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Coronavirus Epidemic

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3 hours ago, jakeem said:

 

2 hours ago, jakeem said:

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We now know that by late February, Fauci and others had been warning Trump for weeks that disaster loomed & decisive action was needed.
 
Instead, on Feb. 26, we got Trump bragging that the 15 known cases "is going to be down to close to zero, that’s a pretty good job we’ve done."
 
10:15 AM · Apr 12, 2020·TweetDeck

Late February 2020--

" Mr. President, many people will die. "

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https://nathantankus.substack.com/p/the-federal-reserves-coronavirus-f6a

The Federal Reserve's Coronavirus Crisis Actions, Explained (Part 5)

Muni Purchases Are Finally Here

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Nathan Tankus
14 hr 3 2  
 
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This is part 5 of my ongoing coverage of the Federal Reserve’s Coronavirus actions. You can read Part 1 here, Part 2 here, Part 3 here and Part 4 here. Thursday’s post was very unfortunately timed as its main theme was the lack of big actions for almost two weeks and then the Federal Reserve announced a big suite of policy actions a mere hour later. The bright side is it makes writing this post relatively straightforward- we’re breaking down the many different things that were announced on Thursday. That being said, this is probably the most wide-ranging and complicated Federal Reserve announcement yet. What exactly is this “2.3 Trillion dollars” in lending devoted to?


April 9th

Municipal Liquidity Facility

Despite coming later in the announcement, I’m going to start with what I’ve been harping on for a while- Local and State debt purchases. Before getting into the details, I want to take a step back and comment on how huge this moment is. A decade ago, purchases of state and local municipal debt would have been unimaginable. There were not even leftists proposing state and municipal bond purchases at that time. It will forever change monetary policy that an option on the table is loosening financial constraints of state and local governments. One way to think about this is to look at Europe. Europe has no federal budget of macroeconomic significance and certainly doesn’t have a federal debt for the European Central Bank to buy and sell. Instead it picks and chooses the Eurozone member government debts it purchases- or doesn’t purchase. This is a political issue of profound significance. U.S. monetary policy may become politicized in this way, especially as we likely stay near zero interest rates for an extended period of time. We will likely be debating these points for many years to come.

The first significant thing to know about the Municipal Liquidity Facility (MLF) is that it is set up through a special purpose vehicle using section 13.3 emergency authority. This is significant because it means the Federal Reserve is trying to avoid the precedent of using section 14.2(b) powers where it has authority to purchase state and local debt of maturities 6 months or less. The program is authorized to buy debt that matures 2 years from the date of issuance or less, which is substantially shorter than congresswoman Maxine Waters’s proposal of 5 years or less. Since this facility is using special emergency powers and the Federal Reserve has politically committed to the idea that it “can’t take losses”, this program requires an “equity injection” from the Treasury and will be getting it to the tune of 35 billion dollars. The program is capped per issuer in that it can only purchase notes equal to 20% of the issuer’s 2017 revenue. 

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11 minutes ago, LawrenceA said:

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I saw this for the first time on TCM about 3 years ago.

And when he jumped through the window I did scream.

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23 minutes ago, hamradio said:

Did it also prophesize about a rich lazy old white man who was president and didn't want to take the pandemic seriously?

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14 hours ago, Bogie56 said:

Anyone that is interested in being an informed voter should read this New York Times article.  It is a stunning indictment of President Trump's failure to protect the American people because he was more concerned with his own re-election.  It is a comprehensive article written by 6 NY Times reporters.

https://www.nytimes.com/2020/04/11/us/politics/coronavirus-trump-response.html?action=click&module=Spotlight&pgtype=Homepage

He Could Have Seen What Was Coming: Behind Trump’s Failure on the Virus

An examination reveals the president was warned about the potential for a pandemic but that internal divisions, lack of planning and his faith in his own instincts led to a halting response.

 
 
 

12dc-virus-reconstruct1-articleLarge-v2.

 

 “Nobody knew there would be a pandemic or epidemic of this proportion,” President Trump said last month. He has repeatedly said that no one could have seen the effects of the coronavirus coming.Credit...Erin Schaff/The New York Times

 

WASHINGTON — “Any way you cut it, this is going to be bad,” a senior medical adviser at the Department of Veterans Affairs, Dr. Carter Mecher, wrote on the night of Jan. 28, in an email to a group of public health experts scattered around the government and universities. “The projected size of the outbreak already seems hard to believe.”

A week after the first coronavirus case had been identified in the United States, and six long weeks before President Trump finally took aggressive action to confront the danger the nation was facing — a pandemic that is now forecast to take tens of thousands of American lives — Dr. Mecher was urging the upper ranks of the nation’s public health bureaucracy to wake up and prepare for the possibility of far more drastic action.

.................

 

 

trump's lack of empathy has proven to be dangerous to America's Public Health.

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2 hours ago, Princess of Tap said:

trump's lack of empathy has proven to be dangerous to America's Public Health.

And fatal to tens of thousands, and counting! 

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Iirc there's also mention of a large scale pandemic in 2020 in Nassim Taleb's Black Swan.

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https://www.nakedcapitalism.com/2020/04/will-the-united-states-post-office-become-a-victim-of-covid19.html

Will the United States Post Office Become a Victim of #COVID19?

By Lambert Strether of Corrente

“To establish Post Offices and post Roads” — United States Constitution, Article I, Section 8

Fortunately, we didn’t bail out the cruise industry. But we’re not bailing out the United States Post Office, either. From Fortune, “USPS warns it might have to shutter by June as $2 trillion coronavirus stimulus package provides no funding“:

Today, the Postal Service is just as essential: It delivers about 1 million lifesaving medications each year and serves as the only delivery link to Americans living in rural areas. Working with other delivery services like UPS, the agency supports $1.7 trillion in sales and 7.3 million private sector workers year, and this year will prove essential to delivering the 2020 Census to citizens as well as any vote-by-mail initiatives. The USPS is the federal government’s most favorably viewed agency, with an approval rating of 90%.

Yet once again, the USPS is in crisis mode.

With a negative net worth of $65 billion and an additional $140 billion in unfunded liabilities, the USPS originally expected to run out of liquidity by 2021 without intervention. That has accelerated rapidly because of COVID-19. Fewer people and businesses are sending mail because of the outbreak, which could hasten the decline of the Postal Service and close its doors as early as June, officials warned.

Readers will recall the neoliberal playbook: “[1] Defund [or sabotage], [2] claim crisis, [3] call for privatization… [4] profit!” (rinse, repeat as necessary. We can see this happen with the VA here, and with the NHS in the UK. Fortunately for those who believe that the maiil is a public good, we in the United States, even in the current crisis, seem hung up between stage [3], “call for privatization,” and [4], “profit!” (And by invoking Betteridge’s Law with the headline, perhaps I have done my own little bit to keep things hung up.)

In this post, I’ll look at the initial act of sabotage (“The Postal Accountability and Enhancement Act”), then at the prospects for privatization, and finally at the politics of a Post Office bailout in the midst of the corona virus crisis (which nobody wants to waste). Much of this material will be a refresher for long-time Naked Capitalism readers, since most of our posts on this to published in 2015, and newer readers may find it useful as well.

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57 minutes ago, jakeem said:

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CNN
 
Former Vice President Joe Biden called for widespread testing and a continuation of social distancing in a New York Times op-ed that lays out his plan to "safely" reopen the country amid the novel coronavirus pandemic.
 
9:00 PM · Apr 12, 2020·SocialFlow

 

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On 4/11/2020 at 9:33 PM, Princess of Tap said:

Saturday, April 11th 2020

20,577-- Coronavirus deaths in the United States

532,879-- Confirmed Coronavirus cases in the United States

Sunday, April 12th 2020

22,115-- Coronavirus deaths in the United States

560,433-- Confirmed Coronavirus cases in the United States

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On 4/12/2020 at 11:15 AM, jakeem said:

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"We think it's going to be a virus that stalks the human race for quite a long to come, until we can all have a vaccine that will protect us," WHO special envoy Dr. David Nabarro said on "Meet the Press."
 
11:43 AM · Apr 12, 2020·TweetDeck

Coronavirus to become endemic to the society.

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34 minutes ago, jakeem said:

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New York Gov. Andrew Cuomo says any economic restart has to be approached as a regional issue, adding that he has been in talks with governors from five other northeastern states about developing such a plan
 
2:19 PM · Apr 13, 2020·Twitter Web App

 

16 minutes ago, jakeem said:

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BREAKING: @GavinNewsom says California, Oregon and Washington have developed a framework for reopening from the coronavirus pandemic, not just as individual states, but as a region -- California's specific plan will be released tomorrow.
 
3:12 PM · Apr 13, 2020·Twitter Web App

 Democratic Governors are stepping into the National leadership vacuum.

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WARNING: As an ER doc in a rural hospital, I’m seeing the number of #COVID19 cases here *rise* as we start to plateau in NYC, Detroit, etc. Though

anticipates fewer new cases in so-called hot spots, I’m more concerned than ever.

Here’s why: (1/11)......

Rigid social distancing measures have thus far kept our case load from getting out of hand.

These policies are precisely why we’re seeing a slowdown in new cases in major urban areas that have been hardest hit. But this slowdown is proof of efficacy... not cause to relax. (6/11).....

Understandably, weary Americans are now looking to state & national leaders for guidance on when (and how) we can reopen our communities & get people back to work.
 
We need more #COVID19 tests ASAP. (7/11)........
 
And it’s painful to hear our President reject this scientific truth: in order to safely open up our country, we must aggressively #TestAndTrace and isolate patients with #coronavirus, both symptomatic & asymptomatic.
 
This is the urgent, imperative path forward. (9/11)
 
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Breaking: A sailor who tested positive for COVID-19 on the USS Theodore Roosevelt has died of coronavirus, says Navy.
 
Nearly 600 sailors on board have now tested positive.
 
:(
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New: A coronavirus outbreak at a Heartland Alliance facility on Chicago’s South Side may be
the largest outbreak of the virus in any shelter for immigrant youth in the country.
 
At least 19 children and two staff have tested positive. ......
 

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·
4m
 
Governors are forming alliances with their neighboring states to coordinate the lifting of COVID-19 shutdowns
 
– posing a potential obstacle to President Trump's plans to restart the national economy.
 
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43 minutes ago, jakeem said:

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CNN
 
At least 581,679 patients have been infected by the coronavirus in the United States, according to Johns Hopkins University's tally of Covid-19 cases. Follow live updates:
 
9:51 PM · Apr 13, 2020·SocialFlow

 

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2 hours ago, mr6666 said:
 
·
4m
 
Governors are forming alliances with their neighboring states to coordinate the lifting of COVID-19 shutdowns
 
– posing a potential obstacle to President Trump's plans to restart the national economy.
 

Dr Fauci  said it will be slowly and 'micromanaged", won't be like a light switch.  This will be done county by county or city by city in each state.

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6 minutes ago, hamradio said:

Dr Fauci  said it will be slowly and 'micromanaged", won't be like a light switch.  This will be done county by county or city by city in each state.

And that's the way it was shut down, had nothing to do with trump or the federal government.

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On 4/10/2020 at 10:26 PM, Princess of Tap said:

Friday, April 10th 2020

18,747-- Coronavirus deaths in the United States

502,876-- Confirmed Coronavirus cases in the United States

 

Source, Worldometer

 

On 4/11/2020 at 9:33 PM, Princess of Tap said:

Saturday, April 11th 2020

20,577-- Coronavirus deaths in the United States

532,879-- Confirmed Coronavirus cases in the United States

 

On 4/12/2020 at 10:21 PM, Princess of Tap said:

Sunday, April 12th 2020

22,115-- Coronavirus deaths in the United States

560,433-- Confirmed Coronavirus cases in the United States

Monday, April 13th 2020

23,644-- Coronavirus deaths in the United States

587,155-- Confirmed Coronavirus cases in the United States

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4 hours ago, jakeem said:

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Listening to Trump and Pence claim our hospitals are ‘not overwhelmed,’ as the VP just did, I sure wish they would read @NickKristof column from the medical front lines in NYC. Heartbreaking, and yes overwhelmed...
 
7:14 PM · Apr 13, 2020·Twitter for iPhone

All you have to do is watch any international, national, or local news program to know that both the president and the vice president are liars.

It's too bad that Americans have to depend on people who care more about their own personal political careers, than the survival of Americans during a pandemic.

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West Virginia's governor Justice just gave an update saying we may have passed the peak and told us to stay the course.  Pointed out how low we were in the middle of a lot but 9 deaths were 9 too many.

corona-deaths.png

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14 hours ago, Princess of Tap said:

All you have to do is watch any international, national, or local news program to know that both the president and the vice president are liars.

It's too bad that Americans have to depend on people who care more about their own personal political careers, than the survival of Americans during a pandemic.

Here in So Cal (with a population over 13 million),    the hospitals and clinics are on stand-by.   In fact due to the cancellation \ delay of non-elective surgeries they mostly empty.

They are asking doctors and nurse to take some temporary time-off,  but be 'on-call' in case a 'wave' come in.

Once again,  Trump and Pence's comments were too high level and done to pat themselves on the back instead of communicate useful info.

 

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