For the last few weeks I have been saying that this is going to be a crisis worse than 2008 unless incredibly bold action is taken in an extremely short time frame. We are looking a shock to the system comparable to the Great Depression (-25% to real GDP). People are in denial.
I don't think this is being uneccesarily alarmist, I'm not trying to drive clicks to my fucking blog, anything. This is a serious assessment. We are only a few weeks of bad decisions away from a million people dead and double-digit unemployment.
By the way- I'm seeing lots of commentary to the effect of "close the markets!!" That would be a disaster. Just like in 2008, markets are the feedback loop that punishes GOP policymakers- they need to see it limit down for days to force them to act- that's why TARP was passed.
