Alan Greenspan: I’ve never seen anything like this

danielredmayneNovember 20, 2020

“I’ve never seen a particular situation in this professional experience,” Greenspan, 94, told CNN’s Julia Chattery at the Show First Move on Thursday.

He didn’t work in finance when he was a boy, but he survived the Great Depression.

Greenspan led the Fed The second longest tenure in that role, from 1987 to 2006. (He missed being the first in four months.)

Although several pharmaceutical companies have announced promising results for vaccine trials, infection rates are still rising not only in the United States but around the world.

At this stage, trying to predict where the virus is heading is only speculation, Greenspan said. It may be possible to return to normal by next spring, but only if the spread of the virus is suppressed and the condition persists, he added.

Current Fed Chair Jerome Powell has reiterated that the economy will recover completely only if the Covid-19 pandemic is curtailed. Still, we will not return to the economy we knew before the pandemic occurred.

Millions of Americans still They lose their jobs due to the crisis and cannot find new jobs, so they need profits to achieve their goals.

The government spent trillions of dollars through the CARES law in the spring, but since then Washington has been unable to agree on additional stimulus.This must be done Change, Greenspan and many economists agree.

“I think Pelosi has a special idea to tackle the problem at hand. [that] “It seems very reliable to me,” said a former central banker. “They only have to do them.”

According to Greenspan, it should be easy to pass on a new stimulus package as long as there is a general consensus that something needs to be accomplished. But in this volatile situation, you always have to ask what goes wrong.

“I’m not entirely sure there is enough information to know how to deal with this kind of problem,” Greenspan said, adding that it could have unintended consequences for society.

Alan Greenspan: I’ve never seen anything like this

Source link Alan Greenspan: I’ve never seen anything like this

danielredmayneNovember 20, 2020