I like reading finance people’s assessments because they are the most likely to be free of ideology. Yours, I am happy to say, is no exception.

I am expecting an immense write-down of debt. The finance sector, which has enjoyed decades of hyper-prosperity (barely interrupted by the Great Recession, thanks to QE), is in for a transformative readjustment, no matter how much money is injected into that sector this time around.

Please understand. I’m not celebrating, just stating my own sober analysis.

The income to service debts for many people and businesses is disappearing. Even a $1,200 check or two for every adult in the U.S. will not be nearly enough for many American households. Many will soon have no choice but to choose home, food, and utilities, all else be damned. Once the cascade begins, it will have no knowable stopping point.