When the pandemic struck, banks dumped plenty in their loan-loss provisions, $60 billion, expecting the worst. The cavalry arrived led by Jerome Powell’s Fed liquidity flood, Steven Mnunchin’s PPP loans, Congress’s CARES Act, and moratoriums on foreclosures and evictions. Instead of an Austrian Business Cycle cleansing, the cracks were papered over, including bailing out money-market funds allowing us to watch the pandemic comfortably on TV.