It is actually hard to borrow SPY (S&P 500 ETF). You have to borrow it to short it, and I have never noticed it being hard to borrow before because so many people usually own it.
So, I wonder if there is this technical situation where so many negative bets have been made that it is actually hard for the market to go down.
But, I agree with you. It seems crazy that we are sitting here a mere 15% below the ALL TIME highs. There has been significant damage to the economy.