The economy is not fragile because of the virus.
The virus exposed the fragility of the economy.

2009-2019 produced the slowest recovery in history while requiring the highest debt expansion & lowest rates in history.
And now policy markers are doubling down on the same.

We've known the vast majority of Americans have been living paycheck to paycheck.
Now we find many businesses have in essence done the same.
Few reserves, no ability to sustain themselves without bailouts after just a few weeks.
What will all this look like on the other side?

Warren Buffett once said it well: "Only when the tide goes out do you discover who has been swimming naked".

This entire recovery has been swimming naked.

And this is why the Fed could never extract itself.

So when Powell and cohorts keep insisting the economy is fundamentally sound they are not only profoundly wrong they are also misrepresenting the utter financial vulnerability of the majority of the population.

Positive change can’t happen until the cheerleading stops.

This is a massively complicated subject and unfortunately our political divisions and structures are not conducive to even begin that difficult and adult conversation that we frankly need as a country and as a planet for that matter.