The financial crisis of 2008 is considered by many economists to have been the worst economic downturn since the Great Depression.
According to Bill Gates, the US is eventually headed for another financial crisis just like it.
On Tuesday, the Microsoft founder held an AMA (Ask Me Anything) on Reddit. When a Reddit user asked Gates, "Do you think in the near future, we will have another financial crisis similar to the one in 2008?" Gates replied with a stern — but still optimistic — warning.
"Yes. It is hard to say when but this is a certainty," Gates said. "Fortunately we got through that one reasonably well."
Gates then deferred to his good friend and fellow billionaire-philanthropist, Warren Buffett, saying, "Warren has talked about this and he understands this area far better than I do."
The 2008 crisis led to the Great Recession, which saw 8.8 million jobs lost. The net worth of households across America fell $19 trillion, and the number of homeless families increased.
Gates ended his reply by saying, "Despite this prediction of bumps ahead I am quite optimistic about how innovation and capitalism will improve the situation for humans everywhere."
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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