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Tuesday VIP Open Thread: Are We Headed for a Recession? If So, How Bad?

(Image by Ahmad Ardity from Pixabay)

PJM contributor Jeff Reynolds wrote today: “As the coronavirus panic feeds off the financial crisis and vice versa, we could see a recession as the Fed runs out of options.” Will a stimulus (stimuli) package(s) from Congress be able to right the ship? Is some sort of universal basic income the answer? (Rick Moran wrote about REPUBLICAN proposals for a UBI here.) What, if anything, should be done?