1. If you are sure the market will drop further (and I agry with that guess) then you should get some VXX or a similar short term future ETF. But you need to keep an eye on them in case the market turns back to positive.

As for the economy, I think you are off in your timing. It’s no longer a what if question. We are already in an economic crisis. Manufacturing, shipping, travel, tourism are all severely beat down and will require at least a year or two to recover after they hit bottom. And that flows to the banks who have large loans out to those business. And that affects employment, which the. Affects how much people spend. The cycle has already started.