Wharton’s Jeremy Siegel calls for fiscal stimulus and Fed cut, says ‘We need leadership at the top’
Wharton School professor Jeremy Siegel criticized President Donald Trump’s response to the coronavirus outbreak, saying the U.S. needs stronger leadership and stimulus from the government and Federal Reserve to backstop the economy.
“The President has not started this well. We need leadership at the top,” Siegel said Monday on CNBC’s “Squawk on the Street.”
Stocks dropped sharply as the virus continued to spread around the country and a global price war over oil sent energy stocks plunging. Trading was briefly halted after the market opened because the S&P 500 fell 7%, triggering a circuit breaker.
“We need a plan. It seems scattershot,” Siegel said.
There are more than 560 cases of the virus in the U.S., according to Johns Hopkins University, a number that is expected to rise as testing increases across the country. The outbreak has led to a flurry of school closures and …continued .
[Source: CNBC News]