Echoes of 1929

Politico: “The early signals from the coronavirus crisis point to a scale of damage unseen in the modern U.S. economy: the potential for millions of jobs lost in a single month, a historic and sudden plunge in economic activity across the nation and a pace of sharp market swings not seen since the Great Depression.”

“Kevin Hassett, the former White House Council of Economic Advisers chairman who remains in contact with Trump and the White House, said in an interview that jobs reports for March and April could show horrific numbers that will force massive congressional action if it has not already occurred by then.”

“He predicted losses of perhaps over 1 million jobs in coming reports and a spike in the jobless rate.”