Something I want to address:



Lots of people are calling for direct $ transfers to households. $1000/per person, $5000/house etc.



And I've seen some people say things in response, well like "If we can give people $1,000, why not just give them $100,000 and we'd all be rich." /1





As Larry Summers put it, "economic time has been stopped, but financial time has not been stopped." /2 https://twitter.com/TheStalwart/status/1238829392064888835 So here's how to think about it.As Larry Summers put it, "economic time has been stopped, but financial time has not been stopped." /2