What the market is looking at is the grease for anything based on units, liquidity. From the market standoint the debt creates more units. Additional units of capital fuel the markets. That is what has been happening for a bit over 2 decades. Let's not forget, the markets are simply a place to park money. Stock prices are nowhere near as contingent on earnings as the public believes. If it were the markets would have been in celler long before the word "Wuhan" became a piece of our vocabulary. I am not disagreeing with you. I am actually agreeing. Long term the markets like what they see. But what the markets see and like is massive liquidity