No one has ever seen anything like this.
During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.
In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.
S&P made up for its tardiness by downgrading the CMBS in one fell swoop by 9 notches from AAA to BBB-, just one notch above junk.
Indirectly via its Special Purpose Vehicles and its Primary Dealers, the Fed can buy even old bicycles, as long as taxpayers take the losses.
Clues about when the disease may overwhelm hospitals are valuable. Without such forecasts, local exponential growth only gives hospitals a few days advance warning.
Kissing share buybacks and dividends goodbye.
Frazzled by the sudden appearance of Financial Crisis 2, the Fed scurries in every bailout direction.
Most importantly, we have our health (touch wood) and each other.