Sam hosts author and Columbia history professor Adam Tooze to discuss the on-going recession and his latest piece in Foreign Policy, “The Normal Economy is Never Coming Back.” Sam and Tooze discuss the troubling disconnect between the financial markets and the “real economy” and the strange lack of parity between them. Tooze compares this economic moment to the cartoon roadrunner suspended in midair off the edge of a cliff, spinning its legs before it looks down and crashes. The global economy has never experienced a shock quite like this. It will be a while before debts go unpaid, and the banks’ balance sheets become problematic. We’re all living on credit right now, which will eventually run out. Businesses with small margins with lower-educated workers will be the first to show damage. Sam and Tooze then move the conversation to the role of banks and who gets saved during the pandemic’s economic triage. The two conclude their discussion on ways to build political capital against austerity measures pushed by McConnell, why the national debt is a red herring wielded for political gain, and how Democrats need to spend to help the American people.
And in the Fun Half: the My Pillow guy’s memoir is coming out, Tucker Carlson’s toxicity, Tara Reade’s allegation against Joe Biden, weighing Joe Biden’s candidacy, the cancelled presidential primary, Trump’s return to the podium, plus your calls and IMs!
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