To add to this, the trend in corporate America today is to reduce capital on balance sheets. Hoarding cash or assets that can be borrowed against is considered very passe, and many CEOs have been either fired or forced to do stock buybacks by activist investors for not deploying capital or returning it to investors. That is, they&#x27;re being encouraged to withdraw investments at a time when it&#x27;s easiest to get investment.<p>It will be interesting to see what happens when companies that are reliant on capital markets encounter both a draw down in income and vanishing liquidity for their need to borrow (and hint, these things are highly correlated with recessions).