New Infrastructure Spending, $1T Plan
"Hi Mike Rossi are reporting a bipartisan group of senators is zeroing in on a new infrastructure plan five Senate Democrats and five Republicans have agreement on the outline for nearly one trillion dollar infrastructure package Republican senator Mitt Romney paper with every line at a time and I got a backside with every line the bipartisan group has been encouraged by president Joe Biden after he walked away from talks on a Republican only proposal this week over an inability to resolve differences the bipartisan package would include five hundred seventy nine billion dollars in new spending but if the deal falls through Senate Majority Leader Chuck Schumer cautions Democrats are working on two tracks a bipartisanship and reconciliation track and both are moving forward meanwhile the house is working on its own infrastructure package Mike Crossey up Washington
The Case for Inflation
"For today's show. In addition. We spoke to two economists. They talked about their fears of inflation in the long term in the medium-term and right now and we will start with right now. Komo srikumar runs a macro economic consultancy. Three kumar global strategies. And when we spoke to him he had just got home from vacation road trip from new york to california. Restaurants are packed. Even middle of restaurants are all back to a big surge in demand for everything you could not have in the last year. Did he find it hard to book a hotel on a road trip. Yup yup hard to book up. The prices have doubled or tripled the room that you would have two months ago. Double or triple for a hotel room during. I hope you've booked your summer vacation accommodations yourself. I have not anyway. Apparently that is the situation right now. And the number. Seeing the consumer price index the index that tracks prices across the country and inflation. Does back that up. We as a country are undergoing a post vaccine price bump at least in the short term. But where this gets. More controversial is the medium-term with high inflation will persist and criticizing free childcare and free community college and all that stuff wrapped into biden six trillion dollar budget plan. It's not necessarily when you friends not popular views. That is correct. Would you like us to put you under witness protection to do we give you a pseudonym. I hope you don't have to do that. But let me say this. You cannot popular at all times. You have to say a number of things which are unpopular connel's popular argument is this. He says look at history. Look at what happened. In the nineteen seventies we have not seen both government spending and a central bank so willing to stimulate the economy by so much since the seventies like that six trillion dollar budget by president biden and the fed also saying it will keep interest rates really low for a long
Biden Ends GOP Infrastructure Talks, Starts New Negotiations
"President Joe Biden walks away from talks with Republican senators on a big infrastructure package president Joe Biden has ended talks with Republican senators on his proposed infrastructure package now plans to try to build a bipartisan compromise with Republicans and Democrats Biden walked away from talks led by senator Shelley Moore capital after the two spoke Tuesday the size of the package and how to pay for it remain stumbling blocks the president wants a one point seven trillion dollar infrastructure investment plan Republican senators offered nine hundred twenty eight billion dollars and proposed tapping unspent covert nineteen money Biden has rejected dipping at the cove in nineteen funds and proposes raising the corporate tax rate from twenty one percent to twenty eight percent Mike Rossio Washington
Biden ends infrastructure negotiations with Republican senators
"On a big infrastructure package president Joe Biden has ended talks with Republican senators on his proposed infrastructure package now plans to try to build a bipartisan compromise with Republicans and Democrats Biden walked away from talks led by senator Shelley Moore capital after the two spoke Tuesday the size of the package and how to pay for it remain stumbling blocks the president wants a one point seven trillion dollar infrastructure investment plan Republican senators offered nine hundred twenty eight billion dollars and proposed tapping unspent covert nineteen money Biden has rejected dipping at the cove in nineteen funds and proposes raising the corporate tax rate from twenty one percent to twenty eight percent Mike
Biden ends infrastructure negotiations with Republican senators
"President Joe Biden walks away from talks with Republican senators on a big infrastructure package president Joe Biden has ended talks with Republican senators on his proposed infrastructure package now plans to try to build a bipartisan compromise with Republicans and Democrats Biden walked away from talks led by senator Shelley Moore capital after the two spoke Tuesday the size of the package and how to pay for it remain stumbling blocks the president wants a one point seven trillion dollar infrastructure investment plan Republican
21 Questions About Life
"Question one. What is the purpose of life for. May it's highly speculative. But i think it's an ongoing quest to discover how the universe operates. That's that's how. I define okay and we may not be mental. Uncover everything but the journey on our way to discovering the fundamentals. It's the purpose of life must question collaborate and involve on this ever lasting journey. Interesting to the purpose of life is to be indiana jones. Then sort of experts mauritian amazing thing. Okay so for me. I i read the billion dollar question or trillion dollar question. I personally think the purpose of life is an equation. Because i do love math roy simplistic math and i think that this is an equation that is designed by each and every one of us personally so my personal equation includes the following enjoying endless laughter. Because there's nothing better than laughing at yourself or at things in life loving unconditionally deeply. Because i think that when you have that you have just an immense amount of joy in wondering your world you just attract wonderfulness when you do love deeply celebrating daily victories. The more you celebrate things going to be century to celebrate and then of course creating content that motivates and inspires the world. So whether that's through podcasting whether that's through the messages you teach your children whether that's through the work that you do in your career. Lots of ways to be a creator specifically a content creator also having new experiences in learning something new every single day to live as to roman evolve continuously and then of course. I also think you should learn more about yourself so that you can embrace your constant evolution because to be alive means that you're going to change Physiologically change what. You mentally spiritually financially. Everything changed was about you on an ongoing basis. So that's migration that's my
Mike Rossi, Biden Ends G. O. P. And Senator Shelley Moore discussed on AP News Radio
"Hi Mike Rossi reporting president Biden ends G. O. P. infrastructure talks and starts a bipartisan push president Joe Biden has ended talks with a group of Republican senators on his massive infrastructure package and is now reaching out to senators from both parties in an effort to build bipartisan compromise Biden walked away from talks with senator Shelley Moore capital of West Virginia the lead Republican negotiator after the two spoke Tuesday the Biden capital talks failed to bridge the divide between the GOP proposal of nine hundred twenty eight billion dollars and fighting the scaled down one point seven trillion dollar investment proposal Biden is now reaching out to other senators including Republican bill Cassidy of Louisiana and
Biden Offers Tax Deal to Republicans in Infrastructure Talks
"President Biden continues to Dicker with Senate Republicans on how to pay for his one point seven trillion dollar plan to rebuild the nation's infrastructure president Biden meets again Friday with West Virginia Republican senator Shelley Moore capital the GOP's negotiator with the white house on the president's infrastructure bill Biden has proposed a fifteen percent minimum corporate income tax because of Republican opposition to returning corporate taxes to the twenty eight percent level they were before the trump tax cut press secretary Jen Psaki that certainly doesn't violate anything about the twenty seventeen taxes so that's what he's putting forward as as an idea that he's asking them where their point of view as sucky as one thing is certain no user fee increases as proposed by the GOP we're not going to go down the road if user fees or other areas that would raise taxes on the American people it's not certain if Friday's meeting between Biden and capital will be in person Tim acquire Washington
Biden Speaks With Republicans’ Top Negotiator on Infrastructure
"Biden is floating a new offer on infrastructure spending during a meeting yesterday with the gop's top negotiator west. Virginia senator shelley moore capito biden. Put forward a one trillion dollar proposal and outlined options to pay for it without raising the corporate tax rate. That's according to people briefed on the matter. The to plan to speak again tomorrow.
Biden, GOP Senator To Meet As Infrastructure Deadline Looms
"President Biden will meet this afternoon with the top Republican negotiator under proposed massive infrastructure overhaul bill with the clock ticking down to June seventh deadline president Biden is slated to meet with West Virginia Republican senator and lead negotiator Shelley more capital the president wants to spend one point seven trillion dollars to improve roads bridges and other investments using a corporate tax hike while the GOP came up only to nine hundred twenty eight billion dollars and wants to use funding allocated toward cobit relief deputy White House press secretary Corinne John Pierre said yesterday president Biden appreciates the effort to negotiate but as the president said last week we do need to finish these negotiations biting may try to muscle support from Democrats alone risky with such slim margins in the house and Senate I'm Jackie Quinn
The Humanitarian and Environmental Case for Bitcoin
"The humanitarian and environmental case for bitcoin. By alex glad stein can bitcoin reduce aid corruption. Help end dependency and bootstrap renewable energy for emerging markets. Bitcoin is typically thought of as an investment and a strictly financial innovation. But what if some of its greatest impact over time ends up being in the humanitarian and environmental spaces. This essay will explore some of the major challenges in the realm of international development and will argue that donors should be looking at bitcoin. Payments and mining as tools to reduce corruption diminish dependency and help renewable energy overcome adoption obstacles worldwide in his searing twenty. Ten s. A quote alms dealers. Philip gurvich tells the history of aid. The industry he wrote was largely born in nineteen sixty eight from western compassion triggered by the televised starvation of children in nigeria's breakaway biafra province. The impulse to help those less fortunate in the world around us has become a vast two hundred billion dollar foreign aid industry. The twenty two wealthiest governments provide approximately sixty percent of that sum with private ngos companies and foundations funding. The rest around a third of government foreign aid is classified as development assistance. A third as humanitarian relief and a third is military or security support in total over the past six decades more than four trillion. Dollars of aid has been sent. from rich countries. To poor countries
"trillion dollars" Discussed on The Breakdown with NLW
"Stop hearing yesterday and why it shows how much we need a new financial system. I was sitting here getting ready to push that out when all of a sudden bitcoin did bitcoin things and surged up to a trillion dollars in total market cap..
"trillion dollars" Discussed on Practical AI: Machine Learning & Data Science?
"The space from traditional modeling. So i wanna follow up on that actually because something. I've been thinking about a probably for the last couple of years because there was a there was an article by. Dj patil Who is the chief data scientists in the us Hilary mason and o'reilly and they talked about this idea that doing sort of quote good data science or ethical data science also helped you do good data science in the sense of like being more proficient at the things that you're doing so far example. Mads you talked about sort of.
"trillion dollars" Discussed on The Energy Gang
"There in Ohio. I've got my regular co hosts here. Jigger Shah in Katherine Hamilton. Diggers the President Co founder of generate capital. He is there in Bethesda Maryland I jaeger. Hey, how's it going? Good scandal? You're so excited about the third story. You just corruption scandal. This is what you're talking about, so I can imagine you're really excited. Well I would choose to use the word debacle debacle wide debacle. What's the difference I? Don't know I feel like scandal. You know sort of. I duNno, it's an overused word. Wasn't it the name of TV show? It was but I. Think Scandal is a pretty good word. Catherine is an Arlington Virginia. No wait Catherine is not in Arlington Virginia. She is in Washington DC folk. She is in her office in Washington DC. She is the CO founder of thirty nor solutions. Catherine. What are you doing there in DC I? See I see the city behind you. Yeah, we had a series of epoch. Epoch storms as last night we finally gave out, and our electricity went off, and I had to tell my for my kids that Abraham Lincoln did not have devices, and they didn't need devices, either and when it gets dark, you go to sleep so I came into my office the first time since March well. It's actually Kinda Nice and refreshing to see a different like cityscape. But stay safe you know I think. A lot of our listeners will know that you used to be a line worker for utility. Do you ever get the urge to put on the hard hat and go out and find where the outages? Oh like I do that whenever we have an outage. Trace it and try to figure out. It was at our transformer. Was it the fuse down the street? So yeah I definitely do that. Still she uploads the longitude latitude for you know. Dominion used to know all the. We also have a special guest emily. Atkin is climate, writer and editor. She is founder of the newsletter heated. She's a former journalist at the new republic and think progress and her newsletter is all about people in power, and what they're doing or not doing about climate disruption. Emily, thanks for joining us. Thank you for having me, so let's talk about Biden's climate. Climate Plan I during the primaries I think a lot of watchers saw biden as a disappointment. He was nostalgic about the Obama era. His biggest most ambitious goal was to get America back into the Paris climate plan, and a lot of people felt like he was just way too conservative, and not up with the Times in with the science was telling us we needed. Needed to do but today or in the last couple of weeks he's published this sweeping climate plan that is so sweeping it is actually consistent with climate science, and it is getting a lot of praise from groups that once criticized by or at least there are sort of cautiously joining in and saying okay, he's he's with his climate plan according to any news calls. Calls for more spending than almost all of his other proposals, including education housing and the OPIOID epidemic it proposes two trillion dollars for infrastructure for a broad range of climate investments for environmental justice If I gave you a dollar every second for sixty thousand years, we still wouldn't be quite at two trillion dollars, so it's a good chunk of change it's. It's part of this frenzy of reports being released by House Democrats by Biden's campaign and just this week the Democratic Party. So, how is bny doing? What has changed Catherine to you I what is in this report? Yes, so it's all part of this build back better plan for economic recovery that includes American manufacturing and innovation, modernizing infrastructure and an equitable clean energy future. Future, there's a whole education workforce piece and then advancing racial equity kind of underpinning everything, so he's very much focused on this as part of an economic recovery vision, but also has it varies. Standards focused so whether it's auto, standards or facility, buildings, standards, or energy, efficiency or renewable energy. It's very much focused on standards with really meeting the movement of needing to. To address the issue of environmental racism and It's big. It's bold. Obviously, it's got a lot of money attached to it, and it seems like it's quite thoughtful and holistic in its approach. Emily You have been following a lot of the pressure on Biden the evolution of his campaign. What do you make of this report and the difference between what he's saying? Saying now and what he was saying months ago I think it shows that Biden is able to be pressured by the left and I think that it kind of shows you. What the differences between the the type the type of work if you're in the climate policy or environmental policy space, the type of work that you can be doing whether you're working for. Trying to pressure a Biden administration or trying to pressure a trump administration I don't think anything any activists has has proposed to be even considered by trump administration. So that's one thing. I mean the climate policy plan that Biden had. Months ago during the debates bent one point seven trillion dollars I believe over a period of ten years to. achieve a net zero economy by twenty fifty. This plan pledges to spend the same amount of money over a period of four years so pretty more rapid timeframe. To achieve net zero by two thousand fifty, but also completely decarbonised the electricity sector by twenty thirty five. which is a big chunk of the carbon? That we emit a big chunk of our contribution to climate change. And then plus all these extra environmental justice initiatives most notably. Biden's pledge to give forty percents of the economic benefits from clean energy investments to disadvantaged communities, communities disproportionately affected by..
"trillion dollars" Discussed on Slate's Political Gabfest
"To us on. You'll get new episodes. The second they come out that is our show for today the Davits is produced by Jocelyn Frank. Our researcher is bridget dunlap. We all engineered ourselves in our own homes. Congratulations to us for Emily Baz Lan and John dickerson. I did lots. Thanks FOR LISTENING TO PEOPLE. Talk to you next week. Hello slate plus how are you? How are you were you guys? You guys still. Yeah Okay just wondering just felt like talking to the void for a bit there anyway. So firstly plus here is my proposal. This shutdown this social distancing so odd so many strange experiences too so weird to run through life and I just wanted to. After ten days of this fourteen days of it ten days of it I am interested in you whether you guys have any particular observations about any strange experiences any points that you WANNA make I can go first. Since it's my with my bad idea. I think for me so I've been doing a lot of walking. I believe that the outdoor outdoor walks in nature very curative. And restful and good for you and that's been weirdly one of the very few joys of star period and going on walks with family and one of the things that I've just noticed that notice like noticing all these things which I haven't noticed before and I've been on trails and Rock Creek Park that I've never seen and seen parts of the city that I'd never seen and noticed things there's a trail. I walk almost every day just outside my house and the different ways that burge use it and notice the different way the the trees next to it grow and noticed more things about the stream that I'd never noticed before and it's I think that when you travel the world as you and you John Emily and I have all done. I think you tend to tend to get a very quick gloss on something rather than digging deep into a particular place and it's been one of the few benefits of this is to feel it digging deeper into the place that I know and to the place. That's my home. And that's that's nice to get a deeper knowledge of a place. That's around the corner from me. I've welcomed that. I love that I think there is a way in which when you simplify and shrink your life than the small things loom larger. And that's a good thing. I can also just be like Elvis fans. That was just a teaser to hear the rest of our slate plus conversation go to sleep dot com slash plus to become a slate plus member today..
"trillion dollars" Discussed on Slate's Political Gabfest
"You always get the real exchange rate when you send money to over seventy countries you pay one super low fee and hold onto more of your money. Transfer wise also offers an easy alternative opening a bank account in a new country. They're multi-currency account. Let you hold up to forty five currencies at once and convert between them at any time you can even get your own bank details for the US UK euro-zone and Australia. Meaning you receive money from those countries for free it's great for freelancers or anyone who works internationally. Transfer wise has over six million customers who save three million dollars every day in bad rates and hidden bank fees. That's over one billion dollars in savings every year. Try them today and get your first transfer free by visiting transfer. Wise Dot com slash podcast? So let's go to cocktail chatter when you are sitting with your hopefully with with a loved one or if you're sitting zoom having a zoom cocktail hour or google hangout cocktail hour with friends. What will you be chattering about emily? My chatter this week is entirely frivolous and perhaps the entire Internet will have seen these videos before I share them. But I'm going to do so anyway. There is. I think a Fox sports commentator named Joe Buck who has been doing these wonderful very short videos in which he does like his full on professional sports commentating for two dogs having a tug of war over a stick or a mom trying to comfort a kid. I'd seems like he is willing to do this with any short video. You send him as long as you're willing to make any kind of charitable contribution in return so if you go to twitter feed which is just at Buck you'll see this. I thought very funny series of whimsical videos especially enjoyed the ones of the two dogs Fighting over the stick. Anyway go have your moment of Internet video freedom. Joe Book is actually borrowing that from a British sports announcer who who's been interviewed on. Hang up and listen this week John. What's your chatter chatter three brief?.
"trillion dollars" Discussed on Slate's Political Gabfest
"You could not protect yourself. You could not protect the guy next to you. You had no control over your own fate. This becomes a shock to systems of thinking. systems of coping Ideas about the proper relationship of individuals to their society individuals to their governments. So it's it's it's a total. Social shock of a war became so large that it eventually would slaughter close to seven hundred fifty thousand people David in your Atlantic piece you wrote about Lincoln and his leadership and then you also write about Franklin Delano Roosevelt and the way in which people's relationship and expectations of the government changed in the wake of the Depression has Roosevelt is pushing for the new deal. And there's a quote that used from an FDR fireside chat in nineteen thirty five the old reliance upon the free action of individual wills appears quite inadequate the intervention of that organized control. We call government seems necessary. So we're at another moment where we desperately need the government. We needed to lead. We need organization we need just like simple or not simple but centralized logistics to get all the equipment we need from one place to another and you know obviously. Donald trump is a very different kind of president. But we're at this moment where we really need the federal government to be playing this larger role and one thing. I've been struggling with as I've been watching. These press. Conferences is what it's like when you have such profound doubts about your central government in your leadership at this moment. I mean trump himself but then also the apparent failures of some parts of the government. I would single out the CDC perhaps Centers for Disease Control in preparing for this pandemic. And I just wonder as you look back on. Fdr On Lincoln how you think about those struggles that the country's going through love the question. I'm glad you're that quote. Let's take up. I that idea of the individual I mean is there a deeper idea deeper myths and the anthropoid logical sense in American culture than this faith we have and individual? You can't kill it. No matter what Whether it comes from Emerson the Romantics or whether it comes from cowboy legends or whatever you just can't kill it And we we still have this notion that somehow We can all be self made. We can We can all a save ourselves if we get into the right gated community or if we have enough wealth or if we have enough education turns out in a crisis like this were terrified is individuals. And that's exactly what Roosevelt was saying there and that nineteen thirty four. Thirty five fireside chat that in fact he even referred to it as the nineteenth century idea of of frontier. He says his idea of the American going out in conquering and solving dilemmas of the frontier on their own individuals. Hardy men just didn't fit the modern world anymore. In fact hadn't fit the age of industrialization and urban is Asian of for many many many decades and suddenly the depression through everybody back onto their own wits in their own wits. Were not adequate for anything. So where do you turn your turn to government? Well that's exactly what happened in the civil war in its right. The in fact one of Roosevelt's favorite quotes was the quote by Abraham Lincoln. Where he said that the purpose of government is to aid human beings in what they cannot do for themselves. That's a paraphrase. Lincoln said it better as usual and in the civil war suddenly people start capitalizing or government People started talking about the government is something that would help them. Save them preserve their society preserve their constitution act as a kind of a shield on most Americans until eighteen sixty sixty one had never experienced the federal government except largely through the post office. there was no of the federal taxation there really were no federal agencies that engaged in people's lives there certainly were overnight when the war came so he got here and then the reason. I wrote that pieces because I was like you Emily just struggling tap something to say in the midst of I guess. Those press conferences Or anywhere right now and it's just all over our discourse it's everywhere people are wondering what's the role of government. What CAN GOVERNMENT DO? What is government doing? Why isn't what it's doing adequate In desperate kind of language. Now we're asking what governments can do. Necessity always invokes government. Where do modern people turn when they cannot do for themselves? What they most desperately need for two centuries the have turned to government and as much as this society still has millions of people who don't trust government don't like government won't government out of their lives taxation Right now everyone is desperate to understand. How is government going to save us and picking up on that? David before revenue. We had you To talk to I was thinking about something. You said Last summer when I talked to you about Your book on Frederick Douglass and we expanded the conversation a little bit more and you base and you said we were talking about why you study history which is also one of the things you recommend while people are in lockdown and you said you know we forget good ideologue you said that we we forget about it and then every once in a while history reasserts itself and just sort of us in the back side and you talk about necessity of the moment but your larger case seems to me to be. You know what this keeps happening because this is the way the ball bounces in the human experience and maybe we should know from studying history. Either whether it's Lincoln or FDR that big existential surprise things that nobody knew. We're GONNA come that week. They might have known it was going to come someday. They happen and given that so. Can you pick up on that idea? Basically that One of the reasons that we read history is not just for the specific excitement of the moment but also because of that more enduring idea. That emergencies always happen. And Hey maybe we should do something more than a late night. Vote in the higgledy-piggledy of the moment Yeah well a beautifully put John You know. None of us should take any particular high ground in this. I mean who predicted the end of the Cold War in eighty nine when it suddenly happen Who predicted nine? Eleven while you know we can find that the CIA had been working on that and of course we know more now You Know Pearl Harbor happened in. Its shocked the country. But we knew something about with Javanese or doing in the Pacific too but the there many many cases of this in history and every time it happens we are shocked. For good reason you know even nine eleven was not unprecedented. Everybody kept saying that was unprecedented on president unprecedented. No it wasn't and we've been slaughtering civilians ever since the Trojan war. I mean so. I don't know. There's no silver bullet on any of this but history. Is that saying we have to draw on if we can take the time to read? It prepares us. It doesn't protect. Its but it does prepare us for the shocks to come in if we think somehow that history because we live in America is somehow on of course the progress in somehow always going to get better Than we're kidding us. Notice him These things are just going to keep happening. One of my favorite things ever written on this is is to. It's a little short section and a book by Mark Block Mark Block was the great French historian killed in the Holocaust by the Nazis. But while he was in hiding the French resistance and moving from farmhouse to farmhouse he managed to write most of the manuscript. This is so moving. I almost break up a guitar at tell. The story managed to write. Most of the manuscript of his book called the craft of history and in that book which has many many important elements. He makes a profound case of how the past and the present are always hand in glove. They're always inter related even when we don't know it even when we don't think so he calls it the solidarity of ages past and present are always mingle and the past is always waiting to come get you in the president. Who would who would know any better than mark? Block sitting in some farmhouse hiding from the Nazis. Trying to write about the meaning and uses of history. For God's sake No doubt it probably calmed him until they caught him and shot him with a firing squad. History shocks us in right now. This one frankly. We don't really know what the analogy is. Dewey analogies are flying around now like like air it probably more analogies in there are virus Bad Joke but everyone was looking for the right and as this Pearl Harbor. It's the same thing we did with nine eleven but in some ways nine eleven was a little easier. It was a military attack. We knew what to compare it to when you compare this to. I guess the nineteen eighteen epidemic. But we've never shut down the entire economy which never closed off all transportation. New York City's never had empty streets even in a blizzard. I mean it's just never happened so you know we don't know how to prepare for this about. We did not prepare for this and didn't in certain practical ways but how to prepare ourselves emotionally philosophically spiritually right. Now were Adrift David. The period politically that. We're in has been marked by incredible division just country. That's that's as divided as certainly any. It's ever been in my lifetime when you look at what's starting to happen. And the government response to the crisis. Do you think there's any reason to hope that we come out of this? Less divided or are the ways in which we're divided more likely to be reinforced. By what happens during this. Well God only knows but it depends on how long this lasts. It depends on how deep the suffering is. I think our models for this is what probably happened. The politics in the thirties and politics in the year of the civil war. I always tell my students. If you are really yearning for a political realignment in America I mean a fundamental realignment like new parties that actually work and develop new coalitions. And last you got two great models. The eighteen fifties in eighteen sixties the birth of the Republican Party which completely reshaped American politics with a whole new coalition. And you got the nineteenth thirds which completely reserves American politics and the Democratic Party not overnight because its roots are in progressivism but the Democratic Party becomes the party a new kind of liberalism. New Deal Policy on the Republican Party at that time increasingly becomes the Conservative Party of big business. Those are two really big realignments in American history. So take your pick. You can have it with a civil war you can have it with the Great Depression. That's pretty depressing when you think about it but who knows What this kind of crisis could do the irony here or the power of this is it. It has everybody talking about existential issues. How are we GONNA feed people? How are we gonNA save our our our medical people? The nurses and the doctors who are not risking their lives every day How are we gonNA ever revived the economy out of this all of those questions? Everybody has to ask. But it's GonNa be a turbulent road. David what are you you picked you talked about? Lincoln and FDR so do you have a template again given everything you've just said about politics today For how people got through I mean. Fdr comes in in thirty two. It's been since twenty six. They've had to endure lots of uncertainty and lots of and the the leaders and the people the leaders in particular. Both of those guys where you know. It was said that they had this great negative capability that they could live in the uncertainty and not go stabbing after solutions on the other hand. They took great actions. Amazing historic actions. Can you talk a little bit about that combination of attributes in the leader but then also in the people how do people live through and perhaps they just were used to it in a life where you didn't have instantaneous? Everything the way we do now but live through the uncertainty and the just existential Wednesdays ever and houses ever GonNa get better well on the ladder questions on a lot of them didn't well let's remember Civil civil or kill Lotta. People maimed many more left families. ruined We have to face that we need. We need a very strong sense of authentic tragedy. Understand that back the leadership. It's worth understanding here. And just a quick sense that link neither Lincoln or Roosevelt had it all figured out. Both of them had very crooked roads. Lincoln had a crooked road to his moment of greatness with immense patient and his various moments of greatness with this Hash to save the Union. No matter what the. Lincoln eighteen fifty eight debating. Stephen a Douglas on the question of slavery is not the same Lincoln of the summer of eighteen sixty three or certainly of sixty four when he is so concerned to free as many slaves as possible before the election. That fall in case. He doesn't win Roosevelt at a very crooked path to the ideas of the new deal he was spewing all kinds of contradictions. You know when he was governor of New York and when you even when he was running thirty two No one quite knew. Roosevelt meant and Kinda got it clear in the campaign and then in thirty three he kinda got it down that look. We've got a revolutionize the way we use government to save society to save employment to save the human spirit and we got to have a whole new imagination. He says we need A. We need a whole change in our.
"trillion dollars" Discussed on Slate's Political Gabfest
"In your life to drive when you're really really tired. You say I'm going to set up my life in such a way that I'm not going to be asleep at the wheel and liable to get hit by a semi truck again. The near Miss Learning that should engage here about the inequities in the economy. The inequities in the healthcare system. The way we talk about the economy to your point David which is that. We should stop talking about it. Disturbs at the stock market. There are a series of global questions the way we think about the presidency and the way we looked it for solutions when in fact we should look to the local level. All of that near Miss Learning should take place and the challenge is if you bring it up now there's too many big complicated things to talk about if you bring it up too late. You won't have the thrust of the disaster to to prompt you and finding that right spot is is one of the challenges because those huge issues are being laid bare by this moment. Let's leave it there. I will I WANNA end with the irony. Of course that in an emergency everyone is a Keynesian. Everyone's a socialist urgency all these all these conservatives like yeah bring it on fund the hell out of it whatever. It is French the money now. We're joined by another Yale professor. How many professors can we have on a single gap best is David Blight? Who is America's greatest historian of the civil war and reconstruction at least in my book and he is also the author of a biography of Frederick Douglass. That came out last year or the year before maybe this year but it won all the prizes including the Pulitzer Prize is. Emily pointed out to me and he has a piece in the Atlantic this week. About how crisis makes Americans reconnect to government will dig into that a little bit more. I wanted to talk to David because I think he writes so well and talk so well about how Americans lived during the civil war and what their response to that catastrophe was and I thought he might have wonderful interesting things to say about how we should see the catastrophe. That's unfolding for us. So David. Welcome back to the vest Thank you very much. Good good to hear or see everybody. We'll get your Atlantic piece in a moment. I wanted to start because as I said I always love listening to you. Talk about what? America was like during the civil war during reconstruction during what was at the time. The greatest catastrophe ever to befall the country. And I wonder when you look back at that time and then look what. We're facing today very different kind of catastrophe. Obviously but what in how? Americans responded to civil war and Reconstruction. You think We can learn from. And what can we not learn from well by eighteen? Sixty one every American not South East or West Underwent kind of shock from events And they were a cascading events Secession had never happened before. What did it mean nobody knew? What does it mean to call for? volunteer soldiers for seventy five thousand by Lincoln then many many many more armies being forge Datta militias in the south there was at first A widespread belief that it would simply be a short war. That of course did not turn out to be the case at for Americans. It was a it was in -veloping process I mean throughout the summer of eighteen. Sixty one of the first major battle fought but it was really into the winter of any sixty one sixty two in the spring of eighteen. Sixty two that. The full force of the scale of this war took over society. It took over families with hundreds of thousands of young men at enlisting most enlisted The draft didn't come into later in sixty two and then over the the economy Took over the government Pretty Soon Americans were experiencing that word. Were hearing every day now. All sorts of unprecedented phenomenon elements of life the had never experienced before relationships to government they had never experienced before a militarization of society. They had never experienced before and overnight in historical time this conflict that seemed to be about something limited and everybody did. WanNa keep it. Limited is the leadership on both sides. Confederacy in the union government do not remain limited Within the year eighteen sixty two this would become a war. That was all out that was total. Ising that was utterly socially mobilizing and that was very soon for Enza names that would transform American society and the Biggest Damn. The name of that of course was the emancipation of slaves so within a year to a year and a half this build up that they had undergone now for two and three decades toward a conflict over the existence of slavery the expansion of Slavery. The political meanings of slavery had suddenly blown up into war that in some ways. Most people did not want But here they were And overnight a American families. We're losing two sons a husband Many members of their families and this war would become within a year certainly two years shock. Also to the culture two ways people had learned how to deal with death To the spiritual tools they had to cope was suffering With ideas of loss the world start producing a whole new kind of music. A whole new kind of poetry. A whole new kind of.
"trillion dollars" Discussed on Slate's Political Gabfest
"Has plus to become a member. Today the Senate passed last night by a unanimous vote. I believe a mammoth stimulus bill. The largest bill I think in the history of the world at any sort two trillion dollars in emergency spending essentially. What they're proposing to do is put the economy in a medically induced. Coma TO GIVE THE ECONOMY. Give everyone a chance to stabilize to get put money in people's pockets or many peoples pockets to ensure a lot of people. Their jobs are still GONNA be there to reduce the pain of unemployment for those millions of people three point three million alone last week. Who are filing for unemployment. So that when we can get back to the economy to real economic activity to real commerce and real connection activity. We are able to do it in an economy that is able to function. So I've been thinking reading a lot about this bill. I have a lot of thoughts but I'm interested in your guises. Initial reaction is that is this bill enough is that the right thing is taking the right approach to the catastrophe. We face Tonga for it. I mean it's a it's A. It's a good stab. It's a good start. It's it's You know increasing unemployment benefits getting the checks out. There is good the payroll handling for small businesses. Really important which is to say you can keep paying people. If you're a small business friend of mine who is intimately involved in one was was really on the edge of his seat waiting to find out if there was going to be this relief and in his voice hearing The the fear. If it was this wasn't going to be addressed Was was real and so in the passage of the bill. Like kind of Here that fear abating. I mean I haven't talked to him since last night but so I think that it is taking care of of a lot of people and we saw on Thursday. The unemployment claims there were three point. Three million unemployment claims so I'm interested. What becomes of Lindsey Graham argument that this might induce some businesses to to actually let workers go because they know there will be a bit of a safety net. I don't you know it'll be interesting to watch the payroll economy Economics of how this ball bounces. But I think there's like basically. They should start working on the next bill immediately. Because they're already thinking about how to you know this these crazy ideas about Easter from the president? There are gonna be waves and waves of assistance needed and so they should start working on the next set of issues because this is just temporary and fast yeah. I think it's pretty good bill. I think given the circumstances a what you say. The Industry John. This is a bill that gets two months. It's it's two two and a half three months of time that it's going to buy. It does not by time to the end of the year but it really does support lots of people in important ways for three months. I think the small business piece that you point to which is the one that I focused on most is absolutely critical. It's the way it is going to be the difference for most of the small businesses in this country to be able to get through the coming weeks they will be able to meet payroll. They'll be able to keep most of their employees employed in some fashion even though there will be no economic activity and so obviously there you could fight all the live long day about different ways to do it. Certainly the big corporations are getting bake handouts big big loans from this but given the time pressure given the circumstances. I think it's pretty good. I think it's pretty good. And and they will have to go back to the table in two months to do the same thing. If if we remain as frozen as we were and I I do keep coming back to. This medically induced coma idea that they're just economic activity is not possible right now and so the most of the things that most of us do to earn our living are not possible. People don't have money to pay for it. They can't pay for it. They can't do it. And so only. The essential functions healthcare activities the food production the production of toilet paper should continue and those folks are going to carry the burden for the rest of us for some months and then this is going to give the hundreds of millions who were not involved in those particularly essential activities The security they know that they can that they will have the ability to pay for their food and Navy to get food and that's the most important thing and and then we'll be able to return to something closer to normal when this eases so I rarely say a nice thing about Congress. This does not seem like a terrible bill to me. How concerned should we be about the handouts to the big corporations initially Elizabeth Warren for one? Have this list of eight conditions. She wanted to place on. It seems to me like maybe half for one of those conditions. Scott met there isn't oversight board. So this notion that Steve Mnuchin. Our treasury secretary was just going to be able to give out the money. We wouldn't know who got it for six months like that is gone and that seemed like an important change. The Democrats won but I still have misgivings about the degree to which this is this giant corporate. Bail out him would just sort of accepting this because the other parts of the bill felt so necessary like should the Democrats have stripped out that part Or or or am I exaggerating? Are there are more constraints than I can see? I don't think there are more constraints than you can see. I think it's a giant corporate bailout and they government the feds got very little in return. And that's a function of the fact. That huge corporations are the the most influential lobby in the world and huge American corporations have enormous power in Congress and they were able to shape this bill largely on terms that they want. And that's the problem but it's not it's not the end of the way also. I think there's three other things that are a part of the conversation. One is and they also employ a lot of people on. It's important for them to to exist. Which doesn't undermine what David saying it's additive. The second thing is the oversight question is interesting to me and I. I haven't looked at the bill because it goes on forever enough to figure this out. But when I talked to Steve Ratner who helped the Obama Administration with the CAR BAILOUT. One of the things he said about the troubled asset relief plan. Is that the money that was in that that they use to help. Rescue the The car auto industry lacked a lot of the traditional strings. That are required In dealing with Congress and that it was that freedom of movement that allowed them to actually be more effective in his argument. Now there are lots of people who will who will push back against that for a bunch of different ways but my only point is is to make the case that That his argument was basically the only way they could have fixed the car. Companies if they had had the traditional the traditional oversight from from Congress would have been to basically let one of the car companies fail the way Leeann did and then have everybody emerge issue a bunch of emergency money so what will be interesting to see is obviously there will be abusive of even the limited oversight. There is now but how you've reached that sweet spot between having the freedom to move and act in an emergency situation and oversight is always one of these challenges with this with these issues. And it's why when you look administration's not to get on my hobby horse but when you look at administrations that's why you want to know who's in them at all the lower levels because they're the ones who are going to have enormous power in these kinds of emergency instances And so that would just be something interesting to watch and then the final thing is. It's interesting MNUCHIN is one of the few people in the trump administration who's been around for a while and I wonder how much that actually helped them. Finally after lots of bickering and back and forth actually helped in getting at least he knew who the players were one of the things. We're seeing in the rest of this. Disaster is that you had a lot of temporary people in positions. They didn't know what they were doing. And that caused all kinds of systemic problems. I wonder if there was any benefit. Whatever you may think of Steve mnuchin positive or negative to the fact that he's actually just been around and has some kind of working relationship with the White House and the leaders in Congress. I WanNa go back to what you're saying about Ratner's point. I have no idea how true that is even if you accept it for a minute. That's a front end issue about oversight. What is bothering me is the notion that we're not gonNA get this money back at the end that like the corporations are yes of course. We don't want them to lay off tons of people. I'm all for that. But why can't the American people get some of those profits back in the end if that's indeed what this ends up yielding their loans. So yeah but I mean I'm talking about more than just getting paid back for a loan. Like what do you mean? Well like equity in the companies like some sense that there is actually some larger transfer of corporate wealth at this moment of tremendous inequality rather than simple acceptance of the idea that it's the ultimate shareholder value of the companies. That is GONNA come out is important. I mean maybe I'm mixing up my own frustration with how obsessed president trump is with the stock market. Which seems fairly irrelevant to me right now. Well I actually think there's a really interesting point there. Emily which is that. There's two autonomies here that keep getting screwed. One mattamy is mistaken the stock market for the economy the others mistaking the economy for life. And there's this this way. In which so much of what this debate in Washington it's been about like getting the economy back and what trump talked about getting the economy going. Trump wants it so he can get the stock market up but really the economy is just a measure of of human wellbeing. It's like it's a bad measure of human wellbeing and human activity and we could all live in a country which had a really terrible economy but be much happier and more prosperous because of other other factors and and so I just worry in general about using. The economy is the barometer for anything right now. Let's let's the stock market. Well I I think what you're putting your finger on something that I'm obsessed with. Which is the the short and long term? Emergency measures here that we have to take and in one sense. When there's an emergency on I'm I'm okay with dropping not inserting provision about having clean airline fuel and lots of other things that might be worthy but at the moment are an obstacle to getting fast relief to people who are out of a job and have no idea where their next paycheck's GonNa come from so I think in the short term. You have those kinds of issues which should be focused on the larger term question is the one you're talking about David. Which is this weird mixing. That is a part of the underlying problem and that I think is a source of frustration. Emily which is this should cause a Gargantuan case of near Miss Learning which is you know when you fall asleep at the wheel..
"trillion dollars" Discussed on Slate's Political Gabfest
"It seems to me that will people will need some evidence of places where social distancing is working if for example in New York where the streets are almost empty. How how soon would you think we should look for? Or when might we have some inkling that it's working if we do these things and those things so that people might be able to say okay? Here's proof that the social distancing is actually working we'll now engage in it for a longer period so that we can get to an GonNa and then. The second question is on antibodies. What do we actually know about? What happens after you get it? Antibodies building up. Because as you were saying earlier that seems to be to be part of the case for this future world. But what do we really know about how it behaves? So epidemiologists can't predict the future. They have models to do it. And I think people are trying to think through some of these issues but You'll see it in the public health. Data Your Department of Health in New York City will see it. Start to see decreasing Cases it heading to the emergency room heading to the ICU. As we scale up testing will get a better sense of what the infection waitress in the city and across the five boroughs into the suburbs. We don't know what antibody responses to two grown Avars need. Maybe it means you're you'RE IMMUNE. Maybe it doesn't the hope is that an antibody response You've been exposed us. You're protected against the virus in that. You're you're likely not in Texas But you know. These are all sort of Assumptions in in In speculation at this point this is a new disease. The natural history is not well defined in so Better things to say with more certainty but that's sort of the world we live in right now. You have a long record of fighting the AIDS. Pandemic I think beginning in the eighties and so in a sense. I feel like you've been through this before in a way that maybe some other people have not and I wonder when you look back on that era what is resonant for you. I'm less curious about the science. I guess that I am about like the stories. We tell ourselves about the disease the way in which we respond though the role that government leaders play at these moments and. I wonder what you're thinking about from that time. You know first of all people who went to the AIDS epidemic or having a little bit of living nightmares over the past two or three weeks in terms of the the arrival of coated nineteen the sort of discussion hydroxy chloroquine `This cures that are around the corner. We waited for fifteen years until we had drugs. That will lead drop recalibrate with HIV and so people are looking at a lipid concoctions and blood thinners and other sort of Grasping at straws and trying to look for treatments ever seen now pedal by the White House. The interesting thing is that you know it. Aids epidemic president. Reagan didn't say the word AIDS until seven years introduce is to turns his president and that was sort of a malign neglect worn by sort of his homophobia and the fact that the disease was targeting in demand people used drugs and other certain frontal population to the United States. Now we have sort of another sort of Christ neglect into malevolence competence which is reminiscent of their era. But the strange thing which I find baffling beyond belief. Is that this White House is willing to sacrifice you know. As as the lieutenant governor of Texas said ENTIRE CLASSES OF PEOPLE Uphold their denial about the seriousness epidemic. So just if Ronald Reagan could be blamed for leading the AIDS epidemic sort of rent control in a small can be important group of Americans afflicted by the disease here. We have a White House. That's willing to let it run rampant Across the entire sort of American demographic and the Lieutenant Governor of Texas was not only making a morally frightening argument but also based on. What you've said was making one based on assumptions about cove in one thousand nine that we don't even know or the actual case which is he was saying. Let the grandparents die and everybody else will be in the protected population. And they'll be okay. What you're saying is we don't really know if even that could be possible or even wise. I mean the scary thing to me is that there's such a denigration of expertise in this moment And an allegation of sort economics. It's interesting I have no love for Larry Summers But he tweeted out a little admonition to Lloyd blankfein from Goldman Sachs saying. Hey when did you turned out to be an epidemiologist Did you like public health. Experts talking to you about the the role of derivatives in the financial industry So the point is is that it's not just the lieutenant governor of Texas were susceptible to this. You have people in industries that You are gonNA take a hit by this. Who indulging in fantasy magical thinking even they should know better and can. I just follow up on that. What ten would you advise for people to purdue to behave in epidemic hygiene in a way which is you know to to to practice intelligently taking in information and who should listen to and what should they discard? So let's put it this way. I'm very interested. In what the economic impact of of this is going to be. And I'm not GonNa prognosticate with you about what I think we should do. But I start triangulating. I think a reasonable sources in economics from across the ideological spectrum. Right to see what they're staying and you're seeing conservative and liberal economists basically saying let's with the virus and then go for your ahead to deal with sort of rebooting the economy when we need to cut back on again. And so I think the things triangulate and look for reasonable sources Check their sources. This is this is sort of journalistic practice on. If you're a good reporter you don't sort of take the first of crazy thing that rolls across your desk and put a near kind as you start to ask. Who is this person who is telling you things join a here? Let's talk to some other epidemiologists. Some other economists and start to build a case that that that makes the information you have in your hand a reasonable assumption to make Greg. Jones Office is an assistant professor at the Yale University School of Public Health epidemiologist. And he didn't say this. But Emily points out. He's a macarthur winner so certified genius. You should definitely listen to him. Greg thank you for joining us. We hope to talk to you again soon. Under better circumstances anytime are greg is left us. I'm interested Emily. How you and I both. I think last week had the sense like. Oh maybe maybe there's a quick shortcuts. I've certainly have been disabused of that this week. And now the whatever it takes mode but How how did what Greg said strike you. I think because I tend to want to look ahead constantly. I was skipping over the short term. And heading right to the medium or long term and then the notion that president trump was ready to jettison the shutdown. Before in a sense it's even really become complete. A national as Greg was saying made it feel irresponsible way premature to be having conversations that I think we still need to have but later and right now it just seems really clear that we are trying to prevent what could be a catastrophic number of deaths of rush on our hospital system that will be just incredibly traumatic for everyone involved. Patients healthcare workers loved ones. And that's your seems really urgent and like it's a the business at hand and then what happens after that. Yeah I think they're tradeoff says Greg was acknowledging but we're not at a point where it's time to Like it feels like putting the cart before the horse to to try to figure that out in the short term you know what really unsettles me is. There's a tyler Cowen piece last week. Which was that the short-term American response to this will be the way we'll be dad that all America America's really bad at short term responses to everything you never prepared the just-in-time economy has compounded that. But once we get going it'll be great will be so innovative and just look at how we responded to World War Two and what worries me is that I certainly see the slowness and the incompetence that we have now but what I don't have a sense of is whether in fact were being super innovative whether great things are happening whether the world is improving in the way that that we talked about whether we're coming up with innovation well we can't see tremendous disorganization in the logistics piece of this from the government. I mean this is the thing that's making me. The maddest right now. Is the idea that like for lack of Inex- relatively inexpensive masks or expensive but possible to create ventilators. People are going to die and that there's no centralized way of moving them around the country that governors are competing with each other. And I don't understand why we're not just using in a strong way. The defense production. Act To make sure that that happens just to your point. David about where the innovation can come from. I'm holding onto the idea. I have been struck. We have all of these billionaires running around shooting rockets up into the air as vanity projects to do all kinds of wonderful things down with that and I agree with shooting stuff into the air because I think you can learn all kinds of cool stuff but why. There isn't a foot race among the billionaire class to come up with solutions to a build. A sustainable economy for those people getting creamed by this in the short term. So that you can build economic strength to get through the social distancing be why there isn't some great race to find some of the solutions that would take care of the medical problem that all seems super confusing to me. But then what I what I what I hold onto. If the final thing is a is a quote I saw somewhere actually on twitter account that was attacking me for something once. Was that great to be great. You have to disappear. Which is my hope is that there is somebody somewhere who isn't offering a thousand hot takes on twitter. Who is quietly doing? The diligent focused work. That we all know is responsible to get actual achievements in life and that they are coming up with the solution and that the fact we haven't heard from them is actually proof that they are on the way to the promised. Land slate plus members get bonus segments gabfest and other slate podcast. Today we're going to just talk about the weirdest insight or realization that we've had during social distancing and I don't even know it we'll see maybe it'll work. Maybe it won't go to slate. Dot Com slash gap.
"trillion dollars" Discussed on Slate's Political Gabfest
"From new haven. Hello Emily Hello Nice to see you on zoom and John dickerson of CBS's sixty minutes and his bookshelf. Hello John and you have of your book to. I do and I would show people. But this is not a visual medium. As I've been led to believe and I just enlarge the screen and looking at all I can say. Is I apologize? You Look Great. What do you mean what? Could you leave me so nice to see you guys? It's just nice to see you guys and to see Jospin Bridget. So it's great to see you again regardless of how how unshaven dirty. Any of US looks on today's Gab. Fest the tug of war over how long the shutdown should last. And why will the president a bet a public health catastrophe by encouraging? Americans to get back to normal life too soon and do we have even the remotest sense that this pandemic is beginning to change that we are beginning to get any of it under control even as New York sinks into what appears to be an absolutely disastrous situation. We will talk to an epidemiologist Greg Gonzales. About all of that then. The largest stimulus bill in world history attempts to forestall economic collapse here in the US but is two trillion dollars enough. We'll talk about that and then we will hear from civil war historian. David Blight about what history can teach us about living through catastrophe. David is one of my favorite people. Talk about anything and I can't wait to hear his historical perspective. On this plus of course we will have cocktail chatter. There is a raging debate going on in this country stoked by president trump over how long the corona freeze should last. The president said this week. Idiotically that he wants people in Stores Churches by Easter which is just a couple of weeks away. Meanwhile there are a couple of other people. There's a group of other people who are arguing in a in a similar vein that social distancing be damned. Let's let the disease run. Its course through the young and healthy. Keep the economy humming. Tried to protect the old during that. Greg Gonzalez is an assistant professor at Yale University School of Public Health epidemiologist. He has a somewhat different perspective. On this so greg can you start with the what do you think are the major fallacies of the let's get back to business? We've done enough already proposals. That were hearing from the president and others so first of all. Start off with where we are. We're in the midst of a raging pandemic and ET National Public Health. Response that nobody thought could be and so we're in a situation where I see us all over the country particularly New York in northeast but slowly across the country or are going to be full capacity in people making choices about who lives in does so the projections are maybe between one in two million deaths. If we relax social distancing in the absence of a vaccine Retreatment for for Kobe. Nineteen we are stuck with. Social distancing is the main way of protecting herself now public health experts and epidemiologists all realize the ask is a big one. And we're all doing the same thing as as people are doing all over the world following these guidelines. We also realize we have to think of a way out on. This can't go on forever. The more weeks we accumulated of this sort of social isolation people be chomping to to get out of their houses. Meet their friends and family on the Jim normalize so these discussions are happening in the world of public health. Not just sort of in the in the greater sort of public discourse what. We don't need her for false choices. The idea that we have to pick the economy versus protecting the public health. I've been speaking to both my public health colleagues colleagues in economics people exact cooper-hewitt gale and others. Who Don't see a conflict in this at all the way to save the economy the way to save our friends and families lives is to beat this virus Greg. One way you came to our attention was a twitter thread. That was in particular response to a piece in the New York. Times by David Katz. I think his name is which argued we can let the Let the young get this disease. Protect the olds. And that'll be fine. Talk about why it is why. It's not possible for that model to work. Which I think. Emily and I both played with and we're tempted by and wanted to believe in and emily. I shouldn't speak at least just wanted to explain to our audience why that's a fallacy out. It's interesting too because it was very appealing to Jim. Dow In and Kim spent at the New York Times. There is an easy out. There's witty get through this without the pain that I think. Many are contemplating overlong creator social isolation we are dean of our school of Public Health. Stand remind myself started homer who runs the global health and Becca Levy. Another professor here at at Yale wrote a piece in the time too short letter saying why this is in part why. This is not a credible plan for addressing the epidemic. One is the idea that we can sort of sequester all the elderly in the United States and their caregivers Safety over the course of months while life goes on outside outside of sequestered existence. It's not credible. We don't have a safety net. That's going to be able to sort of sustain this for the elderly in isolation over time the other pieces of don't know you know many of you probably know a people in your social circles or one or two degrees of separation who were in the ICU or been sick who are not seventy five. Eighty five years old so as many of us know David Latte above the law a lawyer in New York City who is his been been in the ICU. Marathon runner physically fit. I all other standards. Who has the disease if you let younger people out to go to work with the idea that let them diskette exposed and they'll get a mile illness or they won't get anything all Discounts the fact that a certain percentage of killing people will get serious disease and die. And you just have to the mass right. If there's a big difference between a one let's say one percent chance of serious illness when you have one hundred people one person out of a hundred will get it. But if they're ten thousand people a million people. Ten million people any multiplies by when percents Huge absolute number of young people ending up in the ICU. The other thing is that This could be a seasonal coronavirus infection. Snow seating at across the American landscape by letting everybody get it except a small group of people doesn't bode well for trying to radically this this sort of a recurring infection. That comes up with some have flu. End Corona virus season which means you know hundreds and hundreds of thousands of debts on annual basis. Those are the main meets the cats editorial with wishful thinking so wrapped in insignificant near of Science I just want to say you were brought up my friend. David Latte who I'm really worried about. He is on a ventilator. And I think sedated according to the latest news that I heard and just been thinking about him a lot and there are other people like that as well so I think the way in which this viruses starting to touch us especially in the northeast or I don't know maybe that's not even true. Start starting to feel very real at least to me if we're looking for an evidence based approach to this. What are the next things we should be watching for? And what are some of the time horizons that we can be paying attention to as we determine how to go forward markers. Maybe there's a rational case being made for going forward and it's coming from both public health and economists people at Gabriel's within a manual says from Berkeley Hall Romer Economists Bunch people are saying we can stem the economic damage that this this crisis caused by under girding economy from the bottom up to eighty eight hundred fifty billion dollars worth of corporate subsidies but really figuring out how to support new all the four of us to five of us in our daily lives in terms of social visiting income support. All the social services. We need to make sure that people who are less fortunate than us able to do this. And then we watch and we continue. The social distancing end will see the peak of cases starts to lessen hopefully we'll have millions and millions of tests in a few months so that we can understand the sentence a the epidemic that still lingers in the United States in have antibody test. We can understand who's been exposed and WHO's not been exposed. If one of US has antibodies to the virus never had symptoms. Maybe we can go back to work or be part of the volunteer effort In so this is going to be a very step by step process to get people back to work. It's not like one day we're gonNA flip a switch and it's all going to be over to be a gradual gradual scaled-down of social distancing interventions over the course of months and it's GonNa take a massive investment of public health resources in order to do it. We're not prepared to based on the status quo as it exists today Natural the scary thing is because there's an absolute failure leadership from the top which is interested in denial and and and sort of misinformation. So we have people up and down the chain of Management. Not really willing to do the wrong thing. Doing the wrong thing needs telling your boss doesn't WanNa hear Greg. I wonder if you have any sense about whether New York is which is now the epicenter of the pandemic in the world whether it is a harbinger for the United States uniquely bad place and and death that question a different way one of the things. I've been wondering about and I'm interested in your professional take on is for the most part. Americans live pretty far apart from each other. We're big country. We're not that densely populated and except for a few cities we are. We don't have places where people really live cheek by jowl. New York is one of them and are we likely to have some protection from the fact that that many Americans actually are socially distant how they live to begin with so new. York is not a bad place. I think as a New Yorker. I think it's a fine place to live. I think the population density is one reason why we might be seeing more severe epidemic there but it's also just luck of the draw right. It's a major transportation hub the future for the country If you start to look at the map say the New York Times. You'RE GONNA see this sort of start to rise up think of Miami Rhonda Santa's. The governor said are not ready to sort of tell people to stay home from work. he he dilly-dallied in terms of closing the beaches. So you're GONNA see other cities around the. Us start to have their cases mount particularly in in states where governor to. It's basically all delete of the White House in downplaying the risk for their community but also think of it not a function density but a social network think of communities that are tightly unwilling together the Amish Mennonites in in rural Pennsylvania and others who depend on a lot of social contacts of May not be about density could be about density social network. One thing. I've been wondering about is how heartened to be by the drop in rising cases in Italy. So I've been hearing for weeks. That Italy was like a couple of weeks ahead of us and they seem like us to you. Know initially resisted or struggled with social distancing but then really gone on much more of a national shutdown and now it seems like a couple of weeks after that. There is starting to be a fallen. The rising case rate. There is that something that suggests that if we can really do the social distancing for two or three weeks. We can expect a similar achievement. Or Am I kind of exaggerating here in grasping at straws? So look I mean. I think what happened? In Italy's that once they saw the rising death tolls age. They sort of went into lockdown And if we look at what happened on in other places South Korea a mixture of testing social distancing. There's been a way to sort of Flattened occur but also to sort of start to control the epidemic. We have not taken the route that Spain or Italy or other countries that have been hard hitting Europe done. We don't have a national lockdown. We have a lock down in New York State. We have our orders in Connecticut and other states around the country like California to institute strong social distancing measures. But it's not all fifty states and it's not even across the country. The stag thing is we. We sink or swim together and you know viruses. Don't understand the borders between New York and New Jersey or Mississippi Mississippi sneakers and so unless we figure out a way to do more rigor social distancing across the country for sustained period of time. We're just piling infections. Acquired infections were building new chains of infection across the United States. And it's not going to be two or three weeks are we can be two or three months of hardship and didn't have to wait through this You know staying in our own houses. Not Seeing you know for a long time. It's not hard to do. We're going to have to think of ways to build. Social connections may be ourselves for a couple of weeks alone and then maybe try to trigger waste. We can combine our social circles over. Not At that point at it all greg to endure that couple of months process..
"trillion dollars" Discussed on Today, Explained
"And I don't know I can't honestly cannot believe that after five days of acting like a real precedent or trying to act like a real president that Donald Trump seems to have lost his taste for this and is now telling people were going to be back at work in two weeks. We we just need better than that right now. We just do. What is he missing? What are all the people who are looking at these unprecedented economic consequences over two million people filing for unemployment? Who Warrant two weeks ago? Who are looking at something much worse than a recession and saying is this really worth it. What are they missing? The hardest thing in politics is to force pain now to prevent more pain later and it's not that they're missing something exactly. It's they're living in the present and not in the future. What Donald Trump would any political leader any leader needs to do in an organization is live somewhat in the future is see where things are going and work backwards from there so the organization is prepared that organization a country or a company. That is what we are doing. Even Vox media right now. We are trying to think about what all this is gonNA mean for business and trying to work backwards to how we need to prepare. Donald trump is a very present focused person and he runs a very present focused administration. And what is happening? Right now is that they are feeling the pain of social distancing and it is real pain the unemployment filings the GDP projections. It is real pain. Suffering it is a horror what he is not able to feel yet and so he's not truly responding to is the kind of economic social political and human pain of this disease flying out of control of what it will mean if you can't go deliver a baby or get treated for heart condition because you're stepping over bodies in the hospital infectious bodies of what it will mean if we have a national shortage of nurses doctors respiratory therapists etc that. He is responding to the political pressure on him now and the things that he can feel now the pain we are causing now. As opposed to the pain we are trying to prevent and if every epidemiologist and public health expert and frankly even just what we're seeing in other countries is right. The pain we're trying to prevent is a lot worse now. We can't ignore the pain we would cause on the way. We need more stimulus. We need economic support. We need to have the political imagination and will ambition to make this possible. We are not going to get out of this without real economic damage. Either way that is built in but we could get out of it with a lot of humanity A lot of social support we could also if we had anywhere near the kind of imagination required for crisis like this we could get out of it with a better structure for our economy altogether right. It could be that out of this. People GET GUARANTEED PAID. Leave as every other industrialized country has guaranteed health care. I mean you could imagine using this as a moment to say. Oh we are so interdependent that we can't just have solidarity in the moments of crisis we need to have it all the time. It's not that it would stop people from losing their jobs. It's not that stimulus or basic income. Payments are going to stop them from hurting. We're not gonNA stop the hurt here but we can do a lot to build better structures to protect people from it now and in the future.
"trillion dollars" Discussed on Today, Explained
"Tech has consequences and recode by. Fox's exploring them all. With the new multi-platform journalism project called open sourced through videos and articles open source to explore and demystify controversial issues surrounding technology everything from facial recognition and surveillance to how add micro targeting will affect the twenty twenty election. The project is supported by the media. Network a global network of innovators entrepreneurs and technologists committed to addressing the most critical economic technological and societal issues of our time checkout open sourced and vox dot com slash open sourced. Find out everything you need to know about the hidden consequences of tech box dot com slash open sourced. How many of you have heard of ring? How about hint? How about tech over? I've heard of ring anyway. All of these companies have one thing in common. They all use nets sweet to accelerate their growth and net. Sweet would like to help you. Accelerate your business growth from wherever you are at your office by yourself. Hopefully six feet away from anyone else or at home. Maybe still six feet away from anyone else right now. I'm in a closet. For example anyway net sweet will give you a full picture of your business finance inventory. Hr customers and more everything you need to grow. All in one place and you'll get the visibility and control. You need to make the right decisions and grow with confidence. Hopefully and right now you can schedule a free product tour of net sweet. You can receive your free guide six ways to run a more profitable business and met sweep dot com slash explained that is a net sweet dot com slash explained e. x. p. l. a. i. n. e. met sweet. It could be sweet but not spelt that way S. U. I t. e. is the sweet. We're talking about here. Good evening as reclined. Even with this two trillion dollar stimulus. There's a recession coming if not already here. Do we know how bad it's going to be? How will it compare to the last one in two thousand eight right now? The early economic data suggest it will be much worse at least at its peak than what we had in two thousand eight which is not something. I thought I would be saying anytime soon. Two dozen it was supposed to be a once in a generation economic flood. And now we're looking at something that is not even possible so if you look at early unemployment filings. They potentially went up to three million over the past week. We've just never seen a number like that if you look at what Goldman Sachs and some other economic forecasters are forecasting for the GDP. Drop in the second quarter of the year. They're now up to twenty. Four percentage point drop. That would be the single worst quarter in the history of GDP statistics US Treasury Secretary. Steve Mnuchin said that unemployment could go up to twenty percent before he walked out back but then over the weekend. The President of the Federal Reserve Bank of Saint. Louis said he thought thirty percent was possible at least for a minute. So we're looking at something that at the very least at it's worst could be unbelievably bad and one reason could be unbelievably bad is this is really different in its dynamics and not just two thousand eight but really any recession. We can think of in memory we. It's almost not correct to think about this as a recession. This is a combination of a recession a financial crisis potentially a war and in natural disaster. Great Great and this is just the opening salvo of this recession crisis. War Natural Disaster. Yeah I spoke to mark Zandi. Who is the chief economist at Moody's analytics so he's a very well? Respected economic forecaster and as part of. Moody's they get a lot of incoming economic data survey data actual data all the time so they tend to know the economy is going just about before anyone else. I've spoken to sandy a lot over the years. And he was ending almost apocalyptic here but to be more specific. What he said. We're GONNA see four waves of economic pain. The first wave is the sudden stop of the economy. That's what we're in right now right. I can't go into work the way I normally would. The restaurants in my town are closed and non essential businesses are closed. People are sheltering in place wave to which is already here as well is unemployment. People are laying off workers because they have no sales coming in PIBOR. Cutting back hours among workers mariette furloughed. A huge amount of their staff. So mass unemployment is just beginning but already we're seeing numbers like nothing we've ever seen before. Then the third wave is what he called the wealth effect. So there are all these people who have 401k's they have money saved in the market for the retirement. This is true. Everybody was particularly true for older people who are towards the end or Paseo end of their earnings. And now they're seeing those savings wiped out and so there's a lot of spending this group is going to disappear and then the fourth wave is business investment. So you think of corporations or even small businesses that were thinking of opening up a second location upgrading to better office. Space a media organization is going to start publication. Whatever it might be. That's all going to go on. Hold so all that spending those going to upgrade machines create new capital create new products. A lot of that is gonNA disappear from the economy for a while. So of Sandy's four waves were living at least the first two already. The ECONOMY STOPS UNEMPLOYMENT. Soars the next to our imminent if not already here. People can't retire and realize their dreams and industry has to scaled-back. Is there a way out? So those four waves. Zandi said they're definitely going to happen like they are already happening. But there's a question. Now is the kind of recession we have. What's called a v-shaped recession where the economy plummets in? Let's call it quarter to maybe quarter three and then rebound super powerfully in potentially quarter three quarter four and then into twenty twenty one in that case. This will be bad but not that bad. What Sandy said and this is I think. Clearly true is two things could happen. That could disrupt that and this is particularly going to happen. If we don't get the disease under control quickly. The first thing that could happen. Is We set a financial crisis financial panic somewhere so already seeing very scary things happening in debt. Markets in bond markets in currency markets are a lot of both countries and companies that need a lot of US dollars and they're having trouble getting them. The Fed is out a huge amount of new programs. Right now to try to deal with this but it's pretty scary so if we have two thousand eight in reverse a problem in the real economy that creates contagion in the financial economy. That's GonNa be very very hard to fix. That's GONNA be years dig out of the second which is also I think very very present as danger is a mass wave of business failures. More than fifty percent of small businesses cannot survive more than a couple of months without sales. They just don't have a big nest egg. Small businesses tend to be reasonably low margin. Except you even a lot of big businesses can't survive very long in a very down economy if their receipts have gone down. Fifty percent seventy five percent and so if you have mass closures then not only when the economy does come back. Do you have to rebuild those businesses or something like them you know? And that's hard right. You need to figure out leases. P- places need to rebuild. They need to hire New People. But also it's not like they're workers can just come right back on. They have to find new jobs. There's matching costs. It's hard to search. There's a lot of uncertainty in that and so if you have a huge wave of business failures it's very hard to come back. Because you've lost a lot of the structure in which the economic growth could have happened once you got back on your feet so preventing those two things a financial crisis and a mass wave business failures. That's really really important and Congress's hoping that's why this stimulus will do but what if it doesn't that's the best case scenario. What's the worst? The worst case in our right now is primarily economic. I mean the worst case scenario is an unchecked pandemic with millions of deaths hugely overwhelmed health systems creating behind it a total economic catastrophe in some ways the worst case scenario to be is one that we are beginning to flirt with because the worst case scenario is that we lose our nerve here at the Front End. There is an enormous return to acting quickly. You prevent many more cases if you are able to stop one person from passing on the disease to after that person has passed it on to ten people. If you're trying to stop ten people from passing it on we are already seeing at the highest levels of our political leadership a blink. My message is that Let's get back to work. Let's get back to living. Let's be smart about it And those of us who are seventy plus. We'll we'll take care of ourselves but don't sacrifice the country don't do that. Our country wants to go back to work and again to cure. It's it's like this. Cure is is worse than the problem again. People many people in my opinion more people are going to die if we allow this to continue. There's this fantasy of an economy out there that you could somehow just have the economy operating at full potential. Even disease is killing and hospitalizing millions of people. All at once right nine eleven's every day in this country and I think the raw right now. The curve of new cases in America's vertical we are rising faster than Italy was at this point. That's very scary. Because this is an exponential curve as you rise faster then rise even faster and so if what happens is we let off the pressure when it is currently completely uncontrolled but I think is going to happen. Is it three months from now or even two months from now? Maybe even just three weeks from now when our health system is overwhelmed. There's going to be an enormous demand for quarantine an enormous demand to get this under control and that will happen when the economy is now gotten much worse so Jason Furman Who was Obama's former chief economist? But he's been writing about this. A lot on twitter and elsewhere made this good point that he thinks the correct way to understand the choice. Here is between social distancing right now and a bad economy six months from now or two months of nothing and then two months of even more extreme social distancing followed by a much worse economy after that and so the nightmare scenario for me is one where we've let the disease get completely out of control and that also spins the economy.
"trillion dollars" Discussed on Today, Explained
"Madam president after five days of arduous negotiations after sleep-deprived nights and marathon negotiating sessions. We have a bipartisan agreement. On the largest rescue package in American History Ellison box Congress has agreed on a two trillion. Dollar stimulus package. It's historic nothing like it has happened ever before in American politics. At least in the modern era and it makes the two thousand eight stimulus which was something like eight hundred billion dollars. Look like small potatoes. How did we get here? So it's important to remember that the deal that Congress reached on this two trillion dollar stimulus package very early this morning. This is phase three of the corona virus bills so a couple of weeks ago we had phase one which was a relatively small eight billion dollars for research and development for Corona Virus Vaccine Research. Then last week we had a hundred and four billion dollar bill that went for free testing creative. Irs testing for every American including those run insured and expanded paid sick leave and other things even though there were some loopholes in that bill. But this as as you say this was. This was the big one This is a two trillion dollar package. That kind of has something for everyone. It has five hundred billion dollars for big businesses. It has direct payments to Americans that are struggling on an expanded unemployment insurance and it has money for hospitals okay. Well let's talk about each of the sort of one by one starting with the aid to businesses. This was the sort of contentious element that held this thing up a few extra days right. Yes so this is a five hundred billion dollar loan program for for big businesses including airline companies companies. That have have seen through no fault of their own. Their business just drop off entirely. Because people aren't flying. Economic activity is is really ground to a halt so compared to two thousand eight and two thousand nine when we were bailing out banks that had arguably caused the financial crisis that we found ourselves in the government is now quote unquote bailing out these big businesses that are seeing of huge loss of revenue due to current virus. The obviously did not cause so the reason that this was so controversial was initially in the first draft that Senate Republicans put out late last week. The trump administration and the treasury secretary Steve Mnuchin had very large discretion over this five hundred billion dollar loan program. Bill still includes something that most Americans don't WanNa see large corporate bailouts with no almost. No strings attached. Maybe the majority leader thinks it's unfair to ask protections for workers and Labor to companies that are getting hundreds of billions of dollars. We think it's very fair to ask for those. Those are not extraneous issues that is a wishlist for workers. Nobody else and so we are looking for protection. We're looking for oversight. So if you're worried that you know Steven Mnuchin was just going to hand out. Billions of dollars to companies that were favorable to the president. That ain't going to happen anymore. Yeah it's going to have oversight attached to it. There's going to be an inspector general within the Treasury Department and potentially a congressional oversight panel so there are going to be outside people other than Steven Mnuchin now looking to see how the money will be spent having input on how these loans will be doled out to businesses and it's five hundred billion dollars that are going to go to like big corporations. How much money was set aside for small businesses three hundred sixty seven billion dollars for a small business loan program It's just interesting. Like three hundred and sixty seven billion dollars concertedly shore up companies. That are losing money right now but it can't bring them back the business that they need to thrive right. Well I mean ultimately the only thing that can bring these small businesses back is is consumer spending right. We just can't do that right now. So and and this was sort of the argument that Democrats were making throughout negotiations. Was this this trickle? Down stuff and bailing out these. These big companies isn't necessarily going to get to the root of the problem because the root of the problem is just that people are trapped in their homes right now and they're not going out and spending money at their local restaurants and spending money at stores. I think that what Democrats are arguing is an in Republicans to be fair. Came around to this idea pretty quickly to of direct cash payments to people because ultimately what you're trying to do is get people spending again. Well let's talk about what individuals are getting. What kind of casher regular people going to get out of this two trillion dollar stimulus that regular people will pay for if you are an American adults? Who is making seventy five thousand dollars or less annually? You will probably be seeing a twelve hundred dollar check or a direct deposit. Show up in your mailbox or your bank account or however it's going to be delivered to the American people and it's important to note. This is a one time check. Thus far in less Congress comes back and approves additional money to to get people additional checks so if you make more than seventy five thousand dollars you are not going to receive that full amount. It kind of depends on your income and basically the idea. Is that people who are pretty comfortable right now and are making a lot of money. You don't necessarily need as much government assistance. There will also be a five hundred dollar payment if you have kids so five. Hundred dollar payment to cover every child in qualifying households. What else can individuals expect out of this two trillion dollars? Another big thing. That Democrats were talking about that. They got out of negotiations was what Chuck. Schumer likes to call quote unemployment insurance on Steroids. Nice and this is increasing unemployment insurance by six hundred dollars per week for four months so if you are laid off and you are getting unemployment insurance. Duda CORONA virus. You are eligible for an additional six hundred dollars per week to again. You know help you cover your basic expenses like rent and food medical costs etc So this money is in addition to what states pay as a base unemployment salary and it's important to note that this benefit extends to people who work in the GIG economy so uber and lift drivers post mates delivery people people who are freelancers and then also furloughed workers and these are workers who are not no longer getting a paycheck but are still getting health insurance from their employers and then the third bucket of this is is medical aid. It's it's hospital. Aid Aid to healthcare workers. Is that right this? Is You know right now especially in in hard hit places like New York. Hospitals are struggling to meet. I mean they. They don't have enough capacity for the patients that they're seeing a lot of them are complaining that they don't have enough basic medical equipment. Like ventilators and masks there are big shortages. Not So what Congress has done here for. Hospitals is add an additional one hundred fifty billion dollars to hospitals who are treating chronic virus. Patience is this going to be enough especially when we talk about aid to hospitals and healthcare professionals. It just sounds like it might be too late. I mean New York has already had to suffer as a result of lack of supplies and and lack of hospital. Beds I mean and then more broadly speaking is this enough to shore up. Americans and American businesses and the economy. I mean that is the two trillion dollar question and I. I don't think we know at this point. Birther were already seeing more headlines of of more people getting sick death rates are going up as well so we haven't yet seen the worst of this. I think that there is a good chance that if Congress sees the need that they can come back and pass more money. There's there's always a way for them to do that. But despite president trump saying yesterday that you know he wants this all wrapped up by Easter. There is no immediate late at the end of the tunnel and I don't think we know yet if two trillion dollars is enough to save us from the damage that Chris is is wreaking not only to public health also to the economy.
"trillion dollars" Discussed on Today, Explained
"Mark it's Wednesday march twenty fifth and the country's gearing up to make it rain two trillion dollars. I'm Sean Romney's firm and this is your corona virus update from today explained..
"trillion dollars" Discussed on MarketFoolery
"Dan Klein Dan. How are we doing? I'm doing well given the circumstances going a little crazy but working a lot and you know by all accounts do it. By how are you? I'm good Dan Strange Times. And let's get right to it because we're taping this around noon on Tuesday noon Eastern and at the time of our taping. I want you to to brace yourself at. The stock market is up and it is up big now. We have a lot of optimism. Tan Congress may be closing in on a two trillion dollar stimulus stimulus that would include direct payments as well as loan assistant programs for business. Now we don't know all the specifics. Dan Do right now. The market really seems to like the potential. The Dow up around seven percent investors feeling optimistic. Are you feeling optimistic? Yeah it's not even so much about the details. It's about kind of putting a floor on this. If we know that Boeing and southwest jetblue and other major industries aren't going to be driven out of business by this that that suggests that normalcy could eventually return. Obviously there's a lot of devil in the details but right now. This is just kind of creating some belief for people that eventually there will be a way out of this that there's a government backstop beat loans be a direct payments. That's going to help. People PAY THEIR BILLS. But also keep these companies open because these are all major major employers. I mean a lot of people will frame. This sort of government giveaway. But what are you supposed to do? The goal is to keep people at work and bat is leading to a ton of optimism. It Dan. Let's talk more about that. You just mentioned some of the Big Airlines and I'm wondering when it comes to the bailout piece of this. To what extent do you think the government will essentially be in the business of having to pick winners and losers having to decide? Who gets what how much. Yeah so. We've seen none of the details of exactly how this is GonNa work. But let's assume these are loans and that they're at least somewhat secured against the asset of the company. So the reality is I don't WANNA see failing companies get loans that keep them in business for another year or two when they would have died. Even if corona virus had not been issue. But I don't see so far a lot of mechanisms to stop that from happening. Obviously there has to be some sort of means. Testing looking at balance sheets looking at what company was doing but most of the names we've talked about. I mean obviously Boeing is headed struggles. But it was a fairly solid business before this. All of the the airlines. We've mentioned jetblue. Southwest those were on firm financial footing. So it's GonNa be the company's on in in some of the more struggling industries. We talked about retailers last week. Some of those were going away anyway. That's probably true of some of the hotel brands that have had their struggles Maybe some overbuilt casinos. So yeah we need to see the rest of this and some of this money might go to things that don't deserve when you work this fast. That almost has to happen. Okay Dan now. You're in Florida and I know from our recent conversation that you love a good cruise so I wanna you want to get your thoughts on how this might shake out for the cruise industry and specifically the big pureplays. Now we have carnival which owns Prentice and Holland America among others. We have Royal Caribbean. We have Norwegian are the cruise company is going to get some relief from the stimulus. And if not can they stay in business so I don't think they are because they're largely dot? Us companies some of their subcontractors. Might maybe some of their workers will be covered in different aspects of this. Obviously a lot of their workers are not American though. Of course their office personnel largely our citizens so but I can only speak to royal and Carnival I. I haven't looked into Norwegians finances but both royal and Carnival do have significant Barak Capability They do have a lot of money on hand. They have capital projects. They could push off in a time where it's GonNa take a while for demand to recover. They probably don't need to build as many new ships so assuming this ends in four to eight weeks or and people can get back out on the Ocean. They will probably make it through. I looked at all the numbers yesterday and it looks encouraging the challenge for them is will people come back. And as I've mentioned to you I have cruises book I fully intend to cruise this summer Unless the situation remains this dire of but this is an industry that's very very vulnerable to public perception and people. It's hard to know if they will think this is safe. Even when the rest of the world has returned to normal and Dan I wanna hit it from the public sector and the potential bail out here to the private sector were really starting to see some interesting partnerships in the private sector. We had an announcement today. That Ford will be partnering with Three M. and GE healthcare to begin producing facemask and ventilators. What do you make of news like that that answer some questions for me because when Ford and other automakers were talking about making ventilators and as someone who used to run a factory I thought wait a minute like how do you of the Tulane? How'd you have it on even like the blueprint for how to bake a ventilator? Is it that easy and clearly? It's not that hard. But they're going to get assistance from three M on how to make it. Some of the supply chain repurpose things like fans they use in certain ventilated seats To work in ventilator so this is industry sort of the best of the best coming together to make something that needs to happen happen and it's very encouraging okay. Dan and speaking of the best of the best. Let's Talk Olympics. It is now official now. We expected this. But it's official. The two thousand twenty summer Olympics have been postponed has been the Olympics is a collective thing so I gotta use the right verb. There Dan has been postponed now on Tuesday. The IOC and Japanese government agreed to postpone the twenty twenty seven Olympics quote to a date beyond two thousand twenty but not later than summer twenty twenty one end quote now. Dan. This is not just a sporting event. This is big business at comcast which owes NB NBC universal expecting more than a billion dollars ad revenue for the Olympics. Yeah about one point. Two billion in on the last Olympics. They made two hundred fifty million in profit. They might not make as much on this one because the last one was in Rio so you had a more favourable time zone as opposed to being in Japan but this was the only decision possible. Athletes can't be sticking to their training regimen so even if everything was all ready to go on the world is operational by mid July. You simply don't have the logistics to make this happen so postponing it's GonNa be challenging. The sports calendar is going to be very difficult. There's I believe thirty one. Maybe thirty two effected sports here and some of them like soccer. Have very busy calendars anyway? So there's a lot of moving pieces but you had to do this at because there was just no way to make it happen and this is largely. Revenue postponed not revenue. That won't happen. Unlike in some of the other major sports you're simply GONNA lose games and because they're in every year thing. There's no way to make that up. This is just going to change the Olympic cycle where they'll be two summer Olympics closer together Which might be good because it'll create some stories with some athletes. That'll be pressured people's memories and I WanNa talk more about that. Because obviously the other professional sports Have had either cancel or suspend their seasons. Baseball would be starting in a few days. Dan and that for me is normally would be very upsetting except an astros fan and that essentially just as the Astros Bernarda get booed everywhere. They play now because they're not going to be playing for the whole cheating scandal. But I'm curious when you look at Major League baseball the NBA NHL Other professional sports. That are not happening. Do you think there will be long-term effects from all this so long term and first of all when he said the Astros? I thought it would boo from here but as a as a red SOx fan of a little afraid of speaking to suit. Oh that's right. 'cause they announced the punishment for the red SOx right. Yeah the shoes yet. To drop the withhold by BOO look. I think sports are such a part of the American fabric that I hope we have on. Nhl Season I hope we have an NBA season even if it's shortened the way the NHL is talked about doing twenty four team playoff which would include every team including my New York Rangers That could have qualified. Had the season played out. I'd like to think we're GONNA get something we may not. We may get emptier. Rita stars competitions or just weird things to fill TV programming but eventually when we get to next season the demand will be a nervous. I think we all realize how much we miss boards and how much sports fuels I mean. I don't know if you watch. Espn BUT OTHER THAN NFL free agency. They are struggling to find things to talk about. So there's all these industries not to mention the fall TV season. That would be promoted around sports all this sort of different reasons. You Buy Watch sports. That's all I'm hold entire advertising businesses kind of on hold Dan. I WanNa talk more about that because I love that point because as we're all quarantined here right now you and I are using zoom video and we're recording the audio of course but more and more people using zoom skype and and all sorts of Whiz Bang Technology and so on one hand I can see that becoming more mainstream even when we out of all this people now know how to use zoom or they they know they have tools that they didn't have on the other hand. I can also see. People really appreciating the person experience whether it be sports whether it'd be live music that I love going to. I mean I feel like when all of this and I'm going to have a renewed appreciation for live events. Yes I think it's. It's a little bit of both I. We talked about cruises before i. I'm GonNa hug the first person I see when I get to go on a vacation to do something for fun And the same with concerts. I've missed out on some concerts on the other hand. Some of my favorite musicians have been using youtube resume or whatever it is to broadcast live from their basement so I've had some really fun somewhat intimate experiences with artists. I really like you know playing to maybe ten people. Maybe a thousand people so. I also think you're gonNA see a better understanding of not making stupid trips the example I will give. Espn has been having all of its correspondence from home and a lot of times they would fly in La correspondent to do a connecticut or New York Bay show for the day. And that just seems silly when you could do it over zoom so I think you're gonNA see acceptance of this works and it could be done better. This isn't the old skype videos being used on the news. You look like you're like a hand held camera from Nineteen eighty-four. This is really good technology. That's that seamless. And more people understand it. I think I've mentioned on a couple of shows we've done. I've done with other people that my mother had no idea. Zoom existed announced pretty big part of her world with with keeping in touch with her friends. And so we're absolutely changing behavior. But am I still GonNa go to in a sporting event? I absolutely can't wait okay. Dan and I think I buried the lead. 'cause I know that you are wrestling fan. So where where does this leave wrestling and specifically WWe WWF faces a pretty big challenge in that a lot of its revenue are? What keeps it? Profitable is television deals. And so far it's been able to fulfil those deals by doing empty arena shows at its training center There are very strong rumors that they've recorded a few shows in advance That wrestlemainia has already been recorded. Which is gonNA take place over? Two nights also would not shock me if they licensed wrestlemainia. Yes Bien because ESPN has been running some old wrestlemanias. I think to reasonably good ratings so for. Wwe The big question is at some point. Will they not be allowed to carefully controlled closed? Arena? Show is if they stopped delivering programming. They stopped getting paid and that does create problems. Maybe less problems. A lot of companies because pro wrestlers are contractors so while most of them have downside guarantees meaning minimums. They'll be paid. They're not getting huge money if they're not performing for the most part But this is a touch and go. Wait and see because you have see. Has it been able to put on scheduled events because they couldn't find a venue that would legally let them do it but because they are real sport there are Athletic Commissions? That regulate them. Wwe Is television so they have a little bit more leeway and so far they've been able to find ways to do it and a do have the ability to enhance some of their live programming with programming from their network with old matches dropping a lot of stuff in shows. So I'm fairly confident that they'll be okay even if they do end up with some sort of temporary disruption. Okay Dan. Let's wrap up with the desert island. Poll you're on a desert island and you have to own one of these stocks for the next five years..
"trillion dollars" Discussed on Material
"IQ for their support of Material and tall of free. Latham all right. Let's let's talk about do so. Let's talk about video. Yes we have some new news about The Microsoft duo. which is you might remember? Microsoft's stops new plans for in two thousand twenty four to screen devices right talking about folding devices. We have one screen the fourth and a half. We're talking about two. LCD panels are led panels with the hinge in the middle of them which is gets more exciting more IC- actual practical explanations of how to work including this week Microsoft released developer tools and guidelines and a software emulator For this falls Duo of Microsoft do device which will be running android. They're having one vice. That runs the windows. One that is android faced And the Zach Boden Who is a designer created video video of the emulator so people can actually practically see how a lot of these demo APPs are going to work Then Jonas Stein art diner sorry of have went. One better took his video and overlaid them over like a press photo of just like the actual duo device unfolded actually see things moving from one screen to another other and I have to say that this video is pretty mouth-watering it the for a couple reasons number one that the plant right now because because that'll crash skype but the thing is like it's it's it's it's one thing to say. Oh well it's two screens for the hinge in the middle and it's easy to imagine uh-huh Great Sob- maybe. They'll be aversion kindle APP and I bet I can have like the be using Microsoft outlook or something and have like a a list of inbox items on the left screen. The my tap on one I can actually zoom actually see the full view of the email and the right screen but the way that the way that you're interacting interacting with it the way that things move from one screen to another really looks like a very practical and very usable device than where it's is really essential because any any one of us is who is a fan of android has been like. Why can't they figure out how to get developers to right? Good full screen APPS that love. Mike I love my chromebook but I thought that before I was before I got my first one. I thought that I mostly be over runs android so I guess I'll be running using it like an IPAD. We'll be running like android based local APPs and maybe some stuff in the browser but the thing is the the interface the full screen interfaces for Android APPS so bad that I do have Microsoft outlook the ANDROID APP on my chromebook. But I always get my mail through the web about because it's so much better so the worry is that if we if Google presents its developer's with here is a wonderful plan for doing like a multi APPs that span multiple screens developers. Will once again say we don't care we just WanNa make phone apps because that's where all the money is raised on a basic level so that one of the things things that these videos really explain and makes you feel good about. Is that even if you have an android APP that hasn't been optimized in any way shape or form the simple ability to have one one APP on on the left hand page are different APP on the right hand page. Each one thinking that's just running on A standard heard like I'll albeit may be weird aspect ratio. Phone that in itself works really well and the way that they've got in the android operating system and its gestures Allowing you to navigate between those two screens and applications running on those two screens is really really good and then you move one step ahead of that where obviously Microsoft has has already updated. The it's Microsoft APPs to that they will work well inside this email me later when you do get to see. A duo. Optimized version of outlook working in a duo version of office APPS working and I can really see myself When I don't when I don't get the the the one row of seats on the commuter train that has the little table if I feel that I can actually get an hour's worth of work done sitting in just like a normal bench seat because it's having this little book open in front of me and being able to actually get product productive worked on it seems like a really good way To leverage to screen separated by a hinge without thinking that you're running two separate android phones that have absolutely nothing to do with each other There's the idea of screened the folds and unfolds against single screen without a hinge. That certainly seems like an attractive sort of idea. But it's GonNa be a while before you can get a flexible screen on any device. Cost less than fifteen nine hundred dollars and it's always going to be extra bulk. It's always going to be extra complicated. And in the end it might not be necessary for to create a brand new form factor so it it really is a good sign that maybe could be actually good. Microsoft gives examples of suggested APP. Layouts it's One is extended canvas meaning treat both of those screens. One screen left sand screen as the master The other one is a detail to page H.. Lay out a dual view many of the same content but you're getting different views of it And companion page. which they're they're They're not locked in stone. As to what these things mean but things like companion page would mean something like you've got if you're editing a photo on the on the right hand page. You've got like all your tools and left hand page or you can have a a movie playing but details about the movie on another On another screen. I if all this is a great amount of potential but hopefully the thing is it will never work unless developers get on board and they can get if they don't. I can't imagine the the rock and roll tour buses full of swag that Google is pulling up in front of Amazon. Saying please please please do a two page duo version of the kindle reader. Because if you if you just allow us to have an APP that allows you to read a book like a left hand page right paying face that will be at least that will these bias enough time to arm wrestle the rest developers doing something name your price we will. We will by the first one hundred seats on your bogus like Mars tourism mission. We swear just. Please get a couple of interns to write a kindle APP that works with our our product. Yeah I was actually just thinking about that like two nights ago because I've been I've been reading a lot of parenting books. You know in preparation for my journey and kiss anybody's wondering I'm currently reading a book called Oxygen Baby. Nothing you talk about raising your baby. In the Berliner way it's called free range parenting. Everybody in unison. Roller is it. But I'm I'm glad I'm glad you clarified that because when there's a book often baby maybe now I hear a lot of jokes and a lot of concerns that I know well. It's because the woman is American and she keeps saying watch out baby but anyway so I've been reading it in every reading. It allows you to get the word on. You know what happened during the forties and right right. Well it's the book is not perfect perfect by the way just to give my little armchair review of it but it does have some interesting things anyway so on this journey I'm like reading. I've been reading a lot of books lately because it's been kind of helping me to get to sleep at night and I am reading it on the TAB. Three which is is a believe. The TAB has three is a nine inch screen. Yeah it's a nine point seven inch screen and I've been reading being in landscape mode because it's easier to carry. It's easier to hold in bed than reading it vertically it and it's really weird doing that and having the page cut in half. It doesn't feel organic so and I'm doing this by the way I exclusively use. Google play books because I don't I don't put my money into Amazon's kindle I'm Google playbook person and and sometimes they use co books and I don't like the two page thing and so when you were talking about the do I was just thinking about how great it would be to be able to just have avid device that that feels attacked. You know has the tactile feel of a book. That's what that's what I really want. I think that would make me more comfortable. My husband likes his kindle paperweight. He likes the the background lighting You know it's really comfortable on. His is very lightweight lightweight piece of hardware. But the way that I use a tablet Gosh I would just love to have something that I just. Kind of clamp clamp opened enclosed. Kind of thing. Like I'm I'm really into that user ability so let's see if Microsoft kin start us out on a journey towards something that that could maybe help bring Andrew tablets back into the fold. It's it's such. I've always thought that that form factor is such a compelling concept that we've had the CIA. I agree we. We've been in a boring Rut of How how useful and efficient complaining about it? But it's for for twenty is the thirty years we've had laptops where here's a screen. Here is a keyboard. Here's a hinge that separates the two of them and it's exciting to see the potential of having a a device that can do so many tasks and mechanically adapt to how you want to function the idea of having a virtual keyboard and an opening at like laptop and having the the flat screen on the on the table surface being like a virtual keyboard the idea of having an open like a book whether you're reading the virtual keyboard though sorry just as not just then but when you wanna read a book it could be like a book reader when you have have like an email reader where it really is. I need to manage the last one hundred eighty items that have hit my inbox. I need to get through them really really quickly or I need to look something up in a browser Window while I'm replying other email and another window or even as simple as having so much of a so much of my week is a Google doc for a radio show or podcast where I've got one window. That's the dock that I'm writing or any other project and another window that's the research beat a PDF whatever And then being able to full that folded a three hundred sixty degrees around itself and just have like a compact tablet for reading comic books and stuff that this is I I i. I recognize that I'm speaking just as well of the windows version of this guy potentially as the android version of this but this is a super compelling form orm factor and I hope that there are a stable developers. I've always wanted something like this and are going to write apps just for themselves that happened to be useful for eighty eighty percent of the people that are out there anywhere. It's nothing that I have. Money earmarked for the duo or the windows version of the duo. But it's I can definitely it's one of those things where I'm sort of aware aware that this could be something where I convinced myself but you should really but instead of getting one on loan for you should buy one for research for extended research for for the hardware library. Andy don't don't think about whether it really really works. Well and yeah and the eight year old kid. That's wants something shiny for freeze birthday talking. And by the way last night I was trying to convince myself that the the pixel slate which is like on super sale right now offer four fifty on Amazon for the quorum. Three I was like I should buy this just like see what it's like to have this and then I realized that I wouldn't really be able to use it the way I want to because I have to pay the extra like basically to three hundred dollars to have the full kit and caboodle. And then I'm like this is. This is as much as laptop. Never mind I'm just going to stick with my old outdated tablet and my chromebook and every other piece of hardware that I have right now and and also babies apparently need diapers and stuff so and and also to healthcare in. America doesn't fully cost or does it fully cover the cost of. I'm having a baby in a hospital and I know the Oliver Overseas listeners. or go up you Americans and go. Yeah you know I have to. I have to back off and maybe apologize for something I said at the top of the show. Maybe the reason why some of those people are like stealing all the napkin dispensers. Dunkin donuts is. They've got some sort of a homebrew duct tape like disposable diaper plan that at..
"trillion dollars" Discussed on Material
"Me. So if you see me outside I am wearing significantly less then. Everybody else is because it's wintertime in California which means is in the low fifties which for us is like winter. So and I'm out there like Luella Floppies man. It's really hot out here. I've actually been freezing out my husband because I've been turning the heat down really low also because I'm trying and save some money because apparently babies needs to be in a perpetual seventy three degree heat like heated room and sound like. Oh my God it's going to be so much money anyway. A quick gimpy gimpy Bush update last week. We were number two and three and this week. I feel like the fact that we keep mentioning it somehow puts us into the search engine like okay so we can begin begin beginning. We're just GONNA keep saying it. Maybe it'll help our numbers next week right now. We're number one. We're number one one top five pop. Most we're top five and in three places for that I again just want to remind everybody. A lot of stuff has been going on Australia. We talk a lot about Australia on in here. Because one of our former CO hosts is a is Australian. Is Living Australia and we think about him. Russell slowly hope you're safe and okay and doing fine You know everyone.