you have some economists -- some of the leading economists have come out and said the second and third quarter, we may not even grow at all. now, the question for everyone i have talked to is the size and length. what everyone is talking about is the uncertainty around the time horizon. and what the longer-term consequences will be. but i can tell you that with every ceo, and i'm talking i spoke to the largest companies in the world today. what they are all saying is they have created 90-day contingency plans. so they are well into q2 in terms of preparation, how they're addressing their factory, their workforce. now, what they are saying is we're overcommunicating. we're staying calm. we're building the plans in place. i will tell you one other thing. the entire tech sector came out. apple. microsoft. you name it. all the tech giants came out and said they're going to step up and pay hourly workers to stay home. the healthcare industry said they are going to step up and make sure that they're paying for coronavirus tests for the uninsured. so corporate america is looking for ways to s

group chief economist. was that sufficient? erik: i think it was. if you look at the twitter stream and all of the communication before and what you saw the european bank federation ask for, they delivered and more. they didn't do the rate cut, but no one can persuade me that 10 basis points or 20 basis points would create this sort of havoc. and then you have an enormous a andof the liquidity attractive packages for the banks. but you're missing the fiscal, of course. guy: christine lagarde addressing that issue right at the end. at some point, she talked about the fact that the ecb is not there to close spreads. btp's reacted very badly to that. erik: that was not a good statement. i don't understand why she said that. ecb, shead of the should be very concerned about spreads because spreads prevent the ecb from having a proper transmission mechanism throughout the euro zone. i don't know how that one came about. vonnie: perhaps there is the perception that the markets are dictating to central banks and fi

so you're asking the position of the economists what i'm going to get on with the golden dome. i think what i do and why around the world are you done so globalization is not over the exchange of ideas will always occur and we will always want to visit different parts of the world and supply i don't think what i do know though is we will be rethinking supply chains for clear critical materials body. parts will be thinking supply chains for critical materials right i'm not sure i want all of my mask production in one country may i want it in 4 countries right stead same thing for the redundancies active pharmaceutical you know they. go to gradients of my drugs i don't think i want that all tied up in one crazy anymore i will ask you the same question is is globalization as we knew it done no it's not i do better now that it can be done for you the same thing that if you don't know why or why you know you know we're rightly talking a lot about how this time is different like the hirono virus what this means frankly this time is not that different when you think about the economic

joe stiglitz, nobel prize-winning economist, columbia university professor, chief economist for the roosevelt institute. he served as chairman of the council of economic advisers under president bill clinton and as chief economist of the world bank. his latest book "people, power , and profits: progressive capitalism for an age of discontent." when we come b back, trump doubs down on his use of the racist term "chinese virus." stay with us. ♪ [music break] amy: "dear dr. . bonnie," an oe to the face of the fight against the coronavirus in british colombia, who has been giving daily updates on the spread of covid-19. the song is sung by two members of her fan club, and you may recognize the music. it is from the song "dear theodosia' in the broadway show "hamilton." all of broadway is shut down right now and the prime minister of canada is in self-isolation because his wife has tested positive for covid-19. i am amyemocracy now! goodman. pres. trump: we will begin by announcing some important development in our war against the chinese virus. we will be invoking the defense production act jus

so you're asking the position of the economists what i'm going to get on with go over the job. over i think what i do and why around the world are you done so globalization is not over the exchange of ideas will always occur and we will always want to visit different parts of the world and supply i don't think what i do know though is we will be rethinking supply chains booklet critical materials body. parts i will be thinking supply chains for critical materials right i'm not sure i want all of my mask production in one country maybe i want it in 4 countries right stead same thing for the redundancies active pharmaceutical you know they. go to gradients of my drugs i don't think i want that all tied up in one crazy anymore i'll ask you the same question is is globalization as we knew it done no it's not i do better know that it can be done for you the same thing that if you don't know why or why you know you know we're rightly talking a lot about how this time is different like their own virus what this means frankly this time is not that different when you think about the eco

economist justin wolfers joins is next. tto examine investmentgo opportunities firsthand, like innovations in agricultural research. because your investments deserve the full story. t. rowe price invest with confidence. we find a way through it.y, it's about taking care of each other. it's the small parts that make a big difference. at chevy, we promise to do ours. we're offering chevy owners complimentary onstar crisis assist services and wifi data. if you need a new chevy, interest-free financing for 84 months - with deferred payments for 120 days on many of our most popular models. you may even shop online and take delivery at home. it's just our way of doing our part... in the transportation industry without knowing firsthandness the unique challenges in that sector? coming out here, seeing the infrastructure firsthand, we can make better informed investment decisions. that's why i go beyond the numbers. beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in who

institute of technology and a former president of the american society of health economists and in denver we have a very full boat today kathleen tierney a professor of sociology at the university of colorado and author of a must read book disasters a sociological approach it's so good to have you all with us dr come in we start with you for a minute can you give us a quick snapshot of what the benchmarks on this health crisis is from a health dimension absolutely so in the midst of a pandemic 10120000 cases worldwide over 100 countries 4000 deaths the majority of cases have been in china 80000 cases they seem to have been able to push back from 5000 cases a day down to 20. currently however this we're seeing flare ups in places like italy south korea and iran right now so between those 4 countries that conference 97 percent of all cases worldwide so all of this is happening about 13 weeks what is the next 13 weeks likely to look like wish i had that crystal ball i would not be in the market right now so my expectation is that my hope is that many countries will follow the model china and

institute of technology and a former president of the american society of health economists and in denver we have a very full vote today kathleen tierney a professor of sociology at the university of colorado and author of a must read book disasters a sociological approach it's so good to have you all with us dr come in we start with you for a minute can you give us a quick snapshot of. what the benchmarks on this health crisis is from a health dimension absolutely so in the midst of a pandemic 10120000 cases worldwide over 100 countries 4000 deaths the majority of cases have been in china 80000 cases they seemed to have been able to push back from 5000 cases a day down to 20 currently however this we're seeing flare ups in places like italy south korea and iran right now so between those 4 countries that conference 97 percent of all cases worldwide so all of this is happening about 13 weeks what is the next 13 weeks likely to look like wish i had that crystal ball i would not be in the market right now so my expectation is that my hope is that many countries will follow the model of chin

it is different than what economists are used to dealing with. i've never heard economist talking about biology quite so much. david: thank you so much, stephanie kelly. televisionbloomberg and radio, especially edition of wall street week. we will hear from nancy pelosi, cisco ceo, larry summers, and much more. that is 6:00 p.m. eastern time. this is bloomberg. ♪ david: this is "balance of power ." is still down. >> we are taking a bit of a breather. we are coming up the best three days since the great depression era and i think a lot of that stimulus isund the met with this grim reality that the coronavirus is still spreading. the economic picture is grim when you consider the conference this morning was the worst since the financial crisis. over 3 million jobless this week. that is heading into today. we are still heading for our best week since 2009. we are up double-digit on the week. david:? and the month [laughter] it's the worst since 2008. >> it is ugly. look at the dow, from monday's close to yesterday, rallied into a bull market. the

here's the chief economist. europe, and asia, like japan. in which case he would have the same guarantee and travel banks as we have seen in china, or similar. and that would slice the work that we were working at down to 596. work that we were working at down to 5%. meanwhile, central-bank work that we were working at down to 596. meanwhile, central-bank bosses in the us,japan 596. meanwhile, central-bank bosses in the us, japan and europe are all standing ready to help prevent an economic meltdown in the wake of the coronavirus outbreak. in economist i spoke to earlierfrom coronavirus outbreak. in economist i spoke to earlier from analogous caution that the influence central banks can have over economic economy will be very limited. even if you lower taxes, it doesn't really mean that people will consume. they have to be confident when they consume, especially consumer durables, which is collapsing. i think what you need to do is to keep the economy working, not necessarily immediately lowering taxes. at the beginning of this outbreak we t

and we speak exclusively to one of germany's leading economists. he believes if we can avoid a global recession despite the global breech of the coronavirus. i mean facility let's do business. it can all be traced back here. a city of 11000000 in central china and the at the center of the new strain of corona virus disrupting global commerce now province of who base says it's starting to go back to work after a lengthy lock down if true it could be a positive signal to the rest of the world there's reason to believe things won't immediately go back to normal. carmakers are already signaling a return japanese firm honda saying it will restart work and its factory on wednesday rival nissan saying it's partially restarting 2 plants in the surrounding who bay province china is eager to show that industry is getting back on its feet it's routinely releasing videos like these showing factories in full swing but many businesses and especially larger manufacturers are operating under reduced capacity they lack workers many of whom haven't made it back from

leading economists in the poll think that he believes we can avoid a global recession despite the global breech of the coronavirus. i mean 1st of all and let's do business. it can all be traced back here. a city of 11000000 in central china and the epicenter of the new strain of corona virus disrupting global commerce now the province of who bays says it's starting to go back to work after a lengthy lock down if true it could be a positive signal to the rest of the world there's reason to believe things won't immediately go back to normal. carmakers are already signaling a return japanese firm honda saying it will restart work and it's factory on wednesday rival nissan saying it's partially restarting 2 plants in the surrounding who pay province china is eager to show that industry is getting back on its feet it's routinely releasing videos like these showing factories in full swing but many businesses and especially larger manufacturers are operating under reduced capacity they lack workers many of whom haven't made it back from the lunar new year holidays due to travel restrictions and

economists peter paul think that he believes we can avoid a global recession despite the global breech of the coronavirus. i'm going to school and let's do business. it can all be traced back here. a city of 11000000 in central china and the at the center of the new strain of corona virus disrupting global commerce now province of who says it's starting to go back to work after a lengthy lock down if true it could be a positive signal to the rest of the world there's reason to believe things want to mediately go back to normal. carmakers are already signaling a return japanese firm honda saying it will restart work on its will han factory on wednesday rival nissan saying it's partially restarting 2 plants in the surrounding who pay province china is eager to show that industry is getting back on its feet it's routinely releasing videos like these showing factories in full swing but many businesses and especially larger manufacturers are operating under reduced capacity they lack workers many of whom haven't made it back from the lunar new year holidays due to travel restrictions and di

my guest is laurence boone, chief economist at the global economic forum in the oecd. will we get the dramatic co—ordinated emergency intervention required to stave off economic disaster? laurence boone in paris, welcome to hardtalk. thank you, thanks for the invitation. it is a pleasure to have you on the show, your own president, president macron talks about a war. has country in the world being engaged in a war against coronavirus. do you see that actions are matching the words when it comes to trying to say that the world economy? there are actually three fronts on which we have two fight this battle. health, financial and social. with health, i think there could be more cooperation with the who because at the moment it is about data collection, provision of supplies, equipment, and testing. there seems to be a little black. 0n economic and finance, we are actually seeing a lot happening stopping many governments are putting in place measures to address the healthcare system, but also people to make sure they can support people to make sure they can support peopl

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. jack: coronavirus is swept across the globe, national economy reeling and it's awake. what should central bank and the fed do right now to avert a global financial crisis joining me now former imf chief economist is also the author of the third pillar. raghuram rajan. thank you so much for joining us, they ought to realize that i think in fact it was 2005 you got booed and his for warning people in this country about an economic crisis on the way. you proved fresh end. so let's hear from you now, first of all, as a former central banker when something like this happens, one of the first thoughts that go through your mind? one of the things you rush to solve immediately? >> what you can do as a central bank is let the markets at this point. the markets are backing up some are panicking. what you need is to give them the assurance that at least is part of the clarity goes there will be plenty of it, you as the central bank will make sure

still with me is the economist at schroders. to bring to our viewers attention a piece of information of the oh ecb. one of the people that i follow regularly on twitter. they have to remind that this is particularly important. this is where i draw the line in the sand. done, clean up the balance sheets. it is a different crisis. it is a global health crisis. you can see here, in terms of hospital beds. is this something that we are not talking enough about? response? >> this chart is super interesting. japan, see in korea and they are better in terms of the potential response. be in avernments will lot of concern. because those populations that are a lot older, even on this metric, it is not good. remember we have a quarter of 65 population that is over in japan. so the mortality rate in japan is a lot higher. even japan is concerned with its health care system. basically if you do have mild symptoms, stay-at-home, don't come into the hospital. are looking at this. these are the ones that screen out the best, like japan and kor

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. i wonder how the firm is doing without its fearless leader. sure you want to leave that all behind? yeah. stay restless, with the rx, crafted by lexus. experience amazing at your lexus dealer. with the rx, crafted by lexus. can we go get some ice cream? alright, we gotta stop here first. ♪ ♪ from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you? tv sports announcer: oh!not another commercial!al. when you bundle your home, auto and life insurance with allstate you could save 25%. the more you bundle the more you can save. what? bundle and save. click or call for a quote today. today, john got dressed first date with sarah. john told his

the chief economist at the consumer confidence board. bart, great to have you. i was reading some of the notes and given that the drop in confidence was less than expected, either the consumer is resilient or in huge denial? do you have a read on which it is? >> yes, we do. the most important point of the from was that it declined -- it was around largely done -- the survey was largely done in the beginning of the month of march. this is before the rapid increase of the pandemic. the underlying expectations, the decline was much bigger. that is very much in line with other shocks that we have been seeing. what concerns you about this in terms of the big decline in future expectations? what do we know about how much worse it can get? >> when we look at previous ames, this could go down significant amount of months going forward. we are asking consumers about their view on business conditions and job prospects and income positions. all these things are coming down right now. this does not feel like a temporary shock. it feels like this will happen for quite a few

there was a republican economist who just put out a blog. he said that the best idea right now economically would be to 500 or $1000s checks. hands sointo people's they can pay their immediate bills and when all of this hopefully blows over, they will be motivated to go out and spend again. let's go to randy from virginia. caller: hello. good morning, america. it is just hard to know where to start when there are so many children that are out of school. that is my biggest concern. there is no more important issue than their physical and mental health. this is one of the reasons i started my small business was to help educators and professionals with prevention and connecting the dots from school and neighborhoods. we are setting up intense. we have mobile education facilities and the like. we just need to mobilize those. thated smaller platforms can solve big problems. america needs to mobilize. guest: i think he is exactly right. that is what gives me hope this morning. we are starting to see creativity around the worldgueso address this an

or an economist to realize how how fickle how fragile this illusion is the collapse of the markets down 10 percent roughly here a year now. it states in new york city where i'm sitting is a clear very profound statement of the entire investment community which is not the small people who have a few shares i'm talking about the people who manage ancient funds who manage bank board formulas and so on have a massive loss of confidence in the government of the united states or in the private economy to get out of this disaster we're running on borrowed time they can't keep printing money for too long or inflation goes through the roof money becomes worthless the illusion will eventually wear off even the most optimistic investors can only live in denial for so long and will realize that banks are living in a dream world then it all collapses see the world up until now has been weighing lives vs the economy for all the criticism and ridicule of the world through a child that they shut down everything sacrificed their own economy to keep the virus from spreading the west didn't the west ridic

joining us now is pernille henneberg, and economist. using the phrase shocking all, what does that mean? does that mean we will see more cutting or that yesterday's emergency cut was supposed to be the big one? u.s. economies believe the fed will deliver more cuts. last week, they think 25 basis point cut will be delivered at the march meeting. if anything, the risk is the cut is possible, that the fed follows and cuts more at the april meeting. what we looked at in a broader context is the overall financial conditioning index and what we heard jerome powell sank yesterday was the cut was meant to prevent financial conditions from tightening. greg: when it comes to these cuts, the most powerful central bank and the world acted first. we acted in canada. preceding this is the phone call from the g7 central makers at finance ministers. can be expected the governments to show up at be a partner in this with fiscal stimulus? takinge: governments are action in countries that have been hit the most. we are seeing it in italy and in china. for

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. ♪ do you recall, not long ago ♪ we would walk on the sidewalk ♪ ♪ all around the wind blows ♪ we would only hold on to let go ♪ ♪ blow a kiss into the sun ♪ we need someone to lean on ♪ blow a kiss into the sun ♪ all we needed somebody to lean on ♪ ♪ ♪ ♪ all we need is someone to lean on ♪ can we go get some ice cream? alright, we gotta stop here first. ♪ ♪ from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you? from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for 24 hours, with flonase. doprevagen is the n

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. what i love most about being a scientist at 3m is that i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. from packaging tape... to tape that can bond materials to buildings... and planes. one idea can unlock a breadth of solutions. at 3m, we are solving problems that improve lives. wean air force veteran made of a doing what's right,.. not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa jack: coronavirus is swept across the globe, national economy reeling and it's awake. what should central bank and the fed do right now to avert a global

tom: what do corporations need from economists? if these people are going to be resilient and try to keep written test revenues going, what -- revenues going, what do they need from the fed? paul: the larger companies don't need so much from the fed at the moment. it is the smaller businesses. if you are running a small business, typically you are one bad month away from closing because small businesses are operating on tight cash flow. it is not the profitability, it is the ability to pay the bills. that is where assistance as with the bank of england or the ecb, that targeted assistance is useful. 50 billion from the federal government is not enough, not for an economy the size of the united states. it is not even around enough, so that sort of business for the mom-and-pop stores, that would be helpful. avoid the problem james was highlighting about the risk of having job losses, which one person's employee is everyone else's consumer. that we do not want to see. we want to mitigate the negative impacts of the next three months a

i'm an economist and we like trade agreements. we like dealing with foreigners and getting them to sell stuff and buy stuff that we economist are in favor of that but i think we exaggerate the importance of the trade deal. often this history changes in technology. the cell phone, theinternet. the barcode . they're going to be, don't get me started on the barcode . come find me later and i'll tell you about thebarcode . shipping containers, when you think about it, this technology was really introduced in the late 1950s by an entrepreneur called malcolm mclean. this is 1850s technology, not 1950s .this is bars. corrugated. the software. how complicated is that? but responding a lot of time taking stuff and putting it on a truck and the truck drives to the port and we take it off the truck and loaded on the ship and the ship goes to another port. we put it on another ship, on a train area to take off the train and putit on a truck . why don't we just put it on the box and move the box? it's radical, it's amazing but of course mclean

laurence boone, the oecd chief economist from paris. ?hy such a dramatic statement why is the comparison with the financial crisis a good one? it is the size of the be --which may [indiscernible] -- which are having a big impact on the economy. , so what weertainty have done is have a base case based on geography and magnitude. that would remove global growth. then we also have the downside scenario equation, where the america,goes for north europe, and a wider range, and that is a much bigger blow to the economy. guy: a lot of people are now speculating that we are going to see a monetary policy reaction, that the fed, the ecb, the mek of japan are all going to cut -- the bank of japan are all going to cut. what effect is that going to have, given that monetary policy is incapable of helping us with the virus? dr. boone: this is a very good question. there was a shakeup at the end of last week. central banks showed that they are ready to act. they can provide the liquidity that the market stability will need. we do not need a financial c

jeremy thomson cook, chief economist, equals group joins me now. what is co—ordinated action look like? central banks over the last four or five trading days and the ability to allow businesses access to cheaper funding so hopefully they can tie themselves over during this period where we are seeing demand from consumers, demand from businesses falling off a cliff. and with the fed reducing rates to zero. also enabling money to be available. will this be affect even in terms of stemming, i don't global recession? the fed can't change tax policy and can't increase government spending that these are believers with historical lows and $700 billion of additional spending isn't enough to support the banking system and allow them to support the business is that have accounts with them and lending relationships with them. the key thing for me are due for example on how we go about our daily business is what government does as far as fiscal spending, whether we see tax breaks for small and medium—sized businesses, whether we see payments made by govern

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. alexa, tell me about neptune's sorrow by olivia watson. it's a masterstroke of heartache and redemption. you didn't read it, did you? i didn't but i will. the lexus nx. modern utility for modern obstacles. experience amazing at your lexus dealer. from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for 24 hours, with flonase. which most pills don't. can we go get some ice cream? alright, we gotta stop here first. ♪ ♪ from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you? colon cancer screening for people 45 plus at average risk. some thing

a chief economist for baron berg is with us to discuss. what do you make of the steps in europe and perhaps in germany over the weekend in terms of the fiscal spend? clear.message is do not look at all the individual numbers. they are huge. the messages whatever it takes, and that is being done in various stages and various programs that we are having across europe and very much in germany as well. they are trying to address individual problems. liquidity problems for companies through loan guarantees and possibly through injections of state money. there is significant support for workers, especially to keep defined to unemployed workers on the job. there are schemes for small businesses to support them through a liquidity crisis. the major question now in this sense in europe is not the money. is in theis there or process of being -- can the money reach the people on the ground? the bigger companies? their income would otherwise fall. it is to some extent a problem as to how much we can administer this and a lot will depend on that, but t

a concept that was alien to economists even 20 or 30 years before. a concept called stagflation. what happened was this. in october of 1973, a war took place between israel and some of its arab country neighbors. it's known as the yom kipur war. the u.s. supported israel in that. in retaliation, some arab member stations of an organization called opec, the organization of petroleum exporting countries, decided to embargo oil sales to the united states. this sent fuel prices skyrocketing. just in a matter of weeks in the fall of 1973, the country saw huge lines at gas stations, rationing of gas happening in many states. stealing of gas out of each other's gas tanks sometimes by siphoning. that was how desperate some people were for gas. i don't know if you can make out that one picture. it's a father and son saying, gas stealers beware, we're loaded. he has a gun in his hand. don't try to take gas from us. what could lead to this kind of sense of panic almost? i think for working class america, probably there was nothing symbolic more of post-war prosperity than having your car an

for years now 2 well known german economists. and mathias fike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically lone bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague purcell yes met up with them. the state of emergency on global stock markets it's a looming catastrophe that could and worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over it can't do anything it's a nature along and you. can print so much money as they want they won't stop the crisis it's happening. or you'll prices have collapsed by its heard today or lowest level and 30 years keep it off by the coronavirus all over the world markets. their lates

for years now 2 well known german economists and mathias 5 have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically lone bull market correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague pacelli has met up with them. a state of emergency on global stock markets it's a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over it can't do anything it's a natural law it's. so much money they won't stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level in 30 years kicked off by the coronavirus all over the world markets forming. their latest book is called the biggest crash of all time. they have predicted to crash many time

for years now 2 well known german economists. spike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after historically long bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague tempus alias met up with them. a state of emergency on global stock markets it's a looming catastrophe that could dandle worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over they can't do anything it's a nature along. so much money as they want they want to stop the crisis it's happening. or you'll prices have collapsed by a 3rd today our lowest level in 30 years kicked off by the coronavirus all over the world markets falling. their latest book is called the bi

. >> sarah talk to me about the fact that some key economists have suggested that we are already in a recession, a recession would be more serious than the idea that the stock market has taken a downturn. stock markets do tend to return over time, recessions can have longer lasting and lingering effects. >> that's right, and what we are seeing with the, you know, the effects of pandemic, of course, are that there are huge swaths of the economy that are shutting down. so we have no economic activity that is occurring that would be in essence, the measure of whether or not we are in a recession or not. you know, the consensus view is, you know, you don't know that you're in a recession until it's too late, but we are seeing such significant slowdown of activity, people not being able to work, people not going to school. i mean, there is a sense really that economic activity is slowing dramatically, at which point, what we really need to be focused on is how long it's going to take to actually restart. so of course we can't restart until we kind of hit bottom in terms of understanding wh

for years now 2 well known german economists. and mathias fike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically lone bull market correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague purcell yes met up with them. a state of emergency on global stock markets it's a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over they can't do anything it's a natural law and. they can't print so much money as they want they have one stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level in 30 years keep it off by the coronavirus all over the world markets are falling

-- chief economist for oecd. now she is at citigroup running their entire economic platform and she has been definitive on the dynamics and nuances we have seen through this pandemic. we are thrilled catherine mann can join us from the clear air of new hampshire. there is a national impact. how do you treat the focus on new york, may be the new focus on atlanta, and certainly louisiana, how do you take that nationally in our economics and in our society? catherine: there is the tragedies within each one of those states and the families and people involved, and the people working to try to reduce the death rate and the case rate. first, that is the thing that on the ground matters the most. and the states that are not as affected, they look at this and it matters for levels of confidence for governors and mayors in those states. they wonder, are we next, and what should we be doing to ensure that when it comes here the incidences will be lower and we will be able to treat people? there is a confidence factor and e

well or my colleague has talked to top german economist peter bofinger about the business impact of the virus in germany government responses and our chances of a global recession. what's your impression of how a german business is currently dealing with the current crisis well we have no data so far for march we have no data for february the only thing we know is that the labor market so far has not been too much affected which is good news but it's obvious that it will have severe repercussions on production on services i think there's no doubt that we will face a kind of recession in the 1st. what and also in the 2nd quarter is the german government doing enough to protect the german economy german companies against this crisis jungle mint is doing important things especially as far as fraught time burke is concerned i think they have no activated measures that really helpful in the great financial crisis is to prevent the crisis to spread to the labor market but we thing more has to be done and i think what's measures is really know the liquidity and the solvency of the in the price

for years now 2 well known german economists and mathias fine have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so one of the 2 german forecasters writes about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague pacelli has met up with them. state of emergency on global stock markets it's a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over they can't do anything it's a natural law and. they can't print so much money as they want they won't stop the crisis it's happening. or you'll prices have collapsed by a 3rd today our lowest level in 30 years kicked off by the coronavirus all over the world markets. their latest book is called the biggest crash of all time. they have p

morgan stanley economists seeing 12.8 percent unemployment average. and chancellor angela merkel has quarantined herself at home today. the public face of germany's fight against the coronavirus behind closed doors after she came into contact with a doctor who later tested positive with the disease. prime minister shinzo abe of japan is indicating that postponing the summer olympics may be inevitable. the international olympic committee says it will reach a decision in a four weeks. but canada says it will not send athletes to the games -- it wants the games delayed until the pandemic is controlled. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. tom: thanks so much pay let's get to the data. we are seeing the market open with a little bit weaker and yields lower, from their two-year space out to the 30 year bond, with curve flattening. those worries about massive economic slowdown. i want to point out the bloomberg d

a lot of economists are supporting this. it is going directly into people's pockets. >> i would put a caveat on this. case, we arecular going to have a lot of needs. i think we should do it on a needs basis and focus it where it is needed the most and it is lower income americans, especially those who have to stay home and hourly workers. we need to target everything we do so we can be in there for the long run. there are scarce resources. if this is as bad as some people say is going to be, we have to adapt different types of policies. that is the only caveat i would put. i agree with that that. i think that would be ideal. people who are more likely to be in a fragile financial situation. my only concern is do we have the time to actually do that. issue. data the social security administration and the irs and the v.a., they have to cross databases and make that assessment and it might be difficult. you obviously come from different points of view at times. what is the record of the outral government in giving cash like thi

she is chief economist at societe general. coming up, we will be speaking exclusively to the vice president of the european commission. and we will be speaking to the former eu commissioner for economy and financial affairs about jointly issued debt and the g7. don't miss those interviews here on bloomberg television this morning. this morning. ♪ welcome back to bloomberg markets. right now, we are less than 40 minutes away from the start of cash trading. we do see futures down across the board after three days of gains. let's get the bloomberg first word news with leigh-ann gerrans in london. leigh-ann: the u.s. has overtaken china as the country with the most recorded coronavirus cases. that is after a large jump in infections in new york. it is also down to the u.s. wrapping up testing in recent days. according to figures from johns hopkins, there are now over 530,000 cases worldwide. 24,000 people have died, and over 120,000 have recovered. the u.k. is offering to pay self-employed workers cash bonds to as much as 2.5 th

this is chief economist. and joins us from frankfurt cost is government help actually really needed right now. why you can't. see if you have china chain disruption then some companies will really suffer and risk becoming liquidity shortages because they don't earn the revenues that they actually need to revenues that they might need for their own credit so here this is something where government or sandra banks can really weigh in the other thing is that it's not only supply chain problem but also demand side problem and. i'm less optimistic that to have broad tax measures or tax reductions can head but again targeted measures of industry set that are suffering for a temporary period this is something i can very well imagine like. mentioned compensation for work schemes for example many of many a betting on the interest rate drops is that on the horizon things. well. in the u.s. that might make sense a year we still have positive rates. low rates stephanie you could have the tools to prop up the demand for e

for years now 2 well known german economists and mathias fine have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague christiane purcell yes met up with them. a state of emergency on global stock markets it's a looming catastrophe that could dandle worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over they can't do anything it's a natural law and. they can't print so much money as they want they want to stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level and 30 years kicked off by the coronavirus all over the world markets are falling. their latest book is called the biggest crash of

for years now 2 well known german economists. and matteo spike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on our fears and the inevitable my colleague met up with them. the state of emergency on global stock markets it's a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists treat a spike. it's it's it's over they can't do anything it's a nature a law it's a stock that they can't print so much money as they want they won't stop the crisis it's happening. or you'll prices have collapsed by it's heard today our lowest level in 30 years kicked off by the coronavirus all over the wo

for years now 2 well known german economists. and mathias find have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters writes about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague pacelli has met up with them. the state of emergency on global stock markets it's a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists. like. it's it's it's over they can't do anything it's a natural law it's thought that they can print so much money as they want they want to stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level in 30 years keep it off by the coronavirus all over the world

for years now 2 well known german economists and matteo spike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague met up with them. a state of emergency on global stock markets it's a catastrophe that could and are worse than the stock market crash of 929 that's according to bestselling authors and economists mark treats me like. it's it's it's over the comp to anything it's a natural law and you. can't print so much money as they want they won't stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level in 30 years kicked off by the coronavirus all over the world markets. their latest book is called the biggest crash of all time. they have predi

and it should be surprising we have seen republican economists, democratic economists get on board. >> so here's what conservatives usually say. it doesn't offer people an incentive to do anything. it doesn't make people feel worth. you sit around and get money for nothing. i'm just -- >> completely. people on both side of the aisle see the common sense. they know that if you send tens of millions of americans home their savings will evaporate. how will they meet basic needs or pay for rent and food? we need to get money into their hands immediately. nothing to do with your political leanings. this is the common sense. i'm thrilled that it seems like congress is getting its act together and doing the right thing. sooner than later. >> isn't this just -- i'm not an economist. i don't study markets. i don't know. that sort of trickle down economy. if wealthy people aren't putting money into the economy and going to restaurants. poor people suffer. >> this is the trickle up economy. lawmakers on both side see that all the constituents are about to be cut off from the every day jobs, inco