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COVID-19 causing Recession/Depression?

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ChristianJ:
Is anyone concerned about this virus pandemic causing a recession or even a depression in the economy? I am hoping against that, but hope is not a strategy. I just can't see for the life of me how closing most businesses doesn't lead to at least a short term recession, if not a full blown depression. Any thoughts?

Starlady:
Although news media has been talking it up for weeks, I hadn't seen anything from anyone that sounded like they had a brain until late last week.

And now that the subject is out there, economic 'experts' from Yahoo to Business Insider to CNN are talking about how it may happen/will happen/is already here.  With one exception, in my long life, when they start TALKING about it - it happens.   Right now, it sounds like all opinion, with the 'data' being extrapolated from guesses on the effects of this, in order to make the writer sound like they have insight. 

In my opinion the folks who say the various countries 'stimulus' packages will slow/stop/help are wrong.  It didn't work with 2008-9 and I'm not sure these people are understanding that this virus will be around for the fall flu season (unless a miracle happens & a vaccine pops up real quickly) and beyond.  Positivity is a good thing, but pie in the sky dreaming and/or deliberate misinformation is not.   And not just in the US.  Not saying people don't need the help, just that I don't think it's going to stop a recession/depression.  Nor do I believe that once a vaccine does arrive that the world economy is going to come 'roaring back'.   Hundreds of millions of people around the world are going to be out of work for much longer than just a quarantine period and an awful lot of them are going to end up more dependent on their gov't than before.   Encouraged by socialists, this doesn't bode well but I think it's too early to tell if it will turn into a class war or just a long slow recovery with a smaller (again) middle class of those who actually produce things/foods/services.

Where we are now, I think a full blown world wide depression is a good possibility & I'm going be doing a LOT of work on my little farm to stay as independent as I can for as long as I can. 
With all the rumors and non-information we've had about the virus itself, we can only try to stay informed, use our brains and stay ahead of what MIGHT come.  As with our last recession, those living paycheck to paycheck will be a long time coming back even if a vaccine can be put out there before autumn.

My thoughts.   And they may change as the situation does.

ChristianJ:
Good comments. Thanks for your input.

HogJowlHomestead:
We are far past recession as of writing this dow is down 30+ percent. But more importantly the VIX is through the roof, there is a massive dollar squeeze and commodities dumping. Agree completely with starlady. This is now our moment in time, we are past 08/09 we have 10x the debt load. Our kids will learn about this even if it got fixed today.

It is my opinion that this is going to kill the dollar, there is a huge liquidity issue, the dollar keeps rallying and the fed has allready pumped trillions into the repo. What insanity....  you know 10 years ago there was rumors that helicopter money was the last resort and i scoffed at that possibility, But here it is.

Its as if sand has been unleashed into the gears of my shop, what a quiet week. Wheres my customers, there quarantined or to afraid to spend money. Im not worried about the virus as i am the coming fall out and likely inflation.

Abigayle:
Hog Jowls, you are absolutely right.  Pretty soon, they will be charging us to keep our money is the bank.  There is no safe haven.  Gold usually goes up and even it and silver are in the gutter. How will payments be made to retirement funds, if there is no gain on money?  They can't keep printing worthless paper much longer.

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