I feel like this time is different (at least I hope it is!). The downturn is so pervasive that everyone is screwed. As a landlord, if my renters can't pay, an

I feel like this time is different (at least I hope it is!). The downturn is so pervasive that everyone is screwed. As a landlord, if my renters can't pay, and I can't find new renters, my best option is to forgive the rent and hope things get better -- of course now I probably can't pay my mortgage so I have to ask the bank for forgiveness. Basically, the buck (or lack-thereof) gets passed up the chain to someone who CAN absorb it (probably the government via bailouts). In prior recessions, you could kick that failing restaurant out from your commercial building and try to re-lease the space. That won't happen now, there's no one to lease to -- so there is no point in doing that. Similarly, if that restaurant can't pay its bills, the supplier has nothing to gain by foreclosing on them (and in fact needs them to continue to exist so they can count on them as a customer in better days). I think (hope!) the whole economy is in some sort of suspended animation. That when the lockdowns ease, things will start moving again and hopefully quickly.