How the 2008 financial panic can help us face coronavirus

March 13, 2020

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BY Henry M. Paulson Jr. (Original source The Washington Post)

In 2008, the United States faced a classic financial panic. As treasury secretary, I worked to help stem the panic and restore the economy amid a witches’ brew of a bursting housing bubble, collapsing financial system, rapidly spreading fear and deeply polarized politics.

Twelve years later, the world faces the prospect of another panic, one I hope is still avoidable. The immediate cause is a novel virus, not financial markets or the economy, which remain strong. But fear is again the enemy. And lessons we learned in 2008 can be a useful guide to action. Four of these lessons are particularly important.

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