Yes, this is an unprecedented financial and public health crisis for a lot of reasons, however, sticking to the financial aspects, I don't think this is like the 1929 Collapse and subsequent depression. It is probably more like the 2001 financial crisis after 9/11. In that crisis, the recession and market collapse was not driven by a structural problem or bubble like the collapse of the Tech Bubble or the many problems in 2008-09 Great Recession. In 2001 there was a shock to the country and we ran for shelter, that caused a drop in the stock market and people becoming more conservative in their discretionary spending and run for shelter. When uncertainty reigns, people want cash, hard currency, and security for their assets. As people become more confident in their security, the economy expanded with creative and risky financing driving a housing bubble that collapsed in 2008-09.
This insult to the world's economy is much more like the post 9/11 insult and I think we should look at how that recovery worked. The other relevant crisis is the 2008-09 crisis. I believe the consensus among economists now is the stimulus packages should have been larger and that would have effected a quicker recovery. The Feds seem to have learned that lesson and are providing much needed stimulus to the economy and economic support for those most in need.
