Fake vaccine cards net prison: https://apnews.com/article/health-california-covid-san-francisco-immunizations-a2654cad5153d7ddf3edda3cff0b2674 . Firing your attorneys and claiming sovereign immunity violates Rule No. 1. Never, ever piss off the judge. Clemency is never granted for defiance.
Zero COVID protests escalate in southern China: https://www.usnews.com/news/world/articles/2022-11-29/covid-protests-escalate-in-guangzhou-as-china-lockdown-anger-boils . However, nationwide protests have abated: https://www.usnews.com/news/world-report/articles/2022-11-29/china-reports-decline-in-coronavirus-infections-as-police-suppress-zero-covid-protests . Biden’s measured response: https://www.usnews.com/news/world/articles/2022-11-29/analysis-republicans-cry-weakness-others-see-sense-in-bidens-china-protest-response .
Twitter ends COVID misinformation policy: https://apnews.com/article/twitter-ends-covid-misinformation-policy-cc232c9ce0f193c505bbc63bf57ecad6 . Okay, so Musk is blowing $44 billion (and 7,500 jobs) on an acquisition he is ill-equipped to manage. Unfortunately, truth will now be a casualty of this misguided adventure. More on governance problems at Twitter: https://www.wsj.com/articles/twitters-former-trust-safety-chief-says-he-left-when-system-of-governance-went-away-11669771655 .
CDC funds public health agency infrastructure: https://www.usnews.com/news/top-news/articles/2022-11-29/cdc-awards-over-3-billion-to-strengthen-u-s-public-health-infrastructure .
US gun death rate hits highest level in nearly 30 years: https://apnews.com/article/gun-violence-science-health-covid-mental-20f5e2cb5fb50ff747fe316fdc4db5c4 . Your thoughts on cause and effect here? Yes, the country’s failure to renew the Brady Bill on assault weapons has increased the gun death rate. But the larger part of the problem is that there are more guns than people in this country. And the root cause of this is a corrupt national political party whose leaders place personal power above governance or protection of citizens. It’s not just Orange Julius or DeMentis or Cruz, it’s also their power-hungry colleagues in today’s GOP. WSJ: More: https://www.wsj.com/articles/gun-death-rate-nears-three-decade-high-with-men-at-most-risk-11669749562 . Note that white male suicides are also part of this equation.
WSJ: Nestle may dump peanut allergy therapy: https://www.wsj.com/articles/nestle-may-shed-peanut-allergy-treatment-as-sales-disappoint-11669724713 . News of Nestle’s acquisition of this therapy was reported here in the September 1, 2020 newsletter.
WSJ: Mixed trial results on new Alzheimer’s drug: https://www.wsj.com/articles/new-alzheimers-drug-shows-positive-results-but-side-effects-11669766449 . When the “side effects” are brain swelling and bleeding, the risks are significant.
Powell speaks on Wednesday: https://money.usnews.com/investing/news/articles/2022-11-29/marketmind-powell-point-presentation . Perhaps unintentionally, this article makes a strong case for a 75 basis point increase in December. The markets continue to not listen to the Fed. It would be a mistake for the Fed to back down.
WSJ: Social inequality drives stock performance: https://www.wsj.com/articles/inequality-in-society-drives-stock-market-performance-11669682206 . The writer’s conclusion is largely correct, although his reasoning is rather shaky. The growth of 401(k)’s has pumped considerable cash into the stock market, and there are beneficiaries at all income levels. As we have noted previously, there is too much cash in the system right now because of “misdirected” stimulus money (or fraud, as you like). The crypto crash is squeezing some of that excess out.
WSJ: Activist house flippers help the poor against Wall Street: https://www.wsj.com/articles/activist-house-flippers-take-on-wall-street-to-keep-homes-from-investors-11669686997 . Meanwhile, the government steps in to support million-dollar mortgages: https://www.wsj.com/articles/u-s-government-to-backstop-mortgages-above-1-million-mark-for-first-time-11669740331 . At the same time, US home prices fall: https://www.wsj.com/articles/home-prices-slid-in-september-for-third-straight-month-11669730446 . A significant price decline could bite Wall Street’s recent expansion into this market.
US rail strike looms in 10 days: https://news.yahoo.com/economy-president-biden-congress-rail-strike-170456240.html . This strike was believed to be averted when the White House helped the parties strike a deal in September. However, 4 of the 12 unions involved failed to ratify the deal. Congress is preparing to pass legislation implementing the deal for the 4 holdouts. The estimated economic cost of a strike is $2 billion per day. So on top of the projected recession, this would devastate the country’s GDP. Also, massive supply chain disruption could result in layoffs across many industries. WSJ: More: https://www.wsj.com/articles/congressional-leaders-commit-to-quickly-pass-legislation-to-avert-rail-strike-11669744002 .
WSJ: BlockFi appears in bankruptcy court: https://www.wsj.com/articles/blockfi-shocked-by-fraud-allegations-against-ftx-lawyer-says-11669746867 .
Same-sex marriage bill passes Senate, heads to House: https://www.yahoo.com/now/same-sex-marriage-protection-bill-233106597.html . WSJ: More: https://www.wsj.com/articles/same-sex-marriage-bill-nears-senate-passage-11669748367 .
Fears of defeat mount in Russia: https://www.cnbc.com/2022/11/29/putin-is-desperate-not-to-lose-russian-experts-assess-ukraine-war.html .
Half of world democracies in decline: https://www.usnews.com/news/world/articles/2022-11-29/half-of-worlds-democracies-in-decline-intergovernmental-watchdog .
The larger context of the Zero COVID protests: https://www.usnews.com/news/best-countries/articles/2022-11-29/what-the-protests-in-china-and-iran-are-really-about . This writer makes the point that Zero COVID has become a vehicle for protests against the authoritarian government. While the world is taking only limited short-term overt actions to support the protestors, I would argue that the realignment to a “two axes” supply chain has important long-term ramifications. More: https://www.wsj.com/articles/behind-chinese-covid-protests-economic-worries-simmer-among-youth-11669731493 . This article correctly observes that the slowdown in Chinese growth hammers the young with an 18% unemployment rate. However, Zero COVID has been a large part of that slower growth.
DOJ takes action over Jackson, Mississippi water crisis: https://www.huffpost.com/entry/jackson-water-crisis-doj_n_638654e8e4b0b7f6530bc877 . It defies belief that a US city would fail to have safe drinking water for this long, let alone a state capital. Mississippi looks like a third world country. Meanwhile, 190,000 children are out of school due to unsafe drinking water in Houston: https://www.aol.com/news/houston-lifts-water-warning-schools-172844177.html . WSJ: More: https://www.wsj.com/articles/its-safe-to-drink-the-water-again-in-houston-11669735813 . Still more: https://www.wsj.com/articles/u-s-sues-jackson-miss-for-failing-to-provide-safe-drinking-water-11669762762 .
Early voting soars in Georgia Senate race: https://abcnews.go.com/Politics/early-voting-soars-georgia-senate-runoff-warnock-walker/story?id=94097452 . As Black voters heavily support Reverend Warnock, this is good news for his re-election campaign.
Oath Keepers’ leader guilty of seditious conspiracy: https://news.yahoo.com/oath-keepers-leader-stewart-rhodes-associate-convicted-of-seditious-conspiracy-in-jan-6-riot-223752927.html . Rhodes faces a maximum sentence of 20 years. As the leader, the maximum is a real possibility. More: https://www.nbcnews.com/politics/justice-department/oath-keepers-verdict-seditious-conspiracy-trial-rcna58415 . WSJ: More: https://www.wsj.com/articles/oath-keepers-militia-founder-stewart-rhodes-one-other-member-found-guilty-of-seditious-conspiracy-11669760803 .
Clarence Gilyard Jr. passes at 66: https://www.nbcnews.com/pop-culture/pop-culture-news/clarence-gilyard-jr-walker-texas-ranger-die-hard-star-dies-66-rcna59133 . You will recognize him from “Walker, Texas Ranger” and “Die Hard”.
Artemis mission photo of Earth and Moon: https://www.engadget.com/nasa-orion-artemis-earth-moon-photo-161911565.html .
Two minerals new to science found in meteorite: https://www.msn.com/en-us/news/technology/two-minerals-never-before-seen-on-earth-found-in-one-of-planet-s-largest-known-meteorites/ar-AA14Ihnb?cvid=72a3176d4a6a49a2b4471fe3bd72672d . While these minerals had previously been created artificially, they had never been found in nature before.
World Cup 2022: Qatar construction deaths for World Cup between 400 and 500: https://apnews.com/article/world-cup-sports-health-soccer-covid-e19bd8a30f7f9be62cf10bad496639ff . This level of death is unheard of in recent memory. The deaths are particularly troubling because most of the workers were migrants brought to Qatar specifically for this work.
World Cup 2022: USA 1 – Iran 0: https://sports.yahoo.com/world-cup-2022-christian-pulisics-heroic-goal-downs-iran-propels-usmnt-into-round-of-16-210301515.html . WSJ: More, ahem, “details” of Pulisic’s injury: https://www.wsj.com/articles/christian-pulisic-goal-usa-iran-world-cup-11669759704 . More: https://www.wsj.com/articles/us-national-team-iran-world-cup-11669756322 . So, with just two goals in 3 games, the US will be hard-pressed to beat the Netherlands on Saturday. However, the US has yielded just 1 goal on defense (a penalty kick) and has dominated ball control, especially in the first halves of games.