The world economy has never shut down this fast. In the U.S., virus-related layoffs are expected to be measured in the millions and soon. For insight into what’s coming, we found someone with responsibilities over the economy now and who helped pull the U.S. out of the Great Recession of 2008. That person is Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. In 2008, he was the Treasury official in charge of the $700 billion rescue of the financial system. We met Kashkari this past Thursday for an eye-opening look at the stock market freefall, the near-freeze in the bond markets and a prediction for this economic emergency.Minneapolis Fed chief: Small businesses need forgivable loansNeel Kashkari: Millions of people are gonna lose their jobs. And that’s what’s so scary about this.Scott Pelley: Are we in a recession?Neel Kashkari: If we’re not right now, we will be soon. My base case scenario is we’ll at least have a mild recession like after 9/11. The worst case would be we’d have a deep recession like the 2008 financial crisis. We just don’t know right now.Scott Pelley: And what’s keeping us from knowing with any certainty? Neel Kashkari Neel Kashkari: Nobody

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