Thanks for joining us britain faces its deepest recession since 300 years due to the coronavirus pandemic economy shrank by a record 20. 4 percent in april the sharp drop reflects the impact of the countrys coated 19 locked down bad news as the country heads with important deadlines looming. Once again the European Union is waiting for Boris Johnson once again he missed an important deadline and once again the british Prime Minister is taking his time johnsons government has until the end of june to decide when and under what circumstances his country will leave the e. U. Britain has registered more than 2000000 unemployed since march the bank of england calls this the worst recession in 3 centuries is Boris Johnson teetering on the brink of a brigs a disaster Stephen Norman c. E. O. Of british car manufacturer vauxhall recently commented. You know. Michel barnier the e. U. Representative in free trade talks with britain is losing his patience to the agreement should have been reached
Three months, yesterday. So well sort through it all and some detail with fox Business Team coverage set up for you blake burman at the white house, he has news on the president. First throw to Lauren Simonetti on these markets. Lauren it was a weird day. It was certainly a volatile session, so the morning you had an 800 point rebound after yesterdays 1,800 point selloff we saw it evaporate by the afternoon and then come back again so late morning the Federal Reserve said its worried about a slow return to normal and permanent job loss and you can see when the market came down and then in the afternoon the cdc said a spike in new Coronavirus Infections may require prevention efforts like the ones we saw in march, so very volatile and what that volatility did was it pushed the vix, the fear index at one point above 43. At the bell this is the gains that we saw the Dow Jones Industrial average closing higher by 477 points the nasdac up 96, s p up 39 for the week, not so good all three ma
Massachusetts amherst and formerly a professor of economics at yale and the new school among others hes also the founder of democracy at work and host of economic update on you tube and they have a very interesting conversation about workers strikes then i go into aggressive policing and rejected correspondent enters lee does some Fact Checking on voting but 1st lets go to that discussion between camp and richard will professor wofl you so much for joining me. My pleasure me glad to be here i dont know anyone better than you to diagnose the problems right now or looking at an economic crisis possibly 30 percent Unemployed People thought for an across the country and around the world if only someone had told us that such a crisis might happen if only there had been some kind of warning signs but instead no one could see that capitalism would have such a problem is that right. Well is a fuel cost but basically youre right the consensus was that we were doing really pretty well the presid
To that discussion between camp and richard will professor wove thank you so much for joining me my pleasure im really glad to be here i dont know anyone better than you to diagnose the problems right now were looking at an economic crisis possibly 30 percent Unemployed People suffering across the country and around the world if only someone had told us that such a crisis might happen if only there had been some kind of warning signs but instead no one could see that capitalism would have such a problem is that right. Well as a fuel cost but basically youre right the consensus was that we were doing really pretty well the president s absurd claim that the economy was great or even come greatest in the world. Was one thing that people winked at each other about but not enough to really make a counter argument or a counter assessment that it was as weak as it has now shown itself to be if i could just make the point in a different way this is the 3rd crash of capitalism in this new young
No one could see that capitalism would have such a problem is that right. Well is a fuel cost but basically youre right the consensus was that we were doing really pretty well the president s absurd claim that the economy was great or even greatest in the world. Was one thing that people winked at each other about but not enough to really make a counter argument or a counter assessment that it was as weak as it has now shown itself to be if i could just make the point in a different way this is the 3rd crash of capitalism in this new one century. In 2000 in the spring we had what came to be called the dot com crash into the sounds were 8 we had retained to be called the sub prime mortgage crash and now in 2020 we have their 3rd one their socalled coronavirus crash again and here is giving a name to each crash as if the cause and the explanation is entirely on what the trigger was you know but now its a mistake that is a economics mistake you give a kind of are still going to see miners