Looking at the financial collapse of 2008...

[Yavin4]

3. We don't have a firm handle on the virus, neither therapeutics or vaccines.

The world is bracing for a 2nd outbreak which will lead to lockdowns in Europe and possibly Canada. More relief funding for the unemployed and the states are currently stalled in congress. There will be additional layoffs in the travel and leisure industries as people stay inside more.

When Bear fell in March 2008, life proceeded as normal. Look at the charts. No one thought that the financial system would collapse. If anything, the thinking at the time was that there were mechanisms in place to ameliorate a complete meltdown. That's similar to this virus. Everyone is thinking that everything is normal when it's far from it.

When the stark reality finally hit, it was a year later in March 2009. That's when the markets bottomed.