The recession has arrived. The question now is: How severe will it be? For months, Maryland Smith’s Bill Longbrake has noted the many risks that have been building steadily for the U.S. and global economies. Now, in a few short weeks, the Covid-19 pandemic are throwing the U.S. and global economies into recession. Once economic activity is disrupted on a massive scale, the direct consequences of reduced consumer spending on travel, leisure and other activities involving human contact will trigger contagion, infecting other parts of the economy. Crashing stock prices create fear and crush sentiment leading to a “wait and see” response that only serves to deepen the downturn in economic activity. Policymakers are scrambling to restore confidence and provide assistance. Will it be enough to stop the rapidly evolving downward spiral?