> We are likely in for the biggest market crash in history. This seems unlikely, because if and when the bottom falls out, it seems implausible that it will be

> We are likely in for the biggest market crash in history. This seems unlikely, because if and when the bottom falls out, it seems implausible that it will be the sort of systemic shock that the financial crisis was, much less the Great Depression. Lots of people would lose lots of money, but you wouldn't expect the same degree of contagion.