The Bank of England announced an emergency rate cut this morning, and the European Central Bank is expected to unveil new stimulus tomorrow. Later today, Wall Street bank chiefs will meet with the White House to discuss the fallout from the coronavirus and what they can do about it. (Want this in your inbox each morning? Sign up here.)

Here we go again

We’ll be hearing a lot about the idea of plowing taxpayer money into the U.S. economy as the damage — human and financial — from the coronavirus outbreak leads to a conversation about government bailouts, Andrew writes in his latest column.

Instead of having that conversation after the fact, let’s have it now. In the fall of 2008 — a presidential election year — the U.S. government bailed out the banks and automakers. The recriminations came as quickly as the money: over the terms, the risk, the recipients and the nature of “corporate socialism.”

Who gets bailed out this time around?

• Airlines are an obvious candidate, but Steven Rattner, who oversaw the auto bailout during the Obama administration, tells Andrew that enough private capital is still available to them. The airlines themselves also say they’re not asking for help (more on that below).