While the situation might have been worse without the Fed's moves, the measures 'clearly didn't stabilize the stock markets,' said Joseph Stiglitz, a Nobel laureate economist.
at least 168,019 cases of the coronavirus worldwide, according to data from the World Health Organization. At least 6,610 have died from the disease.
"People wouldn't be able to repay their loans, people wouldn't be taking out new loans, businesses wouldn't be taking out new loans. The business model of banks is very sensitive to the business cycle," he said.Stiglitz advocated for targeted assistance to help people and sectors weather the public health emergency.
The support should focus on those who will be "facing enormous stress," strengthening the capacity of the healthcare system and encouraging people to not interact, as well as get tested and not show up at work if they are sick, said Stiglitz. In fact, large government spending in today's pressing circumstances while paying no attention to deficit "is correct," he said.
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