The impact of COVID-19 should not be ignored but I fully agree that the outbreak is probably a convenient scapegoat to explain an inevitable stock market crash. The world stock markets were hooked to Feds uncontrolled money printing. There is excess credit in the system leading to ridiculous stock valuation. A great purge has to happen eventually to clear up the system.

All this being said, the Feds still have some room for rate cuts and of course unlimited amount of money they can print. Of course, this time might be different and all these "tools" that worked 12 years ago may not work this time.