Federal COVID shot mandates ending next week: https://www.usnews.com/news/health-news/articles/2023-05-01/biden-administration-to-end-many-covid-19-vaccine-mandates-next-week . The mandates are also ending for international travelers. WSJ: More: https://www.wsj.com/articles/u-s-covid-vaccine-mandates-to-end-may-11-for-federal-workers-international-air-travelers-f8f60668 .
CDC ends COVID community data system: https://www.usnews.com/news/health-news/articles/2023-05-01/reports-cdc-to-end-covid-19-community-level-guidance .
WSJ: Nurses returning to hospitals: https://www.wsj.com/articles/nurses-flock-back-to-hospitals-after-leaving-in-the-pandemic-4f94b591 .
WSJ: The new Fountain of Youth drug: rapamycin: https://www.wsj.com/articles/rapamycin-anti-aging-drug-longevity-a27575f4 . Um, greater susceptibility to infection and the increased risk of lymphoma seem like pretty substantial risks to take a life-extending drug with no proof of its effectiveness.
US could default by June 1: https://abcnews.go.com/Politics/us-default-early-june-1-debt-ceiling-raised/story?id=98996005 . Congress has only 11 days with both houses in session in May. Please stop screwing around and raise the debt ceiling. WSJ: More: https://www.wsj.com/articles/treasury-secretary-janet-yellen-says-u-s-could-default-as-soon-as-june-1-without-a-debt-ceiling-increase-6714ed7c .
FDIC seizes First Republic, sells it to JP Morgan: https://apnews.com/article/first-republic-bank-silicon-valley-fdic-5ab48702b7136d42f73ac13e0a20955d . As noted in the article, other regional bans appear to have stabilized, so for now the banking crisis should be over. However, I still expect a 25 basis point rate increase at the Fed meeting (tomorrow and Wednesday), which will further deepen banks’ long-term bond losses. WSJ: More: https://www.wsj.com/articles/first-republic-bank-stock-rescue-what-to-know-a22a3d . Still more: https://www.wsj.com/articles/first-republic-bank-collapse-why-banking-crisis-61660d96 . And: https://www.wsj.com/articles/with-first-republic-jpmorgans-dimon-gets-over-financial-crisis-laments-6d19041f . Also: https://www.wsj.com/articles/first-republic-bank-is-seized-sold-to-jpmorgan-in-second-largest-u-s-bank-failure-5cec723 . Yet more: https://www.wsj.com/articles/chase-just-bought-your-bank-what-first-republic-bank-customers-need-to-know-c916fc93 . Also: https://www.wsj.com/articles/jamie-dimon-wins-again-in-first-republic-bank-deal-f17f3b65 . Yes, still more: https://www.wsj.com/articles/jpmorgan-ceo-contenders-are-holding-the-reins-at-first-republictogether-f541fbfb .
WSJ: Fed rate hikes: https://www.wsj.com/articles/fed-set-to-raise-interest-rates-to-16-year-high-and-debate-a-pause-860c8146 .
Commercial real estate could tank the US economy: https://www.thestreet.com/stocks/charlie-munger-sounds-the-alarm-on-issue-that-could-bring-down-the-u-s-economy . Warren Buffett’s partner is right on here. As readers know, China continues to work through massive overbuilding in its real estate sector. Remote work and remote retail is doing the same for US commercial real estate, which is heavily leveraged on future rents now in question with lower occupancy.
WSJ: E & Y failed split moves to damage repair: https://www.wsj.com/articles/ey-breakup-plan-is-really-dead-493d53a9 . These people literally have no idea what they are doing. My ongoing comments were that this type of transaction must be completely quickly. That is even truer for damage repair. Yet once again, leadership is slow to turn the ship around, and has no clear plan to implement repair. They are doing serious additional damage to their brand at this point.
Supreme Court supremely slow: https://www.nbcnews.com/politics/supreme-court/supreme-court-slow-issue-rulings-glacially-slow-rcna81536 . Court watchers are well aware that over time the Court decides fewer cases each term, so that is just a trend which continues. However, the failure to produce opinions as a percentage of the cases taken on in the term suggests the new conservative majority is less competent at doing its job. Many observers lament that the Court’s output is much less worth reading than has been true in the past.
Also, the increased use of the “shadow docket” is a problem which observers have complained about over recent years. However, this article does Professor Vladek and readers a disservice by not stating the full title of his book: “The Shadow Docket: How the Supreme Court Uses Stealth Rulings to Amass Power and Undermine the Republic”. Specifically, Vladek complains that this increasing use of unsigned, unexplained rulings (often in emergency cases) gives us no hint what the Court’s reasoning is, and as a result it appears the Court is being driven by political rather than legal considerations: https://www.cnn.com/2022/09/26/opinions/supreme-court-shadow-docket-vladeck/index.html .
Professor Vladek’s criticism is fact-based and persuasive. It goes to the heart of Court operations and deserves wider consideration.
Chief Justice Roberts stiffs the Senate Judiciary Committee on the issue of an ethics code: https://www.alternet.org/john-roberts-scotus-2659937079/ . As I’ve said here previously, John Roberts has an excellent legal mind even if his views are quite different from mine. However, if no man is above the law, how can the Supreme Court expect respect by enforcing this for everyone except themselves? (Hint: They can’t. The Court is at serious risk right now.)
Ukraine regains some positions in Bakhmut: https://www.aol.com/news/ukrainian-defenders-oust-russian-forces-140642961.html . This does not seem like a major focus of the planned Ukrainian counteroffensive because the Russians are dug in here. More likely, the Ukrainians will at some point try to break the Russian land bridge to Crimea through their territory in order to disrupt those supply lines. That line is hundreds of miles long and therefore difficult to defend.
WSJ: Ukraine arms industry increases output: https://www.wsj.com/articles/ukraines-arms-industry-survives-russian-onslaught-to-hit-back-c5c168cd .
In breaking national news, Speaker McCarthy says something intelligent: https://apnews.com/article/speaker-mccarthy-ukraine-russia-debt-32e6e824cb27d0a3b65a0ed134b9b2bb . One remembers the now dated comparison: Even monkeys typing on typewriters will eventually write some Shakespeare.
Another ISIS leader in Syria killed: https://apnews.com/article/turkey-islamic-state-syria-alqurayshi-erdogan-b1ec0c77f760badf559d16272e6c6c6f . Again, this job has an extraordinary mortality rate. Here, Turkish drones made the strike. WSJ: More: https://www.wsj.com/articles/islamic-state-leader-killed-in-intelligence-operation-turkeys-erdogan-says-93f844cf .
WSJ: Joe Manchin squeezed in West Virginia: https://www.wsj.com/articles/storm-clouds-gather-for-joe-manchin-in-west-virginia-39a57eb4 .
Judge rejects mistrial request from Orange Julius attorney in E. Jean Carroll rape civil trial: https://www.aljazeera.com/news/2023/5/1/trump-lawyer-seeks-mistrial-in-rape-case-against-ex-us-president . While this is not common, a mistrial request can be used to bolster the basis for appeal. Kaplan is a very experienced judge, and mistrials are less frequently granted in civil cases than in criminal cases. Tacopina has a reputation as a loudmouth; his extended cross-examination of Ms. Carroll suggests he does not have a clear point of attack. For jurors (and the judge), this can create the impression of abusiveness toward a 79-year-old witness.
Expert critique of Joe Tacopina’s cross-examination of E. Jean Carroll: https://www.thedailybeast.com/donald-trump-lawyer-joe-tacopinas-terrible-cross-examination-in-e-jean-carroll-trial-gets-even-worse . This article summarizes today’s full day cross, following the poor cross on Friday. The expert’s view: Today was even worse than Friday. I agree. WSJ: More: https://www.wsj.com/articles/e-jean-carroll-trump-lawyer-spar-in-civil-rape-case-9e12eca9 .
Meanwhile, Nut World gets another permanent resident: Kari Lake: https://www.rawstory.com/maga-2659935751/ . First, Orange Julius and Kari Lake have a total of one election won between them. Second, Kari has apparently not thought through OJ’s legal troubles. But third, a MAGA boycott of the GOP would indeed sink DeMentis. It will also irreparably split the GOP. That may be a very good thing.
DeMentis signs child rape death penalty bill in bid to take his culture war national: https://apnews.com/article/death-penalty-child-rape-desantis-florida-9b03e9cd5a96f68967c3e06a299ff2a7 . This doesn’t fit that well with another of his suggestions, putting a prison next to Disney World.
Rural Oklahoma confronts two serial murder sites: https://apnews.com/article/missing-girls-oklahoma-bodies-found-okmulgee-035ca34f2f524077e60562eee4750be8 . Authorities searching for 2 missing teens found 7 bodies. Separately, last October authorities found the bodies of 4 men. They have charged Joseph Kennedy, 68, in the latter case.
Greg Abbott tattoos “ASS” on his own forehead: https://www.aol.com/news/gov-greg-abbott-prompts-swift-003153999.html . What kind of fool refers to murder victims as illegal immigrants alongside his statement of condolences to the family? Greg Abbott, that’s who …
Bad luck? Hey, it’s Texas: https://sports.yahoo.com/texas-am-texarkana-baseball-player-shot-by-apparent-stray-bullet-during-home-game-011732523.html . An 18-year-old ballplayer was shot in the chest while standing in the dugout, apparently from a stray bullet from a nearby neighborhood altercation. Yes, maybe bad luck, which was the police department’s response. But for sure, if the victim dies, it’s negligent homicide. As it is, it’s at least unlawful discharge of a weapon. And whoever the police department spokesperson was speaking for, that person is an idiot.
Screenwriters strike: https://www.nbcnews.com/pop-culture/pop-culture-news/writers-strike-2023-wga-pay-negotiations-rcna82236 . Good news, readers! This newsletter is unaffected by the strike – and now you’ll have more time to read it. Seriously, though, technological disruption is coming rapidly to Hollywood. This strike asks for a larger slice of a smaller pie. Both sides should make every effort to compromise quickly. The screenwriters should realize that there are very few long-term guarantees in the cards for them.
Gordon Lightfoot passes at 84: https://www.npr.org/2023/05/01/133464279/gordon-lightfoot-canadian-folk-legend-dies-at-84 . As is typical in these situations, I wrote tonight’s newsletter to my Gordon Lightfoot CD’s. I really wanted to hear “If You Could Read My Mind”, so I put the 21-song CD in on random play, and the first song that came up was … well, you know. This is not the first time this has happened in one of these “tribute CD” situations, but it was particularly impressive here given the song title. Thanks, Gordon.