Former Obama adviser Jason Furman, former chairman of the council of economic advisers, says the current stock market crash is more like 1929 than 2008. He lays the procedures that given the political will, will mitigate the damage.
The current Stock Market crash like 1929, not 2008
MSNBC’s “The Last Word” host Lawrence O’Donnell pointed out that former Obama adviser & director of the Council of Economic Advisers already implied that the current stock market crash was more similar to the genesis of the 1929 Great Depression than to the 2008 Great Recession. O’Donnell said that after re-reading the book “The Great Crash 1929” he noticed that the same statements being made in 1929 prior to the crash are the same being made now. The president, many in the financial sector, and administration officials continue to state that the market will bounce back.
Furman stated that the administration had to be very proactive and interventionist in the economy to mitigate the direction it is heading. Even as the budget deficit is huge as well as the national debt, checks should be sent out to every American to prime the economy in addition to paid leave, unemployment insurance, and much more.
Ironically, all of this sounds like tenets of Modern Monetary Theory which if implemented would lift every American out of poverty irrespective of the speculative nature of the stock market. Ironically these are all issues only Bernie Sanders, Elizabeth Warren, and to some extent, Andrew Yang and John Steyer spoke about in the Democratic Primary.
Unfortunately, neither of the candidates that best represent the vast majority of Americans are likely to win this cycle. But the fight, the engagement most continue as taking power that is rightfully ours is never easy.
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