Well as in london. We begin with a biggie week a busy week for Central Banks. Bank of japan says they will take on unlimited buying of Government Bonds, lifting the cap also on corporate holdings. I, he joins us now. , kitchen sink, we are still throwing it. Michael Central Banks are all as string the question of what you do when you have throwing the kitchen sink. In the back of japans case, you just make the sink a little bigger. The bank of japan already has negative rates, Corporate Bond and etf buying, and an emergency Lending Program, so they just decided to make those programs a bit bigger. Unchanged at rate 10 basis points. Remember, they do yield curve control. They mentioned they would buy as many Corporate Bonds as they need to and expanding access to its Emergency Loan Program for a wider range of banks. For analysts, theres a bit less here than meets the eye. They dropped their ¥80 trillion limit on Government Bond buying, but they werent buying anywhere trillion, so it d
Of a there they did i think im a big fan of your writing you wrote an excellent article recently in which you said during a pandemic the private sector austerity model has fallen apart weve seen such a tremendous collapse of the capitalist state institutions that are supposed to help people during the crisis the guideline for what to do is been all over the place the medical gear is not available the hospitals are overwhelmed that the tests still arent widely available in the u. S. Can you talk about why it is that our institutions have failed us so thoroughly. You see you. Really. Should. Reply did it or government how do you know what is still gallus legal austerity should actually be called. The United States government since the financial crisis of 2008 has deeply cut into these areas the area of education and social. Which is why on the one side there was no real preparation for the emergency on the other side you know you have a relatively hallucination driven Political Class jus
A great show for you tonight lee cam sits down with the jaipur shot a journalist and an author of 30 books a political philosopher and the executive director of the Tri Continental Institute for social research they talk about the failures of our government to deal with this crisis the demands workers should be making and much more than redacted correspondent Natalie Mcgill will talk about some mind blowing old news from Medieval Times the era not the eatery then i will go into how big businesses are taking Small Business support good news for people who like breathing and how the virus is remaking the College Process College Education process but 1st lets go to that interview between we camp and jay per shot the ship rashad thank you so much of a there late. On the big fan of your writing you wrote an excellent article recently in which you said during a pandemic the private sector austerity model has fallen apart weve seen such a tremendous collapse of the capitalist state institutio
Officials tell the Senate Banking committee about the overall state of the financial industry, including the effect of coronavirus made bills passed by congress, and the Federal Reserves Small Business loan program. Please click the mute button. Remind senators that the fiveminute clap still applies. I expect most senators will participate today so we really need to stick to that fiveminute timeframe because we have a vote coming up at noon so i will be tapping the gavel to remind you to wrap it up and to the witnesses i ask you, even though you are asked a question at the end of the five minutes, please Pay Attention to the clock and make those answers after the time has run out prompt and efficient. Seconds i will do a tap on the gavel. The speaking order process, senator brown and i have agreed to go by seniority for this first hybrid hearing. With that, let me start out. Our federale all of predental regulators, the Federal Reserve vice chairman of supervision randal quarles,the co
Crisis. I think its a good thing for us, you know, this quarantine, all of us not working. Reporter but its not good for marathon petroleum, as it announced its shutting down its massive martinez refinery, a process that takes about a week. The company said its grant to shut down on sunday because of a 60 drop in demand for gasoline brought on by the coronavirus, and californias shelter in place order. This is are a really unprecedented event that the refineries, i think, are scrambling to respond to. Reporter uc burke berkeley studies the industry and called marathon a major producer. It can process 161,000 barrels of crude oil per day and employees about 740 people. But with wholesale prices dropping, it no longer makes economic sense to keep the refinery running. Theres just way too much gasoline being produced, and the refineries have no place to put it. So somebody was going to have to stop producing, and it looks like the marathon refinery is the first one in the bay area to actu