Daily Briefing – July 16, 2020

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest jobless claims numbers and its particular significance this week. They start off by discussing Ed’s latest interview with Robert P. Murphy and Austrian economics. They then distinguish the difference between non-seasonally adjusted data and seasonally adjusted data and why that’s critical to understand the news coverage of this week’s jobless numbers. Ed and Ash end their discussion on Bank of America’s earnings, why several major US banks have had mixed results this week, and what it says about the embedded inequalities in the system. In the intro, Peter Cooper discusses California Resources and why their bankruptcy is a foreshadowing for companies who are in trouble and are tapping into credit markets to carry them through the pandemic.