The events of early 2020 are the most economically significant in decades. The year started with the stock market surging higher on the back of central bank stimulus but finished as the worst 1st quarter in history as the Covid-19 pandemic unfolded (S&P 500 Index -20% for Q1). The coronavirus emerged as a newsworthy item in mid-January and has rapidly spread from its Chinese origins around the world. Over the past two months, air travel and tourism have nearly ceased, and many countries have closed their economies to stem the wave of infections. A similar scenario has never occurred in modern economic times and the resulting ramifications are hard to fathom. In response, the U.S. government and central bank have flooded the financial system with trillions of newly created dollars. The size of the collective programs cobbled together over the past few weeks dwarfs the rescue package installed following the housing crisis a decade ago. Unfortunately, the economic dislocations currently unfolding will likely prove to be more troublesome to solve than a relatively standard banking crisis.