Debate: The Global Financial System Was Better Prepared for the Pandemic Than 2008

A year ago, the stock market was hitting record-highs, unemployment numbers were at record-lows, and the recession of 2008 looked like a distant memory. But in spite of the rosy outlook ahead, a thorny question still remained: Are the fundamentals of the financial system safer now than they were before the financial crisis? If a new financial catastrophe were to strike, would we be better prepared? We posed that question to our debaters, with the against side ultimately taking the day. Now a year later, and with the emergence of a global pandemic, we're able to put the debater’s arguments to the ultimate test – whose claims have been vindicated by this unprecedented event?

For The Motion:

• Jason Furman - Former Chairman, Council of Economic Advisers

Against The MotionL

• Gillian Tett - Editor-at-Large, Financial Times (U.S.)