Within the dow. Take them out of the picture, things wouldnt be as bad as they are now. Were well off the earlier lows, down 400 points, down about 165 points but also fueling this, offsetting this if you will is talk of progress on that stimulus front. You remember where they were looking for republicans, another 250 billion for the Paycheck Protection Program . Well they ran into a buzzsaw of criticism from democrats that argued it was too tilted to business so they wanted to make assurances for health care workers, hospitals, that sort of thing. I stress that they have reached a broad parameters of a deal. It is not a deal until they both mutually agree. Were seeing progress on the front. That mitigated losses in the dow and offset the oil impact. Edward lawrence joins us now from washington with how this is all progressing. Hey, edward. Reporter neil, close, very close. That is how it is being described. As you said no deal, no ink to paper as it were for this deal. Republicans ini
President of Lipo Oil Associates in new york we have helen i need ski she is an american journalist with r. T. And in Great Barrington we cross to pete earley he is an economist with the American Institute for Economic Research all right cross talk rules in effect that means you can jump in anytime you want and i always appreciate andrew in houston let me go to you 1st here. The i guess this is the 2nd shock in as many weeks for you because youve covered the oil markets and now we have the process being rolled out to deal with the corona virus when weve seen markets crash and we see a lot of disorder and a lot of questioning of what direction we need to go into but there seems to be quite clear that a recession is going to be upon us and very very soon if not were in it already go ahead and what are your thoughts. Well i think thats right because if you look around the world we have School Closures we have industries telling people to telecommute we also have really the shutdown of the
Low and welcome across all Things Considered im Peter Lavelle the outbreak and spread of the corona virus has become a black swan event for the Global Economy is no longer whether the u. S. And other economies will slip into recession the question now is how deep and how long the recession will last its going to get worse before it gets better. In the corona recession im joined by my guess and in houston he is president of Lipo Oil Associates in new york we have helen i need ski she is an american journalist with r. T. And in Great Barrington we crossed pete earley he. As an economist with the American Institute for Economic Research all right crosstalk rules in effect that means you can jump in anytime you want and i always appreciate andrew in houston let me go to you 1st here. I guess this is the 2nd shock in as many weeks for you because youve covered the oil markets and now we have the process being rolled out to deal with the corona virus when weve seen markets crash and we see a
He is president of Lipo Oil Associates in new york we have helen i need ski she is an american journalist with r. T. And in Great Barrington we crossed pete earley he is an economist with the American Institute for Economic Research all right cross talk rules in effect that means you can jump in anytime you want and i always appreciate andrew in houston let me go to you 1st here. The i guess this is the 2nd shock in as many weeks for you because youve covered the oil markets and now we have the process being rolled out to deal with the corona virus when weve seen markets crash and we see a lot of disorder and a lot of questioning of what direction we need to go into but there seems to be quite clear that a recession is going to be upon us and very very soon if not were in it already go ahead and what are your thoughts. Well i think thats right because if you look around the world we have School Closures we have industries telling people to telecommute we also have really the shutdown o
Deal with the corona virus when weve seen markets crash and we see a lot of disorder and a lot of questioning of what direction we need to go into but there seems to be quite clear that a recession is going to be upon us and very very soon if not were in it already go ahead and what are your thoughts. Well i think thats right because if you look around the world we have School Closures we have industries telling people to telecommute we also have really the shutdown of the economy say like in italy where everyone is staying at home or in spain and were seeing that spread to parts of the u. S. Most notably San Francisco and of course the World Economy is so dependent on Consumer Spending travel tourism and youre seeing those industries really collapse and close and of course that is going to lead us into a recession i think not only here in the u. S. But worldwide ok helen it seems to have this kind of Ripple Effect from 2008 and i keep hearing the words bailout in stimulus and things l