Households, since of falling true wages and potentially unemployment. For firms, since your earnings are lowered if your revenues are falling. So it was a substantial buildup of corporate debt financed by shadow banks, and also buildup of public debt, as opposed to households and banks like in the GFC. https://spencer73l0z.daneblogger.com/20083606/hidden-responses-to-how-many-hours-is-part-time-unmasked