There's a lot of problems. Many countries are entering recessions due to the virus, OPEC producers and Russia can't agree on a deal, the crashing oil prices impact banks and US shale producers, central banks are throwing more debt at debt, et cetera. And all of this impacts all sorts of different areas of the economy all over the globe.
The US would probably enter a recession just based on US oil and shale companies not being able to remain competitive with oil prices under 30 a barrel. If this doesn't change quick, there will be a lot of folks out of work in North Dakota, Texas, and Oklahoma. Also, I'm sure lots of banks have been or used to be long oil, and that 30% drop overnight in oil is going to blow out a bunch of people. Credit default swaps are going through the roof right now, similar to 2008.