How ugly could it get? Trump faces echoes of 1929 in coronavirus crisis.

As the coronavirus outbreak ravages a paralyzed nation, Wall Street suffered another brutal bloodbath on Monday with the Dow Jones Industrial Average diving around 13 percent in its worst percentage loss since 1987's "Black Monday" crash. A reading on business conditions in the New York area plunged a record 34.4 points to -21.5 in March, suggesting a recession is underway that could be sharp and deep as revenue quickly bleeds out of major industries from airlines to hotels, restaurants, bars and sports leagues.

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The massive sell-offs have led to suggestions by market professionals that regulators may have to take dramatic steps seen during the Great Depression and after the 9/11 terrorist attacks. That could include shuttering Wall Street -- perhaps for days -- until more is known about the direction of the coronavirus spread in the United States and until Washington comes up with a massive, bipartisan policy response to shore up flagging industries and direct money straight into the pockets of American citizens losing work as they remain shuttered in their homes at the direction of the government officials.