-40% is about a $2.5 trillion loss for the quarter, which is more than the fiscal adjustments for the same quarter, which means to me a very slow start for q3 unless further fiscal adjustments are made:

Not as low as the 2008 recession, as Federal transfers have been supporting consumer buying plans:

This does not include the private equity deals financed via debt that assumed earnings would more than cover debt service:

Seems it’s all downhill from here for a while: