Daily Briefing – March 23, 2020

Published on
March 23rd, 2020
Duration
22 minutes


Daily Briefing – March 23, 2020

Daily Briefing ·
Featuring Ed Harrison and Ash Bennington

Published on: March 23rd, 2020 • Duration: 22 minutes

Real Vision’s Ed Harrison and Ash Bennington break down the mechanics of the policy tools unveiled in today’s historic announcements from the Fed as the central bank dramatically ramps up liquidity support for the US economy during the COVID-19 crisis. The pair also discuss lawmakers' inability to pass a fiscal stimulus package and the blurring lines between fiscal and monetary policy.

Comments

Transcript

  • JM
    John M.
    25 March 2020 @ 15:23
    Good discussion guys, thanks.
  • TS
    Todd S.
    24 March 2020 @ 17:47
    These daily briefings are super valuable
    • AB
      Ash B. | Real Vision
      24 March 2020 @ 19:52
      Thanks, Todd.
    • JC
      John C.
      25 March 2020 @ 10:34
      Very informative thanks guys
  • JM
    James M.
    24 March 2020 @ 19:21
    Corporate criminal bailouts Noooooo surely not????? That wouldn't be free-market capitalism would it so no way the corporate shills in the big house will go that way...Western SO-CALLED capitalism what a joke.....LOFL
  • MS
    Mark S.
    24 March 2020 @ 01:50
    Ed the recording blocks out when you said your etf BBB and liquid one. What were they please?
    • EH
      Edward H. | Real Vision
      24 March 2020 @ 18:34
      LQD is the Investment grade ETF and I was looking at that against the PIA BBB Bond. The argument here is that some BBBs will be downgraded to junk as $DAL Delta Airlines was today. And that will make them ineligible for Fed purchases. It's sort of the equivalent of Greece being ineligible for ECB purchases in the European sovereign debt crisis.
  • SM
    Shivani M.
    24 March 2020 @ 18:11
    If you want to make us feel you are not reading a script, try https://www.spritz.com/. It shows you only one word at a time, always in the same place on your screen, so we won't see your eyes hopping back and forth as you scan sentences.
  • LM
    Lee M.
    24 March 2020 @ 17:25
    It's strange to me how people pick up the figures coming out of China and presumably believes them. Times the China figures by 10 and then talk to me.
  • JG
    Jory G.
    24 March 2020 @ 16:17
    Good discussion and information. But it is not as bad in some places. Here in central Oklahoma I went this morning to Wal-Mart, Sam's, and Lowe's and for the most part it was business as usual. People are maintaining distance but there are quite a few people out and about. There is concern but no sense of panic. The traffic is noticeably below normal but the stores were pretty well stocked except for a few items. Some of us have no choice but to get out to get prescriptions or other necessities. There are no sit down restaurants open but drive throughs are and some of the sit downs will allow you to call in and order and provide curbside service. The service industry is hardest hit here as many manufacturing companies are still working.
  • PS
    Pavel S.
    24 March 2020 @ 11:57
    Great flow. Specific information. Data. LOVED IT! Thanks Ash & Ed
    • AB
      Ash B. | Real Vision
      24 March 2020 @ 15:04
      Thanks, Pavel!
  • DK
    D K.
    24 March 2020 @ 02:53
    Democrats trying to stuff bills with all kinds of ridiculousness that have nothing to do with the current crisis. Stuff like airplane emissions. College debt relief. Board memberships, etc.
    • CM
      Chris M.
      24 March 2020 @ 03:38
      College debt relief actually does help a segment of the population, though I am not on board with 100% relief. Board memberships relates to corporations paying a penalty for accessing taxpayer capital. We live in a capitalist country and some industries, like airlines, focused on stock buybacks (spending 75% of free cash flow on buybacks) vs strengthening their balance sheet. We should make them raise capital in the markets or go to bankruptcy court. If they get taxpayer money to stay in business, then taxpayers should be represented on their board. The emissions thing is pushing it for right now.
    • NA
      N A.
      24 March 2020 @ 05:08
      Americans trying to fight a pandemic by debating issues that have nothing to do with the current crisis. Now that's funny to watch, if it weren't so depressing. But go on then, Republicans are the best, no Democrats are the best, no Republicans are the best. Ah! The smell of progress.
    • JC
      John C.
      24 March 2020 @ 09:55
      The pork the Democrats are trying to put in the bill is unbelievable. They basically are trying to pigeonhole parts of the "Green New Deal" into it along with various other multicultural themes (diversity mandates) and things like collective bargaining power for unions. All these government workers are still getting paid and receiving all their benefits whereas the private sector is getting utterly destroyed.
  • JC
    John C.
    24 March 2020 @ 09:51
    Re the bill making its way through Congress (or rather, not making it through), the dysfunctionality is huge. It's not just the 'leash' on corporations that Ed mentioned that the Democrats want though. IMO the Dems are not the 'good guys' here fighting for the little guy but are holding up the deal for their various special interest lobbies. And now they have put all sorts of 'progressive' pork features in the bill including 1) carbon offsets for airlines 2) minority hiring rules 3) 'green new deal' tax credits for wind & solar 4) increased public labor union oversight and collective bargaining power over corporations and a host of other spurious provisions that are not relevant to the pandemic. To be honest, we're effectively talking about the end of capitalism here (not that we really have it now anyway) and a full-on move towards much more intensive government socialization and control of every industry and everything in our daily lives. Will not end well. Doesn't seem to be a way out really and a big reset is coming (already here).
  • JL
    J L.
    24 March 2020 @ 07:55
    perosnally dont need anyone to look at the coronamap for me
  • FB
    Frank B.
    24 March 2020 @ 07:33
    I calculated daily growth rates of confirmed cases for countries. It aims to show changes in trends of the exponential growth. It just started slowing but there is still a long way to go. You can see the effectiveness of measures in Italy and Korea. At the current rate, cases in US will exceed China's within this week. https://public.tableau.com/profile/frank4775#!/vizhome/Covid-19-Growth/Dashboard
  • NA
    N A.
    24 March 2020 @ 05:05
    While the country should be on lock down in its entirety you worry about no cars on Broadway? If that's the state of mind over there then fasten your seatbelt. Greetings from Asia. Btw, can we get Kyle back? Want to know how the China trade is going. Bit humiliating at this stage isn't it?
  • TZ
    Tibor Z.
    24 March 2020 @ 03:50
    We are looking at at months. Half a year or maybe even a year. Who knows...
  • CL
    Claudio L.
    23 March 2020 @ 23:26
    Stage 1 Privatizing profits. Stage 2 Socializing losses. Stage 3 Paying Bonuses to Executives from Stage 2.
    • CM
      Chris M.
      24 March 2020 @ 03:44
      Getting real tired of stage 3.
  • AK
    Adam K.
    24 March 2020 @ 01:32
    Could you guys maybe have a look at why the NASDAQ is not dropping as hard as the SP500? I find it quite confusing! Thanks!
    • .
      24 March 2020 @ 01:47
      cash on nasdaq books?
    • IO
      Indi O.
      24 March 2020 @ 01:58
      A lot of the big tech companies are doing better than ever now in terms of earnings. Amazon, Zoom, YouTube... all are hiring. People are going to have to move a lot of their work and socializing online, more than the trends that were already happening.
    • DG
      Dave G.
      24 March 2020 @ 02:58
      Amazon is holding up the qqq's along with SOX. Funny thing is the more items Amazon sells the more they lose on the retail end. They make money on AWS not retail. SOX is staying afloat with all the buy the dippers. They will be burned eventually.
    • CM
      Chris M.
      24 March 2020 @ 03:42
      Agree with the two other comments. People love tech and are the last stocks they want to sell. If the market really heads south, the bottom will be when these stocks tank. Right now, valuations are not that bad in the market overall considering the economy.
  • TZ
    Tibor Z.
    24 March 2020 @ 03:37
    Recent news! COVID-19 survives on surfaces up till 17 days! This is even more serious than we ever thought! Vaccination is the only help to restart the Globe! https://www.cnbc.com/2020/03/23/cdc-coronavirus-survived-in-princess-cruise-cabins-up-to-17-days-after-passengers-left.html
    • CM
      Chris M.
      24 March 2020 @ 03:40
      Crap, don't tell me that. We are going to be living with this for 2 to 3 years. Will see on the vaccine development.
  • MP
    Market P.
    24 March 2020 @ 00:35
    Need to be able to speed up video!!!
    • AK
      Adam K.
      24 March 2020 @ 01:33
      They already have an option for that. Maybe its not available on your device (I'm using a PC).
    • DG
      Dave G.
      24 March 2020 @ 02:54
      Go to fullscreen mode and you can
  • AA
    Aaron A.
    24 March 2020 @ 02:48
    People actually believe CCP’s numbers? They are liars. If you can’t believe their economic numbers why believe their Covid numbers....
  • GF
    Gordon F.
    24 March 2020 @ 02:18
    In the next episode, could we get some discussion of moral hazard, and what might be done to mitigate it? I understand that people are hurting, be we really need some "creative destruction" of some of these mis-managed companies that should be wiped out and gone.
  • SK
    Shiu K.
    24 March 2020 @ 01:46
    no comments on Gold?
  • mB
    marc B.
    24 March 2020 @ 01:05
    Really enjoying the daily update! Keep it going.
  • SS
    Steven S.
    24 March 2020 @ 00:52
    I, and, no doubt, the rest of the RV community, deeply appreciate the views and insights, Ed and Ash. This is very helpful in understanding the current situation from financial, macroeconomic, political, and societal standpoints. Thanks, Guys!
    • AB
      Ash B. | Real Vision
      24 March 2020 @ 00:54
      Thanks, Steven. Much appreciated.
  • BD
    Ben D.
    23 March 2020 @ 22:23
    In a world of finance where having and edge on the competition is important for prosperity being removed from the investing world where finance is key to a new world where biology and psychology is the new key its difficult and uncertain.