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2008 vs. 2020: A Financial Crisis Comparison

  • Written by Steel Rose

Many clients have asked how the financial crisis of 2008 compares with the pandemic-driven economic crisis of today. Though both significantly impacted our economy, there are key differences between the two.

To start, the economy’s strength at the beginning of 2020 and the banking system’s ability to lend during this pandemic have helped us avoid a full-blown financial crisis. While we saw a violent downturn in March, quick and aggressive fiscal and monetary responses resulted in a strong rebound. But we still must understand the current constraints, as well as the necessary measures for a full recovery.

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