The US may not avoid a recession amid coronavirus outbreak, former Fed advisor says
He said it's "critical" for the Fed and the Treasury to find a way to provide liquidity to small and medium enterprises. That will help to ensure small businesses that are "fundamentally sound don't all go bankrupt."
"We don't want to have a great depression where there's a slump in business … and all those workers are out of jobs permanently," he added. "We need to get through this and I think there's ways to do it with the right combination of monetary and fiscal policy."Levin said the "best case scenario" at this point is one where things go "reasonably well from a public health standpoint.
If, by July or August, people can get back to work, go out and spend money they've saved in the meantime, the economy could have a "fairly quick" recovery, he said.crisis drags on, cases continue to be reported and it's unclear when people can return to work, he added.
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