No one is downplaying anything. If anything, people are overemphasizing the danger. Even in Wuhan, the center of the outbreak, less than half a percent of the population has contracted this thing, and of that half percent, 4 out of 5 have mild symptoms. And the outbreak there seems to be stabilizing.

That isn’t to say it isn’t serious, or that we shouldn’t be taking measures to guard against it. But a large contingent of people are acting as if it’s the Walking Dead outside, and the apocalypse is just around the corner. But irrationally overblown fear and misinformation is just as likely to result in suffering and loss of life as the disease right now. An increase of unemployment of 1% is estimated to result in anywhere from 1500-40000 deaths in the US, and vague fears over this disease have been driving some of the biggest free falls in the market in decades. Part of an appropriate response to something like this means not overreacting just as much as it means not undereacting.