Looks like a vaccine is coming in the next year, so hopefully that would help -- though if it mutates then you need another vaccine in many cases
I agree that the Fed and Trump throwing stimulus at the problem makes no sense and makes the underlying problem of cheap money in USA even worse
Europe is a very different matter. The Europeans never took the pain of recapping their banks, so a lot are still weak - especially in Italy. Looks like the Italian banks are being put over the edge by the virus crisis -- but lots of other European banks lent to Italy. So you have the same dominoe effect in Europe, hence the recent actions to give Italy a pre-emptory bailout... A real mess.