Today on Uncommon Knowledge, the first part of my interview with two brilliant economists, John Taylor and Kenneth Judd. Both are fellows at the Hoover Institution, and John, who served as Undersecretary of the Treasury during President George W. Bush’s first term, is now advising Sen. McCain.
With the Fed having cut rates last month by whopping 125 basis points in just over a week, and with Goldman Sachs predicting that by the end of this year the country will find itself in a genuine recession—not a slowdown, but a recession—I open with a simple question: Just how bad is it out there?