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The chair of the Federal Reserve says the economy has recovered a lot of ground but he said social distancing and master both necessary. If we want that to continue those things actually enable people to go back to work. I'm Steve inskeep with Noel King and this is up first from NPR news. Orange. Grey skies and Ash Rain Over California extreme heat causes fires from the Mexican border to the Sierra, Nevada hundreds of people are trapped multiple rescue efforts are underway. Most of the town of Big Creek has been destroyed can firefighters contain these fires and Michael Cohen President Trump's former lawyer went to prison for lying to Congress among other crime while doing time. He wrote a book describing. His former. Boss is a Crook & Ally fire stick with us. We get the news you need to start your day.
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How will and how soon will the US economy recover from the covid-19 pandemic Jerome Powell the chairman of the Federal Reserve talk to NPR right before Labor Day. We just got news that the unemployment rate has fallen to 8.4% which is high. Yes, but it's down from the record high. We saw this spring. I guess I would just see the recovery is continuing we do think it will get harder from here because of those areas of the economy that are so directly affected by the pandemic still. There's going to be a long. We believe we're will have to take our time and and see those those people get back to work and he said there it's going to get harder why simple answer is the pandemic when we spoke with Powell in his office here in Washington DC. He said that a lot of the economy obviously is reopened and about half the job that were lost this bring her back, but the
U.s. Steel has more cases of coronavirus than any country on Earth and that's going to continue limiting employment in restaurants and Airlines and basically anything that involves a crowd only so much recovery is possible in these circumstances, which is one reason Noel Powell is an advocate now for masking and social distancing. He's not a public health expert that he knows a little bit about the economy and he argues that keeping down the virus is good for the economy. Certainly. What is he say the FED plans to do to get us through a long recovery. The FED is digging in for years and years of recovery last spring you'll recall the FED brought interest rates very quickly down to near zero, of course low interest rates stimulate economic growth and here's help policies the future. We think that the economy is going to need loan interest rates would support you can on it activity for an extended. Of time and years.
It will be measured in years. Yes, we believe and however long it takes we're going to be there. We were not going to prematurely withdraw the support that we think the economy needs Beyond low interest rates that support by the FED is included buying government debt and last Springs almost unprecedented offer by the FED to loan money directly to State and local governments and businesses an update on that house has the mere fact that the Fed was willing to loan money if needed reassured everybody and made a lot of Institutions more stable Federal Reserve has to mandate to keep unemployment low and keep prices stable. Make sure my dollar isn't worth way less a year from now and hopefully the FED moves very fast when it sees unemployment rising or inflation Rising but it is changing that now which is one of the reasons that pal spoke with this Noel the Federal Reserve your right intervenes in the economy with interest rates and other tools to keep employment strong and inflation low it supposed to do both of those things.
Traditionally it tries to avoid overheating The Economy Inn off things move too fast inflation can spin up and and that's bad but there's traditionally some conflict here because when more people go to work when wages get higher the FED can see that is bad that used to slow things down to avoid inflation. And that's what's being tweaked here there a little less worried about inflation because there hasn't been much inflation lately why For Better or Worse Powell believes? This is a factor of globalization if I think I want a raise if I want to charge more for my product I can't because the job could be move somewhere else in the world or my work could be moved somewhere else in the world. It's gotten to the point where the FED no longer feels they need to worry so much about inflation. And if we ever do get back to superlo unemployment like we had before the pandemic the FED is more likely to just let that ride a little bit longer four people McStuffin Steve.
All right hundreds of people are trapped today by a fire in the Sierra Nevada mountains of central California. Fire Crews have been unable to rescue these people. The fire that has been trapped called The Creek Fire is almost twice as big as it was yesterday. It destroyed a town called Big Creek and it's only one of several big fires in California station. Kvpr. She's on the line from Fresno. Good morning Laura Noel over the weekend 200 people were rescued from a campsite near it called Mammoth pool. Those folks were airlifted out. However it yesterday the Fresno County Sheriff's Office says an additional two hundred people are still trapped on the Fresno City Fire Department tweeted last night about a rescue mission to pick up stranded hikers campers and some residents at two areas one's called like Edison. The other is China Peak fire chief.
Reporters, you know, they were potentially like four dozen folks those particular areas, but later the fire department tweeted that they couldn't land the helicopter to rescue those people because of such heavy smoke condition is that they try again with night vision, but just after midnight they said they were going to stop rescue efforts. I'm going to have to try again later today. There's also focused wrapped around a place called Shaver Lake at higher elevation that those folks will likely need to be airlifted out to however not sure if they right now those people at Shaver Lake or in a temporary Refuge area, so not in immediate danger, but you know, they still can't get out of the Sierra National Forest. In the meantime. There's also about two dozen evacuation orders and Counting for sort of the lower communities and not for us, you know, the sheriff's deputies are telling people to get out. Okay, very scary thing of for the people who are trapped and Steve mentioned that the fire is almost twice as big as it was yesterday our fire.
Be able to contain it or to stop it from getting bigger right at this point. It's at 0% containment. It seems like it's just growing and growing and one thing to know. I mean, yeah, it's about a hundred and thirty-five Thousand Acres at the moment. It's just grown so much and the expanding to counties and being that it's up there in the forest and no in these mountains for the foothill areas. It's difficult to get from one side of it to another so there's about like a thousand people from local state and federal Personnel working to get to fight this third doing it from to from sort of the north side and the south side, but at this point, you know, the weather is working against them. There's some winds coming over from the East Moana wins better really creating like dry air conditions that are working against them. And of course, it's very very hot here in California right now. It's already circling misfire.
I mean, honestly, it's been a few decades since the fire burned like this in the Sierra National Forest and again at this size. It's moving its so quickly and growing so fast, and for folks in Fresno and the communities of their they're really connected. So it is really is going to hit both Fresno where I am reporting from and all the people evacuating pretty hard to remember station. Kvpr. Thanks Laura. Thank you.
All right, Michael Cohen was President Trump's lawyer and his fixer while managing problems for Trump over the years. He was also committing crimes. They included campaign Finance violations during the presidential campaign of 2016 went to prison and then was furloughed due to the pandemic. So he's confined at home right now and while doing that time he wrote A Memoir it's called disloyal the true story of the former personal attorney to President Donald J. Trump going rights that is former boss is quote a cheat a liar a fraud a bully a racist a predator a con man is what he said on NBC Donald Trump will do anything and everything within which to win and I believe that includes manipulating the ballots. I believe that he would even go so far as the star war the White House Press Secretary Kayleigh mcenany says Cohen is lying about her bosses line.
And Pierce Anastasio. Chris has read the book of morning. Anastacio. Hey, good morning. Noel President. Trump has a low opinion of all black folks. Yes. Is there a lot of allegations regarding things that Cohen says Trump said to him among them, and says that the present told him that black and Latino voters are quote too stupid and quotes about friends. He also says that Trump was nostalgic for apartheid-era South Africa and said that Nelson Nelson Mandela ruin the country. He actually used language quite a bit saltier than that and Cohen also includes in the book of a photo still that he says come to a video that was made long before Trump ran for office a Quinta Cohen Trump's team hired an Obama look-alike actor that Trump berated on camera and then pretended to Fire and you know, it was a moment of a reality TV start cosplaying Politico.
Power who then came to hold that very power. Okay. So some claims about race and racism the Evangelical vote, which was critical in President Trump's 2016 campaign Cohen makes claims that President Trump said some things about religious leaders to ya Noel describes Trump is essentially using the Evangelical Community with no real interest in their beliefs and values again, according to Cohen Trump was incredulous that evangelicals hold the belief that they do and again, I'm paraphrasing and softening the language here also turns up in this book. That's right colon cleanse the Trump idolizes Putin's massive wealth and the enormous power he wields according to come and that's Trump's vision of political Perfection and Cohen also alleges Trump has had close ties to Russian billionaires because he isn't otherwise able to secure funding for his businesses. Let me ask you Leslie Michael Cohen is a convicted Criminal Who
Doing a 3-year bid for campaign Finance violations lying to Congress and tax evasion. How does he address the fact that many people may not see him as credible.
What histone alternates between taking accountability for his own behavior and trying to describe what he found so magnetic and Trump. This is the guy who repeatedly read the art of the deal when he was done high school. He was already living in a trump branded apartment. Even before he started working for the Trump organization. He was all in on the brand and Piers. Anastacio seal gas tanks on stuff you thanks for having me Norm.
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