To model any recovery based on what happened in 2008 is comparing apples to rocket ships.
2008 was an economic collapse that was a result of some very poor economic planning on the part of some influential business sectors. It was the days of variable interest rate mortgages, etc. which provided people with easy access to things that they literally could not afford in many cases. This resulted in massive foreclosures and business failures. It was comparable to buying something today and only paying interest on the purchase for 3-5 years. When 3-5 years had elapsed and the total bill became due (even in installments), reality hit for many purchasers.
Fast forward to 2020 - this is an economic interruption caused by a virus that is totally unrelated to economic conditions in a direct sense.. The virus has interrupted business as usual but this will pass. If this would have happened in the economic mess that we were in in 2008, results would have been much different than even the slow growth that resulted after 2008.
Will all businesses survive? Most definitely not, but the Darwin Theory (Survival of the Fittest) will prevail. And most stable businesses will survive and grow.
Two totally different things.
Agreed....I would add that a new chapter at the Wharton School of Business will be included under “Preparing and Surviving” How to go from robust and thriving economy to a economic pandemic meltdown in 14 days and come out on top....Grins. 😎
