Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: APTraders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
Stephen Roach
Opinion

Opinion

Stephen Roach

Why the ‘big bazooka’ used in the 2008 financial meltdown is the wrong weapon for the coronavirus crisis

  • The global financial crisis playbook was designed for a world facing threats to the quantity of economic growth. It cannot be the answer for a world facing a shock stemming from deficiencies in the quality of that growth

Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: APTraders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
Traders react at the New York Stock Exchange on March 9. The Dow Jones Industrial Average sank 7.8 per cent, its steepest drop since the financial crisis of 2008, as a decline in oil prices and worsening fears about the fallout of the global spread of the coronavirus seized markets. Photo: AP
READ FULL ARTICLE
Close
We need your support

Advertising helps us continue to provide quality content. Help support us by disabling your adblocker on our site.

How to whitelist us:
  1. 1
    Click on the AdBlock icon at the top right corner of your browser.
    For iOS, go to Settings/Safari/Content Blockers and turn it off.

    For Android, go to your Ad blocker app/Settings and turn it off.
  2. 2
    Click Enabled on this site until the text reads Disabled on this site.
  3. 2
    Click the cross icon on the top right corner to close this window and refresh the page.
  4. 3
    Click the cross icon on the top right corner to close this window and refresh the page.