'We will all need to be patient and hunker down. This will eventually end, and life will return to something resembling normal. So will the economy and stock market,' writes CNN's LaMonicaBuzz
Paul R. La Monica is a digital correspondent for CNN Business. He writes daily about the markets and blue chip companies and also appears regularly on CNNI's business programs. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } The market is plunging and there seems to be no end to the financial damage in sight. That's reminding a lot of people of 2008 and the Great Recession. Those were scary times. But to me, the plunge that has accompanied the coronavirus outbreak is bringing back memories of another crisis -- the immediate aftermath of 9/11.The stock market was closed for several days following 9/11. Once it reopened on September 17, there was a lot of fear about what was next for corporate America and the economy. The S&P 500 fell as much as 13.
Kevin Hassett: April job losses could be worst ever 02:04Just like in 2001, it will take time before the worst is over. But unlike 2008, this is not something that, at its root, is a financial problem. Or at least, not yet.Lower interest rates, bailouts or tax breaks won't help if people are afraid to leave their homes and businesses suffer major drops in demand.We will all need to be patient and hunker down. This will eventually end, and life will return to something resembling normal.
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