Patients lose life-saving medicine access: WSJ: https://www.wsj.com/articles/patients-lose-access-to-free-medicines-amid-spat-between-drugmakers-health-plans-cca15b58 . Capitalism does not work well as an economic model for medicine. Our utter lack of price transparency in the current system leads to putting people’s lives in jeopardy over profit considerations. This is both bizarre and inhumane.
The deadly effects of loneliness: https://www.pbs.org/newshour/health/loneliness-poses-health-risks-as-deadly-as-smoking-u-s-surgeon-general-says .
The devastating effects of drunk driving: https://sports.yahoo.com/henry-ruggs-former-raiders-wide-182146774.html . Simply put, this is a tragedy for everyone involved.
EU looks to reduce dependency on Chinese pharmaceuticals: https://money.usnews.com/investing/news/articles/2023-05-02/group-of-eu-states-seeks-to-reduce-dependency-on-china-for-pharmaceuticals .
WSJ: Pfizer’s profits fall with COVID product sales: https://www.wsj.com/articles/pfizer-pfe-q1-earnings-report-2023-fbd3ad8 .
Oklahoma bans gender-affirming care for minors: https://apnews.com/article/oklahoma-transgender-medical-care-children-9b9ed20596bc9458df56832dcec13e65 . What happened to a person’s right to control their own body? Or the parents’ right to support their child’s decision? Rights go to die in Oklahoma.
The future of Fed rate hikes: https://apnews.com/article/interest-rates-inflation-prices-recession-federal-reserve-bb8f86329961acd30ccabb1136bbb9e3 . As readers know, my expectation matches exactly what this article predicts as Powell’s remarks. For a variety of reasons, the Fed cannot back off their rate increases until substantial progress is made toward the 2% annual inflation goal.
In particular, they are not going to cut rates this year because inflation is sticky and will resist the Fed’s target. The bond market, in my view, is simply irrational on this point. Do not buy long bonds until the yield curve inversion flips. Long-term interest rates must go up, and therefore long-term bonds will drop in value when the inversion flips.
WSJ: Why inflation is sticky: https://www.wsj.com/articles/why-is-inflation-so-sticky-it-could-be-corporate-profits-b78d90b7 . Good freaking grief!!! This is Economics 101. Capitalism works best when markets force suppliers to compete on price. Conversely, increased profits come to companies that best exploit the demand for their product. Supply chain problems represented an opportunity to raise prices, whether or not the company’s specific product was facing supply claim issues. Greed makes inflation sticky.
The historical precedent for the current Fed debate: WSJ: https://www.wsj.com/articles/what-a-fed-debate-17-years-ago-reveals-about-its-rate-deliberations-now-4835936 . Pay particular attention to the last 5 paragraphs of this article. The question is how the Fed’s language can best bring market behavior in line with Fed policy. Two people involved in the 2006 debate come down in favor of different choices for the Fed’s language this time around.
WSJ: House Democrats promote discharge petition to force debt ceiling vote: https://www.wsj.com/articles/house-democrats-try-to-force-vote-on-clean-debt-ceiling-16a9127b . So what this really boils down to is whether there are 5 responsible House GOP members who will vote to avoid default. How sad that this is even a question. Sadder still is that the answer right now looks to be no. More on the debt ceiling: 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 . Still more: https://www.wsj.com/articles/house-democrats-try-to-force-vote-on-clean-debt-ceiling-16a9127b .
Will the Russian war effort collapse?: https://www.usnews.com/news/world-report/articles/2023-05-02/russian-deaths-mount-as-men-money-become-scarce . The Ukrainian counteroffensive is likely to put considerable pressure on Russia’s ability to respond.
WSJ: Allies work to bolster munitions production for Ukraine: https://www.wsj.com/articles/ukraine-seeks-to-bolster-air-defenses-after-russian-missile-barrages-e55a4b83 . So right now it does not appear that China will provide enough aid to Russia to keep the Russians viable in this war.
GOP stiffs efforts to reform Supreme Court ethics: https://apnews.com/article/clarence-thomas-trips-supreme-court-ethics-congress-746e0ca4b2b17ecb5fd8db581e149ac0 . WSJ: More: https://www.wsj.com/articles/lawmakers-grapple-over-whether-supreme-court-needs-an-ethics-code-bacefca0 .
Second woman testifies at Orange Julius rape trial that OJ assaulted her: https://news.yahoo.com/2nd-woman-testifies-trump-sexually-assaulted-her-183122312.html . Are you surprised? Me neither. As we all remember, OJ bragged about groping women on the Access Hollywood tape. At least two of them have had the courage to come forward. WSJ: More: https://www.wsj.com/articles/friend-of-e-jean-carroll-says-writer-called-her-minutes-after-alleged-assault-by-trump-40fae409 .
Proud Boys jury struggles with seditious conspiracy charge: https://www.nbcnews.com/politics/justice-department/jurors-struggle-least-one-charge-proud-boys-seditious-conspiracy-trial-rcna82457 . The article notes that the evidence against the Proud Boys leader is less than cut-and-dried.
Texas mass murder suspect arrested about 16 miles from crime: https://www.nbcnews.com/news/us-news/texas-shooting-suspect-captured-after-manhunt-rcna82214 . Meanwhile, Governor Greg Abbott retracts his false, racist statement that all 5 victims were illegal immigrants. Thanks for nothing, you prejudiced fool.
AI pioneer leaves Google to warn about this technology: https://www.nbcnews.com/tech/tech-news/artificial-intelligence-pioneer-leaves-google-warns-technologys-future-rcna82242 . This warning should be taken very, very seriously.