Bloomberg reporter: Economists say potential recession wouldn't be as bad as 2008 crash

Bloomberg News's chief Washington correspondent said Tuesday that top economic experts have predicted that a potential recession brought on by global fears of a coronavirus outbreak would not be as damaging for the U.S. as was the 2008 economic crash.

In an interview on Hill.TV's "Rising," show, Kevin Cirilli said that "top economists" whom he had spoken to in recent days expect any economic impact from the coronavirus's arrival in the U.S. to be less impactful than 2008's economic turmoil.

"I spoke with two top economists yesterday on the street...and what they said was, 'Look. If there is a recession, it's not gonna be as bad as 2008," Cirilli said.

"They feel that now, with stress tests in place...if you look at the economic fundamentals around the world, that they're able to contain this," he added.

Cirilli pointed to Saudi Arabia's ongoing feud with Russia over oil prices as one area for economic concern: "I've got my eye on Russia and the Saudi's because that's gotta play out, and it's divorced from the coronavirus."

Saudi Arabia and Russia have been engaged in a price war over oil for days after Russia refused a request from OPEC to cut production in the face of decreased demand for oil that experts say is due to the coronavirus outbreak.

Cirilli's comments come as economist Richard Wolff predicted on "Rising" earlier this year that the U.S. could face a recession by 2021 at the latest.

“Wherever capitalism has settled in the 300 years that this system has dominated the world, in every country, in every region here’s the pattern: Every four to seven years, there’s an economic downturn,” Wolff told Hill.TV in January.

“Based on that — and if you remember that the last big downturn that we had was in 2008 — well then we are overdue,” he added.