4/28 The Normal Economy is Never Coming Back w/ Adam Tooze

April 28, 2020

Sam hosts author and Columbia history professor Adam Tooze to discuss the on-going recession and his latest piece in Foreign Policy, “The Normal Economy is Never Coming Back.” Sam and Tooze discuss the troubling disconnect between the financial markets and the “real economy” and the strange lack of parity between them. Tooze compares this economic moment to the cartoon roadrunner suspended in midair off the edge of a cliff, spinning its legs before it looks down and crashes. The global economy has never experienced a shock quite like this. It will be a while before debts go unpaid, and the banks’ balance sheets become problematic. We’re all living on credit right now, which will eventually run out. Businesses with small margins with lower-educated workers will be the first to show damage. Sam and Tooze then move the conversation to the role of banks and who gets saved during the pandemic’s economic triage. The two conclude their discussion on ways to build political capital against austerity measures pushed by McConnell, why the national debt is a red herring wielded for political gain, and how Democrats need to spend to help the American people.

And in the Fun Half: the My Pillow guy’s memoir is coming out, Tucker Carlson’s toxicity, Tara Reade’s allegation against Joe Biden, weighing Joe Biden’s candidacy, the cancelled presidential primary, Trump’s return to the podium, plus your calls and IMs!

Become a member at JoinTheMajorityReport.com

Subscribe to the AM Quickie at https://fans.fm/amquickie

Make the AMQ part of your Alexa Flash Briefing too!

You can now watch the livestream on Twitch

Check out today’s sponsor:
BetterHelp is giving our audience 10% off their first month when you go to https://betterhelp.com/majorityreport. A lot of therapists elsewhere have long waitlists and it can take weeks or months before they can see you… But when you sign up with BetterHelp, they match you with a therapist based on your specific needs, and you’ll be communicating with them in less than 24 hours.

Donate to the NYC DSA’s Covid-19 relief efforts at bit.ly/covid19aid

Subscribe to AM Quickie writer Corey Pein’s newsletter at theend.substack.com

Check out The Michael Brooks Show at patreon.com/tmbs and Michael Brooks Show on YouTube and the new TMBS website, TMBS.FM

Check out The Nomiki Show at patreon.com/thenomikishow

Check out Matt’s podcast, Literary Hangover, at Patreon.com/LiteraryHangover, or on iTunes.

Check out Jamie’s podcast, The Antifada, at patreon.com/theantifada, on iTunes, or at twitch.tv/theantifada

Follow the Majority Report crew on Twitter:






Past Episodes

It's Hump Day! Sam speaks with Sarah Jaffe, fellow at the Type Media Center  based in New Orleans, to discuss her recent piece for In These Times entitled “In Tough Loss, the High-Profile UAW Campaign at Mercedes-Benz in Alabama Falls Short.” Then, Sam checks in on some news stories he’s been ...
It's News Day Tuesday! Sam and Emma break down the biggest headlines of the day. But first, they speak with Mark Joseph Stern, senior writer at Slate, to discuss some of the recent developments at the Supreme Court. First, they run through updates on Biden’s criticism of the ICC’s Israeli ...
It's ESVN Week #84 and it is a solemn one. Emma & Bradley break down the NBA playoffs now that it's down to the final 4 teams (sans Knicks). They also check in on the NHL playoffs and Chiefs kicker Harrison Butker's week of controversy! Follow Emma and Bradley on ...