The GDP loss in the second quarter could range anywhere from negative 20% to 40%, according to some estimates, and Beacon Economics agrees that these are possibilities; however, Thornberg says these numbers are not as dire as they sound because they are in annualized terms. "Traditionally, we do everything in annualized rates because the numbers are small enough quarter-to-quarter that people will have a hard time getting a sense of the impact," he says. "When you annualize the number, generally, you give people a better scope. When something truly dramatic like this happens, those numbers just look outrageous."

In reality, the quarter-over-quarter change will be closer to 10%, he says. That would mean that 90% of the economy is still functioning and contributing to economic growth. "That is important because that is going to create income and that income is going to go into spending and savings, and that savings is going help bounce the economy when public mandates are removed," says Thornberg. "We certainly saw that in March with the savings rate numbers. The savings rate increased from went from 7.4% to 13.1%, which is an enormous surge."

While he is predicting a V-shaped recovery, many equally respectable outlets are predicting a U- or even L-shaped recovery. Thornberg doesn't buy it. "Hysteria is the new normal when we have these conversations," he says. "Last year, people were saying we were about to have a recession because interest rates were rising and we were about to have a trade war with China. None of that happened."