Shilling laid out his prediction in more detail earlier this year, explaining in a Bloomberg News op-ed that while many economists are looking for a V-shaped, or quick, rebound to deliver a sharp recovery in the second half of the year, he remains much more skeptical.
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“This pandemic is likely to be the most disruptive financial and social event since World War II with equally long-lasting consequences,” Shilling wrote, citing the stark unemployment numbers at the time. “Many will no doubt restrain spending in future years to rebuild savings, especially since the crisis caught them at a time of high debts and short financial reserves.”
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