Some of what @TimDuy says here is solid. But not all. Claim that economy was doing great pre-virus is wrong, and I’ve chronicled reasons for that for 12-24 months leading up to outbreak. Also plenty of signs of excess/embedded financial stability risk pre-outbreak... https://twitter.com/conorsen/status/1248589679877857285

“Bubble”-like behavior? Absolutely, and to deny it is folly. Similarities between corporate debt market circa 2018-2019 and mortgage space circa 2004-2005 very clear, which I’ve also been chronicling. “Should” companies have prepared for a 100 year flood? Of course not. Should...

CEOs, investors, lenders been less cavalier/reckless? Of course. Does that mean I think the Fed should do nothing and “let it all burn”? Of course not. Does that mean that aid should be given prudently, rationally, and in ways that ultimately allow for taxpayer upside? Of course