What many once hoped would be a sprint has become a marathon of a pandemic with the finish line a mirage, the risk of a policy misstep and a premature end to this business cycle is rising.

Diane Swonk

They have been unwilling to capitulate and they've really wanted to separate themselves as not being beholden to Wall Street, but at the end of the day they are.

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Sadly, they are competing away workers from smaller businesses that were barely able to stay afloat during the crisis, i worry about what that means for dynamism in the economy.

How much scarring do we have ? what we don't know is how much this reduces our potential to grow on the other side.

This is a unique shock, unlike natural disasters there's no rebuilding afterwards. There are some things that are permanently lost and it's harder to use fiscal tools and monetary tools to get out of it.