Well, what the heck: why not use a great line, slightly altered, to make a point? The point being that what Pink Floyd once called “what they fighting’s all about” is not, strictly, the economy.
Sure, everybody seems to want to debate whether we’re going to have a V-shaped, U-shaped, W-shaped or L-shaped recovery (what happens in China: do they have sinographic recoveries?).
But the issue that will determine the near-term course of the economy is simple enough—it’s the inventories, stupid.
And inventories are going down.