Phil, Mike, and Larry examine the tax cuts proposal from Liz Truss, the United Kingdom’s new prime minister. The amount of borrowing that will be needed to pay for these tax cuts sent the British 5-year gilt up half a percentage point and pushed the British pound to a 37-year low against the dollar. And in the wake of the Dow Jones Industrial Average hitting a new low for the year, they then examine how long this recession should last and how much lower we should expect the stock market to go.

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