re: BlackRock suffered $1.6 trillion in losses in 6 months

It would be impossible to know but basically the “buy every two weeks you get paid” funds have grown from less than a few billion to something like $23T and it has an excess impact on equity prices along with buybacks. We’re gobbling up shares and research from a ton of people say every $1 in affects the broader market $4 because the market liquidity is that thin and narrow.

And to answer your question: they supplemented income so there would be no drops in income for white collar workers that buy financial assets so yes even through that period. That’s piles on to the volatility.