Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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Appearances
the entire amount paid off by the end of the 6, 12, 18 months, then it's a very risky financial decision, right?
Because you're going to be paying so much more for that $1,000, for borrowing that $1,000.
You could end up paying $1,500, $2,000, $3,000, right?
Just because you borrowed this money.
So it's really kind of just two extremes.
It's either you borrow the money for free, basically, right?
Because you pay off the money within time or you end up paying really astronomical interest rates.
It was different this time around, partially because of the nature of the recession, right?
So it was caused by something really specific.
It wasn't some kind of systemic risk to the financial system like in 2008.
Usually during recessions, when the economy is struggling, people lose wealth.
You know, there isn't a lot of money in their bank accounts, they're losing jobs, the value of assets is going down, and they're generally doing worse off than they were when the economy wasn't in a recession.
That's what happened during the financial crisis in 2008 when people lost over $8 trillion in wealth.
So it was different this time around, partially because of the nature of the recession, right?
So it was caused by something really specific.
It wasn't some kind of systemic risk to the financial system like in 2008.
This time it was a health risk that shut down the economy.
But now that the health risk has been largely mitigated in many parts of the U.S., the economy is able to take off at whatever speed it wants to and recover.
Also, the second thing I would say is just the kind of rapid and deep fiscal and monetary policy response that we saw.
So we saw the Fed cut interest rates last March, which propped up a couple of financial markets.
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