Why This Recession Will Be Different

<p>In past financial crises, central banks across the world developed a time-tested tool kit to rescue national economies. So why don’t previous interventions seem to be working this time? Guest: <a href="https://www.nytimes.com/by/peter-s-goodman?smid=pc-thedaily" target="_blank">Peter S. Goodman</a>, who writes about the economy for The New York Times. For more information on today’s episode, visit nytimes.com/thedaily. </p><p>Background reading: </p><ul><li><a href="https://www.nytimes.com/2020/03/15/business/economy/federal-reserve-coronavirus.html" target="_blank">The Federal Reserve cut interest rates</a> to near zero and said it would buy hundreds of billions of dollars in U.S. government debt, moves reminiscent of its actions during the 2008 financial crisis.</li><li>The coronavirus is upending life as we know it — and news is changing rapidly.<a href="https://www.nytimes.com/2020/03/16/world/coronavirus-news.html" target="_blank"> Here are the latest updates</a> on school closings, travel restrictions and governmental directives.</li></ul>