US economy collapses due to coronavirus

Ex-Director of the US National Economic Council, former senior assistant for economic policy President Donald Trump (January 20, 2017 through April 2, 2018) Gary D. Cohn told CNN on air that the US economy has entered a recession. In his opinion, the drop is due to the 2019-nCov coronavirus infection (COVID-19), which caused a decrease in the economic activity of the US population. Cohn - worked for more than 25 years in the investment and financial conglomerate Goldman Sachs Group, Inc.

Recently, we have experienced four economic downturns: in 1987, 2001, 2008 and 2020. All these cases are the same and different at the same time. We have already seen similar sharp changes. Yes, in recent days there has been a record drop in stock indicators, but it was due to the fact that it started with a much higher indicator

- said Cohn.

At the same time, Cohn believes that this time the situation is unique and different from previous crises. He stressed that three weeks ago in the United States there were record high rates on exchanges throughout history. Growth in the economy and wages, and a reduction in unemployment were reported.

It turns out that three weeks ago the situation (in the US economy - ed.) Was very positive

- emphasized Con.

However, the spread of coronavirus has led to a crisis in the US healthcare system. This is what provoked a sharp decline in consumer demand.

Consumers protect themselves and do what they consider best for themselves and their families: they “exclude” themselves from the economy, try not to leave their homes in coffee shops, McDonald's, at sports events, which are also canceled. When all this activity is “excluded” from the economy, it leads to a rapid economic slowdown. Most likely, we have already entered the recession phase and have negative growth dynamics

- sure Con.

At the same time, Cohn is convinced that after defeating the coronavirus in the United States, the US market "will be stable enough to recover."

We remind you that the US has an emergency mode. Already more than 2,8 thousand people fell ill, of whom 57 died.

It should be added that Cohn was born in 1960 in a Jewish family of immigrants from Poland. In those years, no one in the “developed” USA even suspected a diagnosis of “dyslexia”. But Cohn suffered from this ailment from childhood (which he later learned about) - a selective violation of the ability to master reading and writing skills with a general ability to learn. In addition, the boy had big problems with discipline. He was left in his second year at school and his classmates and teachers mocked him. Cohn has survived stress and still calls this period the “hardest” and “vilest time” in his life. Therefore, it is not surprising that, according to the banker, neither the financial system nor the healthcare system, but the virus are to blame for the economic crisis.
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  1. Sergey Latyshev (Serge) 15 March 2020 13: 23
    Is recession a collapse for our Uri-media? And then how are we? From the age of 8, several recessions ...
    1. General Black Offline General Black
      General Black (Gennady) 15 March 2020 14: 30
      From the age of 8, several recessions ...

      From the Nativity of Christ?
      1. Sergey Latyshev (Serge) 15 March 2020 19: 22
        Since the Nativity of Christ much, much more ....
        That Gorby, then EBN, That GDP recessed ... brought down ...

        In general, another kayuk bucks ... we must urgently watch the course !!!
    2. Irokez Offline Irokez
      Irokez (Sergei) 16 March 2020 08: 23
      Where do you have it?
      1. Sergey Latyshev (Serge) 16 March 2020 09: 01
        EBN and GDP - guess for yourself ...

        USD 72,60, EUR 80,73 today.

        Everything, the buck and the euro are crumbling (they promise everywhere).
        1. Irokez Offline Irokez
          Irokez (Sergei) 16 March 2020 11: 54
          The dollar is collapsing and collapsing, and our country still can not fall with it, although for a long time we had to fall apart. But it turns out how it turns out, no one is going to crumble. The USSR survived perestroika and received immunity from all sorts of crises and shocks, but the Democrats did not experience decline and perestroika, and therefore they are preparing for the worst. The sanctions have prepared us (Russia) for today, but how they (you probably) were not prepared by anyone, but put before the fact.
  2. Regis Offline Regis
    Regis (Sergey Kopan) 15 March 2020 14: 06
    To paraphrase the classic, we can say that the bourgeois invented the coronavirus to cover up their complete economic failure. All other words are just husks.
  3. Oleg Rambover Offline Oleg Rambover
    Oleg Rambover (Oleg Pitersky) 15 March 2020 14: 25
    Hurray, comrades, the dollar is coming soon. Capitalism too. True, it is not clear who will buy our oil and gas and what we will live on, but these are such trifles in comparison with the fact that the Americans will feel bad.
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