ST. LOUIS – As we have quarantined and been put on stay-at-home orders, our economy has taken a huge hit.
Stifel CEO Ron Kruszewski is considered one of the top financial experts in America. He’s lived in St. Louis for 25 years. He says people need to understand that there will be a cost to pay for limited business taking place and extended quarantines.
“Government needs to come up with a plan to exit quarantine,” he said. “That’s what they need and that plan can’t be three months from now. That plans needs to be three weeks to a month.”
Kruszewski is quarantined and following guidelines. He says people need to follow the safety rules. He’s worried about people losing jobs and where the economy will be a year from now.
“If you’re talking only about saving people’s lives from the virus, that’s a moral question. There should be no expense that should be spared to save even one life,” he said. “Yet on the other hand, we’re not looking at moral consequences to all people sacrificing their money and their lives being upended by withdrawing from the economy.”
Kruszewski says the market needs an end date to quarantine.
“I think if the government shuts you down, they should pay you,” he said.
As far as investing goes, his message is the same it was the market lost 20 percent in 2018 – stay the course.
“Your patience will pay off. I’m confident of that,” he said
He’s also very critical in calling out the government; saying they need to be ready for next time.
“It will happen again; that there’s no shortage of ventilators and respirators and all the things we need,” he said. “So, before we spend money on something we don’t need, we stockpile supplies we need.”
Kruszewski says it’s all about finding a balance because even when COVID-19 cases go down, it will still be around. He believes the stimulus package, once passed, will provide a boost.