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In this latest issue of my weekly podcast, I catch up on financial markets and spell out the case behind the growing likelihood that the Fed will cut rates. Yes, the Fed is starting to worry about a slowdown. In the 2020 candidate race, Joe Biden puts forward an "old-school" health-care reform--and it falls with a thud. Meanwhile, the radical Gang of Four lashes out at Democratic moderates and prompts the President to suggest they "go back" to where they came from. As for Trump, his ratings have been trending up lately. Will they stay up? That depends mostly on when the next recession hits. Finally, I turn to grim news about how the insolvency of Puerto Rico seems to be winding down. This may offer, I suggest, a dark hint about the fate of one or more states like New Jersey or Colorado next time the economy really turns south.

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*Note: Transcription of today's podcast will be available by 3pm ET and can be found HERE.