Similar things happened during the Great Depression. During the just prior Roaring 20's people spent like crazy. Lived paycheck to paycheck. Everybody bought cars. The more expensive the better. Stutz, Dusenberg, Cadillac, Lincoln, Delahay etc. They guilded them with chome, white wall tires, rumble seats, and luggage racks for their trip to the train stations for lavish vacations. People borrowed money to invest in the booming stock market.
Then it all came crashing down. The stock market dived and many lost everything. People stopped buying and the factories closed down. People lost their good jobs and bread lines formed. Buddy can you spare a dime became a constant when walking down the street. Banks foreclosed on not only homes, but also family farms and businesses.
Many of those fancy cars lost tremendous value. Some were simply left abandoned along the side of the road when owners could no longer afford to do minor repairs or even refill the tank.
It took the War to get America booming again. Everyone had jobs and even the women of the families worked the factories to produce munitions to support the men that were sent off to fight.
Currently governments are pumping tremendous amounts of $ into the economy. Intent is to allow people to not only survive this crisis, but also to have $ to spend to keep commerce turning.
Most have faith that this virus will be overcome through vaccines, medications and treatments. Until these can be developed social distancing and sheltering in place will buy some time for the solutions to arrive.
A silver lining is that many have taken notice at how much cleaner our air and water has become since the factories have closed and lots fewer gassers are on the road. People in cities can see so much more clearly and the mountains and hills look crisp. Perhaps it will energize people even more to realize how much better our planet can be.
