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Stocks fell 4.5% in New York

Some pockets of the market reacted positively to the Fed moves. Signs of stress in the corporate debt sector eased, with the CDX Investment Grade index spread tightening. Bond ETFs eligible for central-bank purchases rallied and the dollar retreated versus major peers.

Group of 20 finance ministers and central bank chiefs separately joined an emergency call to work on a joint response to the economic blow dealt by the pandemic.

U.S. unemployment rate may hit 30% in the second quarter, along with a 50% drop in gross domestic product. Morgan Stanley expects the U.S. economy to plummet 30% in the second quarter.

The package included several unprecedented steps for the Fed, including intervention in the corporate bond market, purchases of commercial asset-backed mortgages and exchange-traded funds, and, if Congress clears the way, a significant Main Street lending program directly aimed at aiding small businesses.

emergency facilities will employ a total of $300 billion, backed by $30 billion from the Treasury’s Exchange Stabilization Fund.

Fed said a week ago it would buy at least $500 billion of Treasuries and $200 billion of agency MBS. The Fed will now make those purchases unlimited and will take on a slew of new efforts, many aimed at directly aiding employers and households, as well as cities and states.

The Fed said it will support American households and businesses, but it acknowledged "our economy will face severe disruptions."

The social distancing policies imposed to fight the coronavirus crisis have brought the American economy to its knees. Malls are empty. Factories have been shut down. Casinos have gone dark. And countless flights have been suspended. The economic toll is massive.

Aided by extremely low interest rates, US businesses have borrowed heavily over the past decade to hire workers, build factories, research new products and pay for share buybacks. That debt now looks especially treacherous as the economy goes into a tailspin.

Above all, there were many dire warnings about the evils of “printing money.” For example, in May 2009 an editorial in The Wall Street Journal warned that both interest rates and inflation were set to surge “now that Congress and the Federal Reserve have flooded the world with dollars.” In 2010 a virtual Who’s Who of conservative economists and pundits sent an open letter to Ben Bernanke warning that his policies risked “currency debasement and inflation.”

Although the Fed continued on its expansionary course — its balance sheet has grown to more than $4 trillion, up fivefold since the start of the crisis — inflation stayed low. For the most part, the funds the Fed injected into the economy simply piled up either in bank reserves or in cash holdings by individuals — which was exactly what economists on the other side of the divide had predicted would happen.

In fact, hardly any of the people who predicted runaway inflation have acknowledged that they were wrong, and that the error suggests something amiss with their approach. Some have offered lame excuses; some, following in the footsteps of climate-change deniers, have gone down the conspiracy-theory rabbit hole, claiming that we really do have soaring inflation, but the government is lying about the numbers

Mainly, though, the currency-debasement crowd just keeps repeating the same lines, ignoring its utter failure in prognostication.

Isn’t the question of how to manage the money supply a technical issue, not a matter of theological doctrine?

Well, it turns out that money is indeed a kind of theological issue. Many on the right are hostile to any kind of government activism, seeing it as the thin edge of the wedge — if you concede that the Fed can sometimes help the economy by creating “fiat money,” the next thing you know liberals will confiscate your wealth and give it to the 47 percent.

if you look at the internal dynamics of the Republican Party, it’s obvious that the currency-debasement, return-to-gold faction has been gaining strength even as its predictions keep failing.

The S&P 500 closed Tuesday at the highest level in nearly three months. The Nasdaq has spiked 40% since March 23, fueled by the resilience of Big Tech, and is now within striking distance of all-time highs.

unprecedented stimulus from the Federal Reserve, and investors not wanting to miss out on monster returns once the economy recovers.

That means that while Main Street is still grappling with coronavirus, racial crisis and the impacts of both, Wall Street is doing just fine. Fed policy has allowed markets to decouple from economic reality.

Although the unrest was initially sparked by the killing of George Floyd, the continued broader economic discontent is an undercurrent.

that the American dream is not alive and well.

The divide between rich and poor was worsened by the Great Recession and its aftermath. The US government's response relied heavily on easy money from the Fed, rather than the kind of fiscal stimulus that can help lower-income Americans.

First, the coronavirus pandemic disproportionately hit poorer Americans, many of whom work in the hospitality and service sectors rocked by the pandemic. Nearly 40% of low-income workers lost their jobs in March alone, according to the Fed.

It sometimes feels like the refusal to turn back towards people after conflict, but instead fire back and double down on the conflict, is the most prevalent and pressing problem in modern society.

It’s not that young women aren’t feminists, or don’t care about sexism. For college-age women — Mr. Sanders’s female base — sexism tends to be linked to sex.

Young women are neither ungrateful to their feminist foremothers nor complacent; rather, they are activists for feminist causes that reflect their needs.

College-educated women see only a tiny pay gap in their early- and mid-20s, making 97 cents for every dollar earned by their male colleagues.

That experience starts to change a few more years into the work force. By 35, those same college-educated women are making 15 percent less than their male peers. Women’s earnings peak between ages 35 and 44 and then plateau, while men’s continue to rise.

When women have children, they’re penalized: They’re considered less competent, they’re less likely to be hired for a new job and they’re paid less

one of the few female partners always seemed to be in charge of ordering lunch

I listened as some of my male colleagues opined on the need to marry a woman who would stay home with the children — that wasn’t sexist, they insisted, because it wasn’t that they thought only women should stay home; it was just that somebody had to, and the years in which they planned on having children would be crucial ones for their own careers.

I watched as men with little or irrelevant experience were hired and promoted, because they had such great ideas, or they fit in better. “We want a woman,” the conclusion seemed to be, “just not this woman.”

in the now-common refrain about Hillary Clinton: “I want a woman president, just not this woman president.”

a 19-year-old aspiring lawyer who is volunteering for Mr. Sanders today will work for firms with more female partners and live in a world where the wage gap has shrunk. But the trends show that her experience in a decade is unlikely to be that different from mine.

Many more women over 25 are in the work force than those under, and women over 25 also do about twice as much unpaid domestic work as their younger counterparts.

For the many women who live at the center of that time crush, Mrs. Clinton’s emphasis on the wage gap, paid family leave and universal prekindergarten may be particularly appealing. Mr. Sanders, who also supports paid leave and universal pre-K, takes a different rhetorical tone, usually stressing affordable higher education and universal health care.

Child care is just as expensive in many places as sending a kid to public university, but a college kid can get a part-time job. A toddler can’t.”

There are many other reasons women in the 30-and-over cohort may lean toward Mrs. Clinton. They’ve already seen promises of revolutionary change fall short. They may prefer a candidate with a progressive ideology but a more restrained, and potentially more effective, strategy for putting that ideology in place.

If it’s not this woman, this year, then who and when?

And achieving the Fed's 2-percent inflation target is exactly the type of thing that would the cause such a surge in borrowing costs.

Japan has been mired in an economic morass for decades.

Once inflation targets are reached, they will have to begin winding down purchases of sovereign debt or risk pushing prices out of control.

investors will rush to front-run the offer to sell sovereign debt and equities from central banks.

And while empirical evidence is important and we need more of it, the data almost never speak for themselves – a point amply illustrated by recent monetary events.

chwinger, as I remember the story, was never seen to use a Feynman diagram. But he had a locked room in his house, and the rumor was that that room was where he kept the Feynman diagrams he used in secret.

What’s the equivalent of Feynman diagrams? Something like IS-LM, which is the simplest model you can write down of how interest rates and output are jointly determined, and is how most practicing macroeconomists actually think about short-run economic fluctuations. It’s also how they talk about macroeconomics to each other. But it’s not what they put in their papers, because the journals demand that your model have “microfoundations.”

The Bernanke Fed massively expanded the monetary base, by a factor of almost five. There were dire warnings that this would cause inflation and “debase the dollar.” But prices went nowhere, and not much happened to broader monetary aggregates (a result that, weirdly, some economists seemed to find deeply puzzling even though it was exactly what should have been expected.)

What about fiscal policy? Traditional macro said that at the zero lower bound there would be no crowding out – that deficits wouldn’t drive up interest rates, and that fiscal multipliers would be larger than under normal conditions. The first of these predictions was obviously borne out, as rates stayed low even when deficits were very large. The second prediction is a bit harder to test, for reasons I’ll get into when I talk about the limits of empiricism. But the evidence does indeed suggest large positive multipliers.

The overall story, then, is one of overwhelming predictive success. Basic, old-fashioned macroeconomics didn’t fail in the crisis – it worked extremely well

In fact, it’s hard to think of any other example of economic models working this well – making predictions that most non-economists (and some economists) refused to believe, indeed found implausible, but which came true. Where, for example, can you find any comparable successes in microeconomics?

Meanwhile, the demand that macro become ever more rigorous in the narrow, misguided sense that it look like micro led to useful approaches being locked up in Schwinger’s back room, and in all too many cases forgotten. When the crisis struck, it was amazing how many successful academics turned out not to know things every economist would have known in 1970, and indeed resurrected 1930-vintage fallacies in the belief that they were profound insights.

mainly I think it reflected the general unwillingness of human beings (a category that includes many though not necessarily all economists) to believe that so many people can be so wrong about something so big.

. To normal human beings the study of international trade and that of international macroeconomics might sound like pretty much the same thing. In reality, however, the two fields used very different models, had very different intellectual cultures, and tended to look down on each other. Trade people tended to consider international macro people semi-charlatans, doing ad hoc stuff devoid of rigor. International macro people considered trade people boring, obsessed with proving theorems and offering little of real-world use.

does microeconomics really deserve its reputation of moral and intellectual superiority? No

Even before the rise of behavioral economics, any halfway self-aware economist realized that utility maximization – indeed, the very concept of utility — wasn’t a fact about the world; it was more of a thought experiment, whose conclusions should always have been stated in the subjunctive.

But, you say, we didn’t see the Great Recession coming. Well, what do you mean “we,” white man? OK, what’s true is that few economists realized that there was a huge housing bubble

True, a model doesn’t have to be perfect to provide hugely important insights. But here’s my question: where are the examples of microeconomic theory providing strong, counterintuitive, successful predictions on the same order as the success of IS-LM macroeconomics after 2008? Maybe there are some, but I can’t come up with any.

The point is not that micro theory is useless and we should stop doing it. But it doesn’t deserve to be seen as superior to macro modeling.

And the effort to make macro more and more like micro – to ground everything in rational behavior – has to be seen now as destructive. True, that effort did lead to some strong predictions: e.g., only unanticipated money should affect real output, transitory income changes shouldn’t affect consumer spending, government spending should crowd out private demand, etc. But all of those predictions have turned out to be wrong.

Kahneman and Tversky and Thaler and so on deserved all the honors they received for helping to document the specific ways in which utility maximization falls short, but even before their work we should never have expected perfect maximization to be a good description of reality.

But data never speak for themselves, for a couple of reasons. One, which is familiar, is that economists don’t get to do many experiments, and natural experiments are rare

The other problem is that even when we do get something like natural experiments, they often took place under economic regimes that aren’t relevant to current problems.

Both of these problems were extremely relevant in the years following the 2008 crisis.

you might be tempted to conclude that the empirical evidence is that monetary expansion is inflationary, indeed roughly one-for-one.

But the question, as the Fed embarked on quantitative easing, was what effect this would have on an economy at the zero lower bound. And while there were many historical examples of big monetary expansion, examples at the ZLB were much rarer – in fact, basically two: the U.S. in the 1930s and Japan in the early 2000

These examples told a very different story: that expansion would not, in fact, be inflationary, that it would work out the way it did.

The point is that empirical evidence can only do certain things. It can certainly prove that your theory is wrong! And it can also make a theory much more persuasive in those cases where the theory makes surprising predictions, which the data bear out. But the data can never absolve you from the necessity of having theories.

Over this past decade, I’ve watched a number of economists try to argue from authority: I am a famous professor, therefore you should believe what I say. This never ends well. I’ve also seen a lot of nihilism: economists don’t know anything, and we should tear the field down and start over.

Obviously I differ with both views. Economists haven’t earned the right to be snooty and superior, especially if their reputation comes from the ability to do hard math: hard math has been remarkably little help lately, if ever.

On the other hand, economists do turn out to know quite a lot: they do have some extremely useful models, usually pretty simple ones, that have stood up well in the face of evidence and events. And they definitely shouldn’t defer to important and/or rich people on polic

: compare Janet Yellen’s macroeconomic track record with that of the multiple billionaires who warned that Bernanke would debase the dollar. Or take my favorite Business Week headline from 2010: “Krugman or [John] Paulson: Who You Gonna Bet On?” Um.The important thing is to be aware of what we do know, and why.Follow The New York Times Opinion section on Facebook and Twitter (@NYTopinion), and sign up for the Opinion Today newsletter.

Taking up arms and breaking the rules weren’t just about experiencing the fun of the season. Fighting against the prohibition of Christmas was a political act. Things had changed and the Christmas rebellion was as much a protest against the “new normal” as it was against the banning of fun. People were fed up with a range of restrictions and financial difficulties that came with the Presbyterian system and the fallout of the civil war.

The aftermath of the Norwich Christmas riots was the most dramatic. The mayor was summoned to London in April 1648 to explain his failure to prohibit the Christmas parties, but a crowd closed the city gates to prevent him from being taken away. Armed forces were again deployed, and in the ensuing riots, the city ammunition magazine exploded, killing at least 40 people.

This Christmas, police across the country are ready to enforce COVID regulations and break up gatherings. While the pandemic does make things different, with rule breaking a matter of safety as much as anything else, politicians could learn from the fallout of the last time Christmas was cancelled.

Like in 1647, many people today are fed up with the government’s restrictions. Many have also suffered financial difficulties as a result of the COVID regulations. Some may rail against the idea of ending a miserable year under what they may regard as contradictory restrictions on family fun.

there are many reasons our tree canopy is declining, including hurricanes, tornadoes, fires, insects and disease.

But the one reason for tree loss that humans can control is sensible development.

“Every time we put a road down, we put a building and we cut a tree or add a tree, it not only affects that site, it affects the region.”

The study placed a value on tree loss based on trees’ role in air pollution removal and energy conservation. The lost value amounted to $96 million a year.

Trees provide shade for homes, office buildings, parks and roadways, cooling surface temperatures.

Trees absorb carbon and remove pollutants from the atmosphere.

Trees reduce energy costs by $4 billion a year, according to Nowak’s study.

Trees act as water filters, taking in dirty surface water and absorbing nitrogen and phosphorus into the soil.

Trees reduce flooding by absorbing water and reducing runoff into streams.

Trees can deflect sound

Trees absorb 96% of ultraviolet radiation, Nowak says.

Many studies have found connections between exposure to nature and better mental and physical health.

And studies have associated living near green areas with lower death rates.

Worldwide, forests provide for a huge diversity of animal life.

there’s a downside to trees too, such as pollen allergies or large falling branches in storms, “and people don’t like raking leaves.”

Urban forests especially need our help to replace fallen trees. Unlike rural areas, it is very difficult for trees to repopulate themselves in a city environment with so much pavement and asphalt.

Don’t remove old trees if it’s not necessary: Instead, try taking smaller actions like removing branches.

US equities all but shrugged off the emergency measures — the Dow Jones Industrial Average shed 2,700 points at the open, and the S&P 500 slipped 8%, hitting a circuit breaker that halted trading for 15 minutes. When it resumed, stocks continued to slump. 

In addition to facilitating more expansionary fiscal policy, "central banks will also have to ensure that credit can continue to flow to companies and households," he said. 

“The $150 million penalty reflects the seriousness of the allegations against Twitter, and the substantial new compliance measures to be imposed as a result of today’s proposed settlement will help prevent further misleading tactics that threaten users’ privacy.” 

The settlement is the latest attempt by U.S. law enforcers to apply consumer protection law to alleged data privacy violations.

“Keeping data secure and respecting privacy is something we take extremely seriously, and we have cooperated with the FTC every step of the way,” he added.

Microsoft leaders felt “enormous urgency” for it to be the company to bring this technology to market, because others around the world are working on similar tech but might not have the resources or inclination to build it as responsibly, says Sarah Bird, a leader on Microsoft’s responsible AI team.

One common starting point for such models is what is essentially a download or “scrape” of most of the internet. In the past, these language models were used to try to understand text, but the new generation of them, part of the revolution in “generative” AI, uses those same models to create texts by trying to guess, one word at a time, the most likely word to come next in any given sequence.

Wide-scale testing gives Microsoft and OpenAI a big competitive edge by enabling them to gather huge amounts of data about how people actually use such chatbots. Both the prompts users input into their systems, and the results their AIs spit out, can then be fed back into a complicated system—which includes human content moderators paid by the companies—to improve it.

, being first to market with a chat-based AI gives these companies a huge initial lead over companies that have been slower to release their own chat-based AIs, such as Google.

rarely has an experiment like Microsoft and OpenAI’s been rolled out so quickly, and at such a broad scale.

Among those who build and study these kinds of AIs, Mr. Altman’s case for experimenting on the global public has inspired responses ranging from raised eyebrows to condemnation.

The fact that we’re all guinea pigs in this experiment doesn’t mean it shouldn’t be conducted, says Nathan Lambert, a research scientist at the AI startup Huggingface.

“I would kind of be happier with Microsoft doing this experiment than a startup, because Microsoft will at least address these issues when the press cycle gets really bad,” says Dr. Lambert. “I think there are going to be a lot of harms from this kind of AI, and it’s better people know they are coming,” he adds.

Others, particularly those who study and advocate for the concept of “ethical AI” or “responsible AI,” argue that the global experiment Microsoft and OpenAI are conducting is downright dangerous

Celeste Kidd, a professor of psychology at University of California, Berkeley, studies how people acquire knowledge

Her research has shown that people learning about new things have a narrow window in which they form a lasting opinion. Seeing misinformation during this critical initial period of exposure to a new concept—such as the kind of misinformation that chat-based AIs can confidently dispense—can do lasting harm, she says.

Dr. Kidd likens OpenAI’s experimentation with AI to exposing the public to possibly dangerous chemicals. “Imagine you put something carcinogenic in the drinking water and you were like, ‘We’ll see if it’s carcinogenic.’ After, you can’t take it back—people have cancer now,”

Part of the challenge with AI chatbots is that they can sometimes simply make things up. Numerous examples of this tendency have been documented by users of both ChatGPT and OpenA

These models also tend to be riddled with biases that may not be immediately apparent to users. For example, they can express opinions gleaned from the internet as if they were verified facts

When millions are exposed to these biases across billions of interactions, this AI has the potential to refashion humanity’s views, at a global scale, says Dr. Kidd.

OpenAI has talked publicly about the problems with these systems, and how it is trying to address them. In a recent blog post, the company said that in the future, users might be able to select AIs whose “values” align with their own.

“We believe that AI should be a useful tool for individual people, and thus customizable by each user up to limits defined by society,” the post said.

Eliminating made-up information and bias from chat-based search engines is impossible given the current state of the technology, says Mark Riedl, a professor at Georgia Institute of Technology who studies artificial intelligence

He believes the release of these technologies to the public by Microsoft and OpenAI is premature. “We are putting out products that are still being actively researched at this moment,” he adds. 

in other areas of human endeavor—from new drugs and new modes of transportation to advertising and broadcast media—we have standards for what can and cannot be unleashed on the public. No such standards exist for AI, says Dr. Riedl.

To modify these AIs so that they produce outputs that humans find both useful and not-offensive, engineers often use a process called “reinforcement learning through human feedback.

that’s a fancy way of saying that humans provide input to the raw AI algorithm, often by simply saying which of its potential responses to a query are better—and also which are not acceptable at all.

Microsoft’s and OpenAI’s globe-spanning experiments on millions of people are yielding a fire hose of data for both companies. User-entered prompts and the AI-generated results are fed back through a network of paid human AI trainers to further fine-tune the models,

Huggingface’s Dr. Lambert says that any company, including his own, that doesn’t have this river of real-world usage data helping it improve its AI is at a huge disadvantage

In chatbots, in some autonomous-driving systems, in the unaccountable AIs that decide what we see on social media, and now, in the latest applications of AI, again and again we are the guinea pigs on which tech companies are testing new technology.

It may be the case that there is no other way to roll out this latest iteration of AI—which is already showing promise in some areas—at scale. But we should always be asking, at times like these: At what price?

“And one of the things we want is to spend more time with people who think like us and less with people who are different,” Haidt added. “The Facebook effect isn’t trivial. But it’s catalyzing or amplifying a tendency that was already there.”

prevalent for many users are the posts we see from friends and from other people and groups we follow on the network, and this information is utterly contingent on choices we ourselves make

The Internet isn’t rigged to give us right or left, conservative or liberal — at least not until we rig it that way. It’s designed to give us more of the same, whatever that same is

So it goes with the fiction we read, the movies we watch, the music we listen to and, scarily, the ideas we subscribe to. They’re not challenged. They’re validated and reinforced.

this colors our days, or rather bleeds them of color, reducing them to a single hue.

Facebook, along with other social media, definitely conspires in this. Haidt noted that it often discourages dissent within a cluster of friends by accelerating shaming. He pointed to the enforced political correctness among students at many colleges.

Carnival barkers, conspiracy theories, willful bias and nasty partisanship aren’t anything new, and they haven’t reached unprecedented heights today. But what’s remarkable and sort of heartbreaking is the way they’re fed by what should be strides in our ability to educate ourselves.

The proliferation of cable television networks and growth of the Internet promised to expand our worlds, not shrink them. Instead they’ve enhanced the speed and thoroughness with which we retreat into enclaves of the like-minded.

there’s no argument that in an era that teems with choice, brims with niche marketing and exalts individualism to the extent that ours does, we’re sorting ourselves with a chillingly ruthless efficiency. We’ve surrendered universal points of reference. We’ve lost common ground.

Marc Dunkelman, adding that it also makes it easier for us to avoid “face-to-face interactions with diverse ideas.” He touched on this in an incisive 2014 book, “The Vanishing Neighbor,” which belongs with Haidt’s work and with “Bowling Alone,” “Coming Apart” and “The Fractured Republic” in the literature of modern American fragmentation, a booming genre all its own.

We’re less committed to, and trustful of, large institutions than we were at times in the past. We question their wisdom and substitute it with the groupthink of micro-communities, many of which we’ve formed online, and their sensibilities can be more peculiar and unforgiving.

We construct precisely contoured echo chambers of affirmation that turn conviction into zeal, passion into fury, disagreements with the other side into the demonization of it

It’s not about some sorcerer’s algorithm. It’s about a tribalism that has existed for as long as humankind has and is now rooted in the fertile soil of the Internet, which is coaxing it toward a full and insidious flower

Wolves are hard to tame, even as puppies, and many researchers find it much more plausible that dogs, in effect, invented themselves.

gradually evolved to become tamer and tamer, producing lots of offspring because of the relatively easy pickings

researchers question whether dogs experience feelings like love and loyalty, or whether their winning ways are just a matter of instincts that evolved because being a hanger-on is an easier way to make a living than running down elk.

dogs and wolves interbreed easily and some scientists are not convinced that the two are even different species

generally agree that there is good evidence that dogs were domesticated around 15,000 years ago

“Maybe dog domestication on some level kicks off this whole change in the way that humans are involved and responding to and interacting with their environment,

most dog breeds were invented in the 19th century during a period of dog obsession that he called “the giant whirlwind blender of the European crazy Victorian dog-breeding frenzy.

“There’s hardly a person working in canine genetics that’s not working on that project

Almost every group has a different origination hypothesis

jaws and occasionally nearly complete skulls from old and recent dogs, wolves and canids that could fall into either category.

will be able to determine whether the domestication process occurred closer to 15,000 or 30,000 years ago,

major achievement in the world of canine science, and a landmark in the analysis of ancient DNA to show evolution, migrations and descent,

based on DNA evidence and the shape of ancient skulls, that dog domestication occurred well over 30,000 years ago.

he became fed up with the lack of ancient DNA evidence in papers about the origin of dogs.

identified a skull about 32,000 years old from a Belgian cave in Goyet as an early dog.

arguing that the evidence just wasn’t there to call the Goyet skull a dog,

claims are controversial and is willing, like the rest of the world of canine science, to risk damage to the fossils themselves to get more information on not just the mitochondrial DNA but also the nuclear DNA.

geneticists try to establish is how different the DNA of one animal is from another. Adding ancient DNA gives many more points of reference over a long time span.

will be able to identify changes in the skulls or jaws of those wolves that show shifts to more doglike shapes, helping to narrow the origins of domestication

the project will publish a flagship paper from all of the participants describing their general findings

a group in China was forming with the goal of sequencing 10,000 dog genomes

growing increasingly confident that they will find what they want, and come close to settling the thorny question of when and where the tearing power of a wolf jaw first gave way to the persuasive force of a nudge from a dog’s cold nose.

But Verrilli countered that the federal government retains authority to review on a "case-by-case basis" significant drug trafficking crimes.

There was no guarantee that the economy’s downward spiral wouldn’t continue, as frightened businesses and consumers curbed spending and, in the process, increased unemployment. The CEA presents a series of charts comparing the 2008-2009 slump with the Great Depression. In every instance, the 2008-2009 downturn was as bad as — or worse than — the first year of the Great Depression: employment loss, drop in global trade and change in households’ net worth.

The starkest of these was the fall in households’ net worth (people’s assets, such as homes and stock, minus their debts, such as mortgages and credit-card balances). It dropped by $13 trillion, about a fifth, from its high point in 2007 to its trough in 2009. This decline, the CEA notes, “was far larger than the reduction [adjusted for inflation] . . . at the onset of the Great Depression.”

What separates then from now is that, after 18 months or so, spending turned up in 2009 while it continued declining in the 1930s. This difference reflected, at least in part, the aggressive policies adopted to blunt the downturn. The Fed cut short-term interest rates to zero and provided other avenues of cheap credit; the Troubled Asset Relief Program (TARP), enacted in the final months of the Bush administration, poured money into major banks to reassure the public of their solvency.

Still, Obama’s role was crucial. Against opposition, he decided to rescue General Motors and Chrysler. Throwing them onto the tender mercies of the market would have been a huge blow to the industrial Midwest and to national psychology. He also championed a sizable budget “stimulus.” Advertised originally as $787 billion, it was actually $2.6 trillion over four years when the initial program was combined with later proposals and so-called “automatic stabilizers” are included, the CEA says

More generally, Obama projected reason and calm when much of the nation was fearful and frazzled. Of course, he didn’t single-handedly restore confidence, but he made a big contribution

the recovery from the Great Recession is mostly complete. This seems plausible. Since the low point, employment is up 15.6 million jobs. Rising home and stock prices have boosted inflation-adjusted household net worth by 16 percent. Gross domestic product — the economy — is nearly 12 percent higher than before the financial crisis

his impact is underestimated. Suppose we had had a second Great Depression with, say, peak unemployment of 15 percent. Almost all our problems — from poverty to political polarization — would have worsened. Obama’s influence must be considered in this context. When historians do, they may be more impressed.

Furthermore, Obama argues, because of our history, American military efforts are looked at with suspicion. Allies are unreliable. Ukraine is always going to be in Russia’s sphere of influence, so its efforts there will always trump ours. The Middle East is a morass and no longer that important to U.S. interests.

Do you think out loud in tandem with a community, or do you process internally? Throughout the Goldberg article, Obama is seen thinking deeply and subtly, but apart from the group around him. In catlike fashion, he is a man who knows his own mind and trusts his own judgment. His decision not to bomb Syria after it crossed the chemical weapons red line was made almost entirely alone.

More generally, Obama expresses disdain with the foreign policy community. He is critical of most of his fellow world leaders — impatient with most European ones, fed up with most Middle Eastern ones.

When seeking a description of a situation, does your mind leap for the clarifying single truth or do you step back to see the complex web of factors? Ronald Reagan typified the single clarifying truth habit of mind, both when he was describing an enemy (Evil Empire) and when he was calling for change (tear down this wal

, Obama leans to the other side of the spectrum. He is continually stepping back, starting with analyses of human nature, how people behave when social order breaks down, the roots and nature of tribalism.

Do you see international affairs as a passionate struggle or a conversation and negotiation? Continue reading the main story 343 Comments Obama shows a continual distrust of passion. He doesn’t see much value in macho bluffing or chest-thumping, or in lofty Churchillian rhetoric, or in bombings done in the name of “credibility.”

He may be critical, but he is not a hater. He doesn’t even let anger interfere with his appraisal of Vladimir Putin

it’s striking how many Americans have responded by going for Donald Trump and Bernie Sanders, who are bad versions of the bounding in/we-can-change-everything doggy type.

“Over 100 likes is good, for me. And comments. You just comment to make a joke or tag someone.”

The best thing is the little notification box, which means someone liked, tagged or followed her on Instagram. She has 604 followers. There are only 25 photos on her page because she deletes most of what she posts. The ones that don’t get enough likes, don’t have good enough lighting or don’t show the coolest moments in her life must be deleted.

Sociologists, advertisers, stock market analysts – everyone wants to know what happens when the generation born glued to screens has to look up and interact with the world.

“It kind of, almost, promotes you as a good person. If someone says, ‘tbh you’re nice and pretty,’ that kind of, like, validates you in the comments. Then people can look at it and say ‘Oh, she’s nice and pretty.’ ”

School is where she thrives: She is beloved by her teachers, will soon star as young Simba in the eighth-grade performance of “The Lion King” musical, and gets straight A’s. Her school doesn’t offer a math course challenging enough for her, so she takes honors algebra online through Johns Hopkins University.

“Happy birthday posts are a pretty big deal,” she says. “It really shows who cares enough to put you on their page.”

He checks the phone bill to see who she’s called and how much she’s been texting, but she barely calls anyone and chats mostly through Snapchat, where her messages disappear.

Some of Katherine’s very best friends have never been to her house, or she to theirs. To Dave, it seems like they rarely hang out, but he knows that to her, it seems like they’re together all the time.

Dave Pommerening wants to figure out how to get her to use it less. One month, she ate up 18 gigabytes of data. Most large plans max out at 10. He intervened and capped her at four GB. “I don’t want to crimp it too much,” he says. “That’s something, from my perspective, I’m going to have to figure out, how to get my arms around that.”

Even if her dad tried snooping around her apps, the true dramas of teenage girl life are not written in the comments. Like how sometimes, Katherine’s friends will borrow her phone just to un-like all the Instagram photos of girls they don’t like. Katherine can’t go back to those girls’ pages and re-like the photos because that would be stalking, which is forbidden.

Or how last week, at the middle school dance, her friends got the phone numbers of 10 boys, but then they had to delete five of them because they were seventh-graders. And before she could add the boys on Snapchat, she realized she had to change her username because it was her childhood nickname and that was totally embarrassing.

Then, because she changed her username, her Snapchat score reverted to zero. The app awards about one point for every snap you send and receive. It’s also totally embarrassing and stressful to have a low Snapchat score. So in one day, she sent enough snaps to earn 1,000 points.

Snapchat is where flirting happens. She doesn’t know anyone who has sent a naked picture to a boy, but she knows it happens with older girls, who know they have met the right guy.

Nothing her dad could find on her phone shows that for as good as Katherine is at math, basketball and singing, she wants to get better at her phone. To be one of the girls who knows what to post, how to caption it, when to like, what to comment.

Katherine doesn’t need magazines or billboards to see computer-perfect women. They’re right on her phone, all the time, in between photos of her normal-looking friends. There’s Aisha, there’s Kendall Jenner’s butt. There’s Olivia, there’s YouTube star Jenna Marbles in lingerie.

The whole world is at her fingertips and has been for years. This, Katherine offers as a theory one day, is why she doesn’t feel like she’s 13 years old at all. She’s probably, like, 16.

“I don’t feel like a child anymore” she says. “I’m not doing anything childish. At the end of sixth grade” — when all her friends got phones and downloaded Snapchat, Instagram and Twitter — “I just stopped doing everything I normally did. Playing games at recess, playing with toys, all of it, done.”

Her scooter sat in the garage, covered in dust. Her stuffed animals were passed down to Lila. The wooden playground in the back yard stood empty. She kept her skateboard with neon yellow wheels, because riding it is still cool to her friends.

On the morning of her 14th birthday, Katherine wakes up to an alarm ringing on her phone. It’s 6:30 a.m. She rolls over and shuts it off in the dark. Her grandparents, here to celebrate the end of her first year of teenagehood, are sleeping in the guest room down the hall. She can hear the dogs shuffling across the hardwood downstairs, waiting to be fed. Propping herself up on her peace-sign-covered pillow, she opens Instagram. Later, Lila will give her a Starbucks gift card. Her dad will bring doughnuts to her class. Her grandparents will take her to the Melting Pot for dinner. But first, her friends will decide whether to post pictures of Katherine for her birthday. Whether they like her enough to put a picture of her on their page. Those pictures, if they come, will get likes and maybe tbhs. They should be posted in the morning, any minute now. She scrolls past a friend posing in a bikini on the beach. Then a picture posted by Kendall Jenner. A selfie with coffee. A basketball Vine. A selfie with a girl’s tongue out. She scrolls, she waits. For that little notification box to appear.