Richard Berner is a Clinical Professor of Management Practice at the NYU Stern School of Business. He was a counselor to the U.S. Treasury Secretary from 2011 to 2013, before becoming the first director of the department’s Office of Financial Research. Today, he’ll discuss the effects of the current crisis on the economy and his perspective on Washington’s response.
As Dr. Berner explains, the path of economic recovery is entirely dependent on containing coronavirus, which itself is dependent on the development of a vaccine. Until a vaccine comes along, Dr. Berner thinks the public will be cautious with their spending. In the meantime, he thinks government needs to step up with more impactful stimulus as he believes the Federal Reserve can only do so much.
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