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'This is much more psychological': Why the CEO of the world's largest asset manager says the COVID-19 crisis is nothing like 2008

'This is much more psychological': Why the CEO of the world's largest asset manager says the COVID-19 crisis is nothing like 2008




The financial crisis of 2008 and the economic damage caused by the COVID-19 pandemic are far different, according to BlackRock CEO Larry Fink.




"This is an existential problem, so it's way beyond a financial crisis that we saw in 2008," Fink said in an interview with CNBC on Friday.




Fink said he thinks it will take longer this time around than it did in 2008 to find stability, both in the economy and society.




"BlackRock has never believed we are going to have a 'V'-shaped economy. We believe this is going to be a slower, more persistent rebound," Fink said.




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Investors should not expect a "V"-shaped rebound in the economy as COVID-19 cases spike across the country, according to the CEO of the world's largest asset manager.
In an interview with CNBC on Friday, Larry Fink, CEO of BlackRock, explained why the current economic recession caused by the COVID-19 pandemic is vastly different from the financial crisis of 2008.
"This is much more psychological too because of the fear of the virus, the fear of health," Fink said. "This is an existential problem too, so it is way beyond a financial crisis that we saw in 2008."
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