What I find amazing is the stock market cratered 08/09 because some people shuffled some paper incorrectly, and we darn near went into a depression. This is 10 times worse, and the market is rosy as can be.
The only explanation I can think of is most people, having learned a hard lesson by selling and locking in their losses refuse to this time, and are holding stock prices artificially, and unjustifiably high. Even that doesn't make much sense though because the market is not driven by JohnQ public.
Rayman,
Respectfully, you have way oversimplified the 08/09 mess and are now confused by conflating it with the current mess. 2008/2009 was not 'some people' shuffling papers, it was everyone up and down the line, and for years in the making. Hourly workers buying spec homes, the govt forcing lenders to extend loans to those with poor credit, Wall Street investors lending money with dubious credit underwriting making the profit upfront with no long term risk mitigation, borrowers knowingly over-borrowing, self-serving Realtors shamefully advising clients, rating agencies on the take, appraisers not questioning 20-30-40% value increases per year, developers building vast spec communities, flippers, and so on. In short, it was the greed of darned near everyone expecting to make a quick buck. Importantly, it was years and years in the making with a high percentage of the entire economy built upon this greedy house of cards.
With that said, it is easier to understand the stock market condition 'this time' around. The economy is in a tail spin for no fundamental underlying economic reasons or condition, and certainly none that were a long time in the making. This dreary situation is caused by a sudden reaction to an external, non-economic shock to the system. Remove that shock to the system quickly enough and the economy will in large measure recovery quickly -- not all the way nor overnight, but in large measure and soon. However, continue this reaction for a long period of time, and companies and people will fall irreversibly reach a tipping point into bankruptcy simply due to the continued albeit forced lack of revenues.
The stock market was crushed for a long period of time in 08/09/10 and took many quarters to settle and begin to recover because large portions of the entire economy had to be rebuilt from greed-based hyped up business models to viable, long-term risk-adjusted business models.
Today, the stock market valuations are implying a return to some form of normalcy sooner than will cause the collapse of the economy and wholesale corporate and personal BKs. If stock valuations are correct, the virus wanes, people go back to the same jobs they still have, rents begin to be paid again, people drive cars, buy oil, eat out, and start shopping again in time to avert a depression. Not full employment, and not to pre-virus levels right away, but soon enough to avert a depression. If stock valuations are incorrect, it will imply the virus hits again and harder, people cannot return to their jobs quickly enough, companies that formerly had good business models fail for lack of revenues rather than lack of a viable business, and we will experience a dead-cat bounce and severe depression.
I'm hoping for the former, as apparently are a lot of stock investors.
Love all you do for and on this site, Rayman. Hope you personally are staying safe and healthy.
I hope you Guys are Long AAPL,MSFT,FB,JPM,BAC and BGCP/NMRK. Look at their ytd.Factor in dividends please. Most Analysts do not ( morons ). S&P already surpassed my 3050 eoy projection 
