Brutal but expected news about layoffs, which are happening across many industries. I mostly agree with Adam Smith's analysis, but think his term sheet is too harsh. Why? Well, as he said: "The cause of this crisis for airlines is a true externality, and the airlines might be happy to keep operating if not for all the travel bans and other restrictions placed on their business, so it's really a government decision to shut their business down that will hurt them." We are all (well, many of us) being asked/told to make sacrifices. I'm sitting at home unable to do my job for I'm guessing at least the next five months; my employer is thus far willing to continue to pay me but that could change at some point. Airlines, hotels, cruise lines, restaurants and lots of other businesses are told to shut down/reduce operations, and are getting decimated, all in a greater cause. I'm guessing there will be an enormous effort by governments to keep businesses from going under so that once things normalize, things can normalize. I don't know what the longer term impacts of this will be - obviously much larger government debt; perhaps inflation? - but this is about far more than AC.