Federal Reserve lending money directly to businesses to fend off recession
Fortune Magazine executive editor Adam Lashinsky on the economic impact of the coronavirus outbreak.
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Financial expert Chris Hogan joined the "Fox News Rundown" podcast Wednesday to discuss how American families and small business should manage their money during the ongoing coronavirus pandemic.
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"The first thing I want to tell people to do is just take a collective deep breath and let's really start to really focus on the things that we can control," Hogan told host Dave Anthony. "We cannot control Congress. We cannot control this virus right now and all the uncertainty that's going on. But we can control our attitude, our outlook and our actions."
Hogan said he was encouraging people to get into what he called "conserve mode." as local lockdowns and so-called "stay at home" orders stretch on indefinitely.
"By conserve mode, what I mean is, is all unnecessary spending must stop immediately. And I'm talking about the gym memberships, because you're still paying for those online even though the gym is closed, or any unnecessary subscription ... I'm telling people you have to take care of the four walls. And what I mean by four walls, this would be your housing as well as your utilities, your food, your transportation and having clothes on your back."
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For those facing deadlines to pay rent or other bills, Hogan advised a transparent approach.
"Even if you don't have money to pay, you can pay attention to the bill. And that means picking up the phone and contacting the creditor ... You're obviously talking about the job loss or the income loss and all the things that are going on," Hogan said. "And you're beginning to have a discussion on what you can afford to do and when. And this is not something that is an easy conversation. As I tell people, 'You're not debating, you're stating.' And that means you're being clear about what you can afford to do and [being] up front and honest. And so you've got to have that discussion."
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