Former Goldman Sachs Group GS CEO Lloyd Blankfein tweeted Monday that fear has taken the global markets lower, but he expects a quick recovery once health threats subside.
Blankfein served as CEO of Goldman for 12 years, retiring in 2018.
On Monday, global markets were battered in response to an oil price war between Russia and Saudi Arabia alongside the recent impact from coronavirus, which could also mark the beginning of a recession.
Blankfein argues that the U.S. underlying economy remains robust and strong, with the banks being well-capped and the system not overly leveraged. Compared to the 2008 financial crisis, the U.S. the market will avoid systematic damage that could take years to work through, he said.
Fear can take mkt lower, but expect quick recovery when health threat recedes. Esp in US, underlying economy strong, banks well-capped, system not too leveraged. Unlike ‘08, will avoid systemic damage that cud take years to work thru. Obviously, not ignoring tragic human toll....— Lloyd Blankfein (@lloydblankfein) March 9, 2020
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