'I don't think it's seriously arguable that we reopened too soon. We reopened stupidly.' Nobel laureate Paul Krugman says there’s “mania” in the stock market as investors fear missing out on return.
that derive large parts of their revenues overseas have also contributed to the run-up in markets.
"They're riding on the prospects of economic recovery in Asia and Europe even as the U.S. completely mucks things up," he said. Krugman defended the Federal Reserve's aggressive stimulus response to the pandemic, such as the central bank's purchases of corporate bond ETFs, which"I don't see what else the Fed could have done," he said. "They could not have stood by and allowed a financial crisis on top of the viral crisis, so this is what had to happen, and if there's some mania in the markets, well that's what happens.
The New York Times columnist said the conditions for a quick economic recovery are in place if policymakers would focus on getting the virus under control instead of reopening businesses like bars. He added that the economy could suffer long-term damage from school closures and theor a universal basic income would not be as helpful as targeted benefits when it comes to boosting the economic recovery.
"At this point with everything else going on, the great danger is that we spend too little, not too much," he said.
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