While the human toll of the COVID-19 pandemic has been apparent for some time, the economic picture is now starting to come into greater focus. Initial unemployment claims in the United States jumped from 280,000 to almost 3.3 million for the week ending March 21, then doubled to over 6.6 million for the following week. By way of comparison, weekly unemployment claims have never previously exceeded 700,000 in the history of the recorded data. The S&P 500 Index reached a record high in mid-February, then lost a third of its value in a month. Congress passed a $2 trillion stimulus bill on March 27, one quarter of which allows for loans and grants to firms under the discretion of the Secretary of the Treasury. And the Federal Reserve invoked the "unusual and exigent circumstances" clause of Section 13(3) of the Federal Reserve Act to break out of its usual shackles and channel credit to (non-bank) firms, states, and municipalities.