I don't think the economy and corporate profits are permanently in the ***tter but at the same time the recovery back to "normal" will be slow. Many people who had no or negligible savings will have their finances decimated and the same with many small businesses. I happen to think it will be a long time, likely years, before the 20 million lost jobs are recovered and that will impact consumer spending, which was 70% of the economy before COVID.
I don't feel like I've jumped ship, more like I see the worst storm that I have ever seen ahead and have put the gear shifter into neutral until I can assess how bad the storm really is and what direction it is heading before putting the ship back into gear. Meanwhile, I'm watching other ships (like the USS Wall Street) drive right into the storm at full speed ahead.