Where you are. Thank you for joining us for this Virtual Event on the po postcovid global outlook. Im a senior fellow and vicepresident of the economy and Development Program at brookings. The Global Economy is sharp, unprecedented in its depth. And the pandemic and responses have brought countries and economies to a standstill disrupting billions of lives and jeopardizing decades of development progress. The june edition of the World Bank Global economic prospects which motivates todays conversations envisions a 5 1 4 contraction of global gdp in 2020. This is the deepest global recession since world war ii and the largest collapse in per capita income since 1870. Its a timely report thats informed by assessment of the fundamental drivers of longterm growth, including the collapsing investments which will slow capital formations and in Human Capital and the location of trade and supply linkages among others. The pandemic is having a proportionate effect on lower Income Countries where
The hospital fed chair jay powell told congress more stimulus may be necessary. A moment ago, looking at the dow futures. Up by about 67 or 70 points. S p up by 10. 50 and nasdaq up by 152. 10year at 0. 743 below yesterdays close. We have a huge line up again today. Amazing. Former Economic Advisor to president Obama Joining us about an op ed hes just penned. General motors Ceo Mary Barra with us. Investor Glenn Hutchens and Dallas Mavericks owner and netflix cofounder and ceo of netflix with Important News to share this morning some stocks to watch you might keep an eye on ar call revenue was a little short results would have been better but customers in hard hit areas postponed purchases including hospitality, retail and transportation clients shares of groupon reported a First Quarter loss that wasnt as bad as expected saying it was challenging, people turned to discounts on Warehouse Club members, flour delivery and e learning. I was willing to send some flowers. We waited up late
This call if they are interested is a very good book called firefighting summary of the crisis and one called First Responders which is gets in deeply to the individual program. I recommend everyone have a look at it. Over the next couple weeks. Been among other things is a distinguished economic historian, wellsuited to put this horrible event we are experiencing now in context for us. To give us a sense today of what will determine how deep this recession will be, perhaps how long it will last, how effective the fiscal and Monetary Policy response has been and perhaps whats likely to come and whether the covid19 recession will leave longlasting scars on the u. S. And the global economy. I will turn this over to ben for his remarks after which david wessel will pose questions and i think after that there will be instructions on how the audience members can ask their own questions. Then come over to you, thank you for doing this. Thank you glenn, thank you everyone for joining us this
Steve told the story of going from a glass blower in st. Louis teaming of the founder of twitter to build a multibillion payment company. In the book you talk about a lot about perfect problems. When did you realize that Small Business payments were a you are going to have to do something new and you cannot copy. I hired jack when he was 15, he was a High School Student came into work at a company that i actually still have. I dont run any of my companies but it also dont sell them. This ones been around for 30 years. He goes off to college, we kept in touch. And then he had kicked out of twitter, the first time,. [laughter] they showed him the door and he came back to st. Louis and he came back we were hanging out and talking and decided to start a company together. We are then kicking around ideas he didnt have an idea and i didnt have an idea suisse are looking for problems we could solve. And came up with the problem. When did you come to that conclusion you talk in the book about
On the sculpt theyre interested theres a good book called firefighting which is a summary of the crisis in First Responders which digs deeply into these programs. I recommend everyone have a look at it over the next couple of weeks. Been among other things has been distinguished economic historian being wellsuited to put this horrible event we are experiencing now in context as well it gives a sense today about what will determine how deep this recession will be perhaps how long it will last, how effective the fiscal and monetary response has been, and perhaps will likely come and whether or not the covid19 recession will leave longlasting scars on the u. S. In the Global Economy so turn this over to ben for his remarks after which david wessel will pose some questions and after that therell be some instructions on how the audience members can ask their own questions. So bent over to you and thank you for doing this. So thank you and thank you for joining us this afternoon it feels lik