Illustration: Aïda Amer/Axios

"Try to remember how you felt in September 2008, right when you learned Lehman collapsed. Were you more scared then, or are you more scared now?"

The intrigue: That's a question I've been asking investors and other sources since late February. When I began, the responses were pretty evenly split.

  • This week, all but two people said they are more scared now — and that majority includes several big names who were previously siding with 2008.

The argument in favor of 2008 being scarier is that no one knew if the pit had a bottom, or if we'd just spiral endlessly — vacuuming up Main Street after Wall Street.

  • Our present slide, while horrific, will eventually end — if not because of social distancing, then because scientists discover treatments and/or vaccines.

The argument for 2020 is that Main Street and much of Corporate America are being eviscerated simultaneously.

  • Wall Street may be relatively immune so far, outside of plunging equity prices and M&A fee interruptions, but Wall Street is just a lubricant for the American economy — it's not the pistons. And if we begin to see a large wave of corporate defaults, both Wall Street and private equity will feel a suffocating squeeze of their own.
  • Add to this the fear of sickness and death, particularly for older Americans, neither of which we experienced in 2008.

The bottom line: While we are always captive to the present, it is objectively reasonable to call this the most fraught moment of our collective lives. Decisions that get made over the next several days and weeks, including the White House's $1 trillion stimulus proposal that many think is too small, will be consequential for most everything ever again covered in this newsletter, or in media like it.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,032,045 — Total deaths: 960,729— Total recoveries: 21,255,717Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,805,342 — Total deaths: 199,511 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.
Updated 41 mins ago - Politics & Policy

Biden raises $141 million more than Trump

Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.