Having been under house arrest for many weeks now, I have in recent days been thinking about what it might actually mean for all of us, as a practical matter, when the Governors of the various states decide to “open up” things. But I get ahead of myself. The stock market, while down by some indices more than 15% (having come back from being down plenty more than that), seems to have to a significant extent shrugged off the reality that economic activity in this country has substantially declined and in some segments disappeared. Aerial photographs of highways show few cars and no trucks. The skies are eerily silent, almost reminiscent of the time after 9-11; restaurants are closed. While some stores are open, JC Penny and other big-box department stores all seem headed for chapter 11 bankruptcy. Amazon beat them up and the quarantine seems to be pushing them off the cliff. Layoffs are everywhere. A lot of the jobs will not come back any time soon. Maybe millions. ... Read More