(CNSNews.com) - Treasury Secretary Steven Mnuchin told “Fox News Sunday” that the United States is “still the greatest place to invest” despite the current stock market crash amid the coronavirus pandemic.
“What I can tell you is people who bought stocks after the crash in '87, people who bought stocks after the financial crisis did really well. So, in terms of long-term investors, I have every confidence that this market is going to be higher down the road and the U.S. is still the greatest place to invest,” he said.
When asked how much further the stock market would drop after losing almost $8 trillion in value from its record high a month ago, Mnuchin said he “can’t predict where the market is today, this week.”
“But you talk about who bought after the crash. When is after the crash?” Fox News host Chris Wallace asked.
“Chris, we can never predict the bottom of the market or the top of the market, and that's why investors need to focus on the long-term, but again let me go back and say, there's no question, there are businesses that will be severely impacted. We are focused on helping those businesses that need liquidity. There are some businesses that are booming,” Mnuchin said.
“I mean, you look at the stores and people who are buying certain consumer products -- what we've seen from the credit card data is travel is down, extraordinary. Almost corresponding is an increase in purchases of food, pharmacy goods and supplies, and again what we're focused on and the president wants us to look at a big stimulus program because we need to help American workers now,” he said.
“You've got disruptions to the global supply chain, and even more important, you've got consumers who have been the main drivers of this economy, and their consumer spending is grinding to a halt. I understand, as a secretary of the treasury, you don't want to predict a recession, but it could happen,” Wallace said.
“Chris, what I'd focus on is that we need to get economic relief to the people that are impacted by this, and as I've kind of described this, we're in the second inning. The first inning was the $8 billion. The second inning we passed bipartisan legislation to make sure that workers that need to be home and small and medium-size businesses will get paid,” Mnuchin said.
“We are now going back to Congress, and focusing this week on the airlines industry, the hotel industry, the cruise ship -- there's no question that the travel industry has been impacted like we've never seen before. The president is absolutely determined that we will use whatever tools we have and whatever tools we need. We will go to Congress and get, and there's a lot of bipartisan support,” he said.