Does anyone else think that this impending recession will be far, far less disastrous than 2007/2008? Whereas last time the downturn came about as a result of structural problems within the economy, this time people see it as an external force affecting the market, which will do less to weaken people's faith in institutions. Also, the damage being done thus far feels largely impermanent; yes, people are losing their jobs, but many of them are being told that their job will be waiting for them once the quarantine is lifted. That did not happen in 2008, when companies cut costs by automating jobs away and outsourcing-- those jobs never came back. I could be very wrong, and this all depends upon how quickly normalcy is restored, but I think the recovery from this will be much speedier than in 2008.
I agree, but I think there may be structural problems in the current economy.
I think so too, but rather than exposing them, the virus might distract from them, which could be very beneficial to those who wish to keep the status quo.
