In 2009 – 11, there was genuine fear of new normal and sovereign debt crisis. There were many questions of moral hazard, bailout.
This time 2020 – 2022, the general consensus is an unexpected pandemic and government together with Central Banks will support and do whatever it takes. No questions of moral hazard, bailout.
The unknown is in 2021, who will be the president of 🇺🇸. Democrat will set pathway onto dollar debasement with UBI, Republican on to deregulation and more tariffs to spur covid hit domestic economy.