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Coronavirus economic impact ‘will be severe,’ at least as bad as Great Recession, says IMF

Coronavirus economic impact ‘will be severe,’ at least as bad as Great Recession, says IMF

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39 comments

  1. I’m putting my house on the market tomorrow. Cool!

  2. Welcome to the roarin 20’s!!!

  3. Welp, better invest in old-timey suspenders for your children and teach them to play stickball in the street.

  4. Hey, maybe real estate prices will finally go down to normal, believable levels and we can actually afford more than a 400sqft studio shoebox 2h commute from work within my lifetime.

  5. Ok so I’m currently stuck in Guatemala, because my wife’s from here and we went to visit her parents right as this kicked off.

    Fuck me right?

    However, the more this goes on the more I realize I’m probably better off here than back in the states.

    The Mayans are living like they have been for *thousands* of years down here. They’re an agricultural society. Everyday we have guys coming by our house from up in the mountains offering us fresh eggs, whole fresh chickens, avocados, limes, oranges.

    So far only 20 cases of coronavirus, and we are in a curfew from 4pm – 4am. I think I’ll stick it out down here.

    Strange times indeed.

    Edit: here’s a few pics where I’m stuck at.

    https://imgur.com/a/h9iIc42

    https://imgur.com/a/OdNOkTB

  6. It already is.. All doors have shut and we aren’t getting any new jobs in at work. Edit: Doors as in job interviews, not business open to shop at

  7. Maybe we should stop funneling money to the hyper rich and build a sustainable system then?

  8. Jesus fuck are you serious. I’m 29 years old and I had to go through both of these in my 20s. Jesus.

  9. What is up with the big American flag that’s always across the stock exhange?

  10. Another Great Recession? Just throw each new generation under the bus. It’s not like we didn’t have a game plan for this situation for f*ck’s sake. Tax-cuts and Bail-outs just can’t come fast enough.

  11. Article title says Great Depression

    Article content says GFC

    Maybe there is a weird standard to work by but that seems like a pretty big difference to me

  12. In other words, the wealthy will have even more assets and resources to soak up.

  13. Great, just closing on buying a house this coming week. Not even sure I can move in with the quarantine, and now I have to worry about if the bank will even honor my mortgage offer and wether my job will be there after this

  14. The recession will certainly come with people not working. The question here is how long will the setback last until booming business can kick back into gear.

  15. before everyone gets their hopes up about house prices coming down etc…..

    remember who caused the financial crash in 2008…..then remember who benefitted most form the financial crash in 2008

    rich c*nts

  16. The fact workers staying home crashes the economy proved that the workers are the ones who drive the economy, so maybe they ought to decide how it runs.

    This is why unions are important. After WW2, 30% of workers were in a union; today its under 10%.

  17. A devastating crisis every 12 years is perfectly normal, move along serfs.

  18. Seriously…If there is more economic inequality after this pandemic I feel like many countries around the world will get even more politically and socially unstable with more revolutions and coups taking place.

  19. Thank God we got rid if all those bloated, big government, pandemic response teams and all that job killing regulation.
    /s

  20. Once this is all over its gunna be balls out for businesses to get back booming lots of job openings to increase production to catch up on the missed time. Life will find a way.

  21. Picked the wrong time to be born.

  22. Who would have thought the working class being out of work effects it that much and not the people “running the show”

    Really swaps the role of importance here.

  23. So, for 5 years, everybody was telling that a financial breakdown was imminent, but now it’s because of coronavirus. How convenient.

  24. Here in pickup-beer-gun-hotdog land, stocks have been dropping faster than a prom queen’s skirt.

  25. At least we have the internet to distract ourselves

  26. I bought a house 3 weeks ago, haven’t even paid my first mortgage payment. FML.

  27. Too bad the world is basically in the same boat.

  28. IMF can go to hell…

    They are the sharks that wait to bite when a country’s economy is struggling.

  29. Guess my time of not going out and saving money will finally pay off when I buy a house in Cali for $1.

  30. Not like I have any money to lose

  31. It is going to be nothing like the the great recession. It will be like the great depression with a major twist. Let’s be realistic here, capitalism is based on growth and we are literally stopping it cold turkey. The difference is this time we have the FED and Treasury who can pump unlimited funds into the economy and markets to keep them going even while almost everyone is stuck in their house. So what happens? Individuals pull their money from the stock market to cover bills and it crashes. House prices crash. Our GDP drops to a level that makes our current and ever expanding debt unsustainable and a run is made on the US dollar. The US becomes a zombie economy. Plan on it or get left out in the cold.

  32. Before everyone panics, please know that many will be able to find opportunities if you keep your options open. Back in 2008 I was on the short end as my wife and I purchased land and built a house. Initially we planned to repeat this every 2-3 years. However, we found ourselves underwater on our mortgage. Yet those that got into the housing market after 2008 realized great benefits. With historically low interest rates (still true today), they were able to get into a depressed market.

    We made out in the long run because we did not chase the curves. Instead we played the long game and rode out the bumps. I urge all of you to understand that this too shall pass. Set yourselves up to take advantage of opportunities. Good luck and I am cheering for you!

  33. Time to change system. It’s long overdue.

  34. I’m gonna say Great Depression. Chinese people are getting infected again from people coming in from the outside. I’m thinking this won’t go away until a vaccine is created in like 18 months…

  35. Cue Republicans saying that this is hyperbolic and everything is under control…

    And in 6 months, when we’re in a financial free fall, they’ll claim that no one warned us and that it’s the Democrats’ fault.

  36. The Great Depression was a very long and drawn-out the event and this actually won’t be anywhere near that bad. No dust bowl, no farming crash, no WW2 starting.

    This will look a little bit like the Great Depression, but it’s really only going to look like that for two or three months and then you’re going to see a a significant recovery….if our leaders don’t screw it up to unbelievably bad.

    There’s going to be lasting effects for years, but it won’t be like the Great Depression because we will bail out and pump money into temporary and long-term relief programs whether the Orange Terror likes it or not.

  37. Everyone is about to learn a real painful lesson about instant gratification. Get out of debt now while you can.

  38. But the rich get to dump stocks and make out…cool. I’m hoping some sort of political shake up comes out of this. Maybe put some of their heads on pikes as a warning to others. Drinking wine from their skulls. Stuff like that.

  39. Maybe it is time to rethink the economic model.

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