Who's actually been relatively sanguine until recently as opposed to his reputation as Dr. Doom.
Yeah, maybe Kevin Hassett has an excel graph showing a V shaped recovery- like the one he had showing 0 'rona deaths by May 15th. But I think it is dawning on most everybody that the sharp V ain't happening.
Don't know when financial markets will get the news. Doesn't have to be immediately as long as they're assured that the Fed has their back.
A service based economy which we have, is like a sandy farm verses a heavy muck soil farm. The muck farm is forgiving, it takes many years to mess it up. The sandy farm, you irrigate it, spoon feed fertilizer multiple times during the growing season and if you know all that upfront, you can dial in your yields with nighttime heat being the only Black Swan.
Well, our sandy farm US economy is being irrigated and spoon fed, we`re the world reserve currency, 0% interest rates "debt doesn`t matter" and most importantly even in the Bluest of states consumers are chomping at the bit to spend. If this doesn`t work for us/US the entire world has much bigger problems than JC Penny`s bankruptcy.