White House cases multiply: https://www.theguardian.com/us-news/2020/oct/07/trump-white-house-aides-campaign-military-test-positive-coronavirus . As Steven Colbert pointed out tonight, this means that, over the same time period, the country of Taiwan had fewer cases than the White House.
Coronavirus can survive on skin for 9 hours: https://www.livescience.com/amp/coronavirus-survives-9-hours-on-skin.html .
WSJ: Lilly seeks FDA authorization of antibody treatment: https://www.wsj.com/articles/eli-lilly-asks-fda-to-authorize-covid-19-antibody-drug-11602074998 . This is in the same category as the Regeneron treatment given to President Trump.
66% of people with mild-to-moderate COVID-19 cases have symptoms 2 months after infection: https://www.clinicalmicrobiologyandinfection.com/article/S1198-743X(20)30606-6/fulltext .
WSJ: Trump’s health semi-disclosures continue: https://www.wsj.com/articles/trump-symptom-free-for-24-hours-says-white-house-doctor-11602091910 .
WSJ: Europe struggles to meet testing demand: https://www.wsj.com/articles/europes-coronavirus-testing-programs-creak-as-demand-surges-11602071893 .
WSJ: Congress struggles to meet testing demand: https://www.wsj.com/articles/lawmakers-covid-19-cases-prompt-new-worries-on-capitol-hill-11602085437 . I remain lost as to how public health principles got to be one of many considerations.
Does asthma increase the risk of severe COVID-19?: https://www.usnews.com/news/health-news/articles/2020-10-07/risk-of-severe-covid-may-depend-on-your-type-of-asthma-experts-say .
WSJ: COVID-19 pandemic creates extreme poverty pandemic: https://www.wsj.com/articles/coronavirus-has-thrown-around-100-million-people-into-extreme-poverty-world-bank-estimates-11602086400 .
Nobel Prize in chemistry for CRISPR: https://www.theguardian.com/science/2020/oct/07/scientists-win-nobel-chemistry-prize-for-genetic-scissors .
WSJ: US round-up: https://www.wsj.com/articles/coronavirus-latest-news-10-07-2020-11602057237 .
UN Secretary-General: Pandemic shows need for universal health coverage: https://apnews.com/article/virus-outbreak-pandemics-public-health-health-antonio-guterres-ab03ea0d9e3bb6542a79926d875e13ba .
New England Journal of Medicine publishes brutal editorial criticism of US COVID-19 response: https://www.nejm.org/doi/full/10.1056/NEJMe2029812 .
New Republic piles on White House hot spot: https://newrepublic.com/article/159652/white-house-coronavirus-outbreak-trump-stephen-miller .
Coronavirus documentary coming October 13: https://www.businessinsider.com/9-takeaways-from-coronavirus-documentary-totally-under-control-2020-10?amp . One feels that the flood of criticism will just keep building as November 3 approaches.
WSJ: Harris and Pence debate COVID-19 response: https://www.wsj.com/articles/trumps-covid-19-diagnosis-amps-up-spotlight-on-vice-presidential-debate-11602084013 . Pence interrupted Harris and overran both his time and the moderator frequently. While certainly not as rude as Trump, Pence came off as not particularly respectful to the two women on the stage. WSJ: More: https://www.wsj.com/articles/to-prevent-covid-19s-spread-at-v-p-debate-plexiglass-probably-wont-help-11602113606 . The Harris people created a visual reminder of what Pence hath wrought. WSJ missed the point.
VP debate fact check: https://apnews.com/article/election-2020-virus-outbreak-ap-fact-check-joe-biden-donald-trump-996d65f1b0d7660af3057f33ab1a5396 . You know where this is going. Pence repeated many of Trump’s longstanding lies. Harris skipped past some of her previous positions to show unity with Biden’s proposals. Here’s a real-time summary of debate highlights: https://www.politico.com/news/2020/10/07/vp-debate-harris-pence-highlights-427411 . The fly was great – as black as Pence’s hair is white. Here’s the straight poop: https://thehill.com/homenews/campaign/520132-biden-fundraises-off-of-fly-on-pences-head .
Another senior Pentagon official tests positive: https://www.usnews.com/news/national-news/articles/2020-10-07/marine-corps-no-2-tests-positive-for-coronavirus-as-top-generals-quarantine . WSJ: More: https://www.wsj.com/articles/marine-corps-assistant-commandant-tests-positive-for-covid-19s-11602114547 .
WSJ: Fed minutes watch: https://www.wsj.com/articles/fed-minutes-to-shed-light-on-economic-outlook-policy-debate-11602063001 . With things changing so quickly, we see many institutions unable to clearly respond (at least publicly) in anything approaching real time. Update: Fed minutes show ongoing disagreements among Board members: https://www.wsj.com/articles/fed-ramped-up-deliberations-over-low-rate-promises-11602093600 . The Fed is trying, without success so far, to turn their artwork into a prescription.
WSJ: Fed’s Lael Brainard for Biden’s Treasury Secretary?: https://www.wsj.com/articles/fed-tenure-boosts-lael-brainard-as-potential-biden-treasury-pick-11602064800 . Even WSJ is now contemplating a Biden win. More: WSJ: https://www.wsj.com/articles/2020-presidential-and-senate-election-ratings-and-analysis-11602072000 . This seems pretty much on the money as to electoral votes and Senate races, although if there are surprises in the “leaning” designations, they appear more likely to favor the Democrats than the Republicans. The main questions are voter turnout and voter suppression efforts.
WSJ: The US rich stay rich: https://www.wsj.com/articles/richest-americans-recovered-most-wealth-after-covid-11602071777 . Another demonstration of how the Fed’s support of the financial markets has helped the rich. As previously noted here, this is a questionable use of taxpayer resources.
WSJ: US growth projections reduced: https://www.wsj.com/articles/economists-trim-forecasts-for-u-s-growth-as-stimulus-prospects-dim-11602102429 . The economists are in agreement with Fed Chairman Powell.
WSJ: Democracy in business: https://www.wsj.com/articles/u-k-regulator-finds-companies-often-mute-shareholders-in-remote-meetings-11602063000 . The article references similar results from a study of US companies: https://www.wsj.com/articles/shareholders-feel-muted-as-companies-switch-to-virtual-annual-meetings-11598187600 . This goes back to a theme regularly mentioned in this newsletter: “the medium is the message”. The point is, sunshine is the best disinfectant (except for COVID-19). Companies should not be allowed to use the medium (remote meetings) as a way to shut out questions and dissent.
WSJ: EU regulation of tech: https://www.wsj.com/articles/broadcom-settles-chip-dispute-with-eu-regulators-11602067225 . This is an incredibly important topic. Tech should be regulated as if it was a utility. The Europeans have been ahead of us on this for some time. At some point we will catch up.
WSJ: Mixi a maxi mess: https://www.wsj.com/articles/how-russia-today-skirts-high-tech-blockade-to-reach-u-s-readers-11602078094 . So why is Russia Today traffic allowed to be disguised?
WSJ: Technology for cars: https://www.wsj.com/articles/auto-makers-bet-on-augmented-reality-startup-11602075600 . Driverless cars are coming.
WSJ: The future of encryption: https://www.wsj.com/articles/the-contest-to-protect-almost-everything-on-the-internet-11602104478 . It would be terrifying if someone could remotely control a car’s software, for example.
Bipartisan CRFB report finds Trump and Biden campaign promises would each add about $5 trillion to the US deficit over the next 10 years: https://www.wsj.com/articles/italian-home-perfect-indoor-outdoor-locatelli-11602073689 . Lots of data and analysis here, allowing you to form your own opinions.
WSJ: Investment advice?: https://www.wsj.com/articles/what-the-stock-market-doesnt-know-about-the-trump-biden-election-11602074504 . No. No. Hell no. Don’t invest based on stereotypes. This item follows the CRFB item because: (1) The spending proposals of the two candidates have relatively equal net costs; and (2) the issue is then what the money is spent on.
Yes, Biden raises taxes and spends that money. The key is that the spending must be an effective investment in American infrastructure in order for the country to prosper. And American infrastructure at its heart is our population and its effective education for the tasks and economy of the future.
Market levels right now are being supported by the Fed. Such support is unsustainable long-term. So the prudent investor must take a long-term view. (And yes, I wrote these comments before the VP debate, where Senator Harris spoke of investing in the American worker.)
WSJ: Pushback on White House ban on diversity training: https://www.wsj.com/articles/white-house-order-against-diversity-training-generates-confusion-11602063000 . Apparently many people believe this training is not “Marxist nonsense”.
WSJ: Whither stimulus: https://www.wsj.com/articles/trump-tells-negotiators-to-stop-covid-relief-talks-until-after-the-election-11602011258 . Yes, this link was in yesterday’s newsletter. Once again, WSJ has rewritten the original article, this time to include Trump’s reversal on ending the stimulus after the idea received considerable blowback. Republicans were aghast that Trump would make such a statement while people were voting. WSJ: Update: https://www.wsj.com/articles/trump-sends-mixed-messages-over-covid-19-stimulus-11602077473 .
WSJ: Australia: Long-term stimulus plan: https://www.wsj.com/articles/australia-shows-the-rich-world-how-to-sustain-a-post-pandemic-recovery-11602061572 . The idea is long-term fiscal planning by the government in support of the country’s private structure. It hardly seems debatable that this is the right concept. The US desperately needs to do such planning in response to China’s state-planned economy.
WSJ: Investment firm advances long-shot TikTok offer: https://www.wsj.com/articles/little-known-investment-firm-centricus-circles-tiktok-with-long-shot-bid-11602082892 .
WSJ: COVID-19 testing at the airport: https://www.wsj.com/articles/can-airport-covid-testing-get-people-flying-again-11602075315 . Sigh. Think about what you personally would like done to feel confidant on boarding an airplane. That’s the basis for a plan. One suggestion would be a rapid (on the spot), accurate, free test administered to every passenger. When a vaccine is available, a vaccination certificate would be an alternative to anyone not desiring the test.
WSJ: The future of credit cards?: https://www.wsj.com/articles/venmos-new-credit-card-puts-qr-codes-front-and-center-11602064801 . As the cellphone is now the computer that goes with you, this makes sense. But there is also a fraud and security potential worry here, so the picture approach requires careful use limitations.
WSJ: Another hurricane heads toward Louisiana: https://www.wsj.com/articles/weakened-hurricane-delta-hits-mexicos-caribbean-coast-11602070783 . Or: Delta heads toward delta.
WSJ: Titans have 20 COVID-19 cases: https://www.wsj.com/articles/the-nfls-covid-19-crisis-intensifies-with-the-titans-and-patriots-11602079803 . Procedures and results are reminiscent of the White House.
Vesuvius victim’s brain cells discovered: https://www.theguardian.com/world/2020/oct/07/well-preserved-2000-year-old-brain-cells-found-in-vesuvius-victim .
WSJ: Reimagining vacations, post-pandemic: https://www.wsj.com/articles/italian-home-perfect-indoor-outdoor-locatelli-11602073689 . Southern Italy is so perfect for this vision of “outdoor” living.