Anybody that tells you we can just open things back up and the economy will hum right back to life after a shock this big is lying to you, please for the sake of working people stop listening to them. (OpenTable restaurant dine-in visit traffic, YoY % change) 
It's hard to imagine a worse policy course right now than "get America back to work". Thousands - possibly a lot more - will die needlessly, the recovery in output will not take care of itself, and the end of lockdowns will be used to argue against stimulus.
You have to be an absolute ghoul to both understand how massive demand shocks, services sector margins, and balance sheets work to want this outcome. Do not listen to anybody that argues for it, they're hurting people either intentionally or through lack of comprehension.
$MA guidance today.
Lower revenues --> incentive to cut operating expenses. Those lost expenses are revenue for others. For some, it's baked already (travel). But advertising/professional fees? Nope. This is one example of how you go from shock to #metastasis.
Lower revenues --> incentive to cut operating expenses. Those lost expenses are revenue for others. For some, it's baked already (travel). But advertising/professional fees? Nope. This is one example of how you go from shock to #metastasis.
To be clear, $MA spending will be a drop in the bucket. But it's a case study and when you apply it to aggregates the feedback loops of lower demand spread and in some cases multiply. That is what a recession is, plain and simple.
