Bloomberg’s Gura on Stock Market Plunge: ‘This Is Not Anywhere Near Over’

COATES But David let ░░░░░░░░ ask you this The ░░░░░░░░ says the healing the ░░░░░░░░ has begun He thinks ░░░░░░░░ s actually going well ░░░░░░░░ would seem to many ░░░░░░░░ that s just not ░░░░░░░░ case at all Can ░░░░░░░░ give us a sense ░░░░░░░░ how bad today was ░░░░░░░░ Hugely dramatic And I ░░░░░░░░ being on the floor ░░░░░░░░ the New York Stock ░░░░░░░░ back in 2020 the ░░░░░░░░ of Covid and feeling ░░░░░░░░ dark mood that Peter ░░░░░░░░ was describing just a ░░░░░░░░ ago And this was ░░░░░░░░ We hadn t seen ░░░░░░░░ precipitous as steep a ░░░░░░░░ as we saw today ░░░░░░░░ since then This is ░░░░░░░░ biggest drop we ve ░░░░░░░░ in stock since 2020 ░░░░░░░░ height of the Covid ░░░░░░░░ and that was not ░░░░░░░░ manufactured crisis as this ░░░░░░░░ is And so listening ░░░░░░░░ the president talk about ░░░░░░░░ situation here in a ░░░░░░░░ term about this patient ░░░░░░░░ the surgery that s ░░░░░░░░ we re definitely in ░░░░░░░░ res This is not ░░░░░░░░ near over You know ░░░░░░░░ it at face He ░░░░░░░░ saying Don t worry ░░░░░░░░ it the indications are ░░░░░░░░ Obviously you look at ░░░░░░░░ markets in the U ░░░░░░░░ and around the world ░░░░░░░░ s no indication that ░░░░░░░░ s the case You ░░░░░░░░ look at stocks trading ░░░░░░░░ Asia overnight The selloff ░░░░░░░░ That extends to bonds ░░░░░░░░ metals and currencies None ░░░░░░░░ that is looking good ░░░░░░░░ then you look at ░░░░░░░░ kind of the economic ░░░░░░░░ and what economists are ░░░░░░░░ about the prospects here ░░░░░░░░ that s very grim ░░░░░░░░ well I mean all ░░░░░░░░ predictions by and large ░░░░░░░░ mainstream economists the consensus ░░░░░░░░ is this is going ░░░░░░░░ have a dramatic effect ░░░░░░░░ the U S economy ░░░░░░░░ the global economy as ░░░░░░░░ There s a lot ░░░░░░░░ talk about the prospects ░░░░░░░░ it being a recession ░░░░░░░░ in the U S ░░░░░░░░ are many fragile economies ░░░░░░░░ the world Europe in ░░░░░░░░ This puts them even ░░░░░░░░ up against the ropes ░░░░░░░░ as this uncertainty looms.”