US COVID hospitalizations decline again: https://www.usnews.com/news/health-news/articles/2023-10-06/new-covid-19-hospitalizations-decline-for-3rd-straight-week . Three straight weeks does make this a trend, based on my experience. Remember, however, that for much of the pandemic, waves came in 2 week intervals, so we could see another uptick in the next several weeks.
WSJ: AI’s future in transforming medicine: https://www.wsj.com/tech/ai/artificial-intelligence-medicine-innovation-6739b4f8 . I absolutely agree that AI will transform medicine, and believe we will see significant transformation in 5 years rather than 10.
The Kaiser strike playbook: WSJ: https://www.wsj.com/health/healthcare/kaiser-strike-healthcare-workers-update-7104dc23 . This article seems quite basic. Unions today certainly design their strikes to maximize public support. That means that they try to focus pain on the companies while minimizing pain on the public. That equation obviously differs from industry to industry.
WSJ: UAW foregoes additional walkouts, citing negotiation progress: https://www.wsj.com/business/autos/uaw-strike-enters-fourth-week-companies-brace-for-more-walkouts-4ad1af2d .
Strong jobs report increases chances of another Fed rate increase: https://www.cnbc.com/2023/10/06/jobs-report-september-2023.html . More: https://finance.yahoo.com/news/september-jobs-report-shows-us-economy-remains-stronger-than-wall-street-thinks-164133836.html . So why did the stock market rally today? Bond yields continue to increase. Supposedly the stock market has been falling because the rising interest rates increase the probability of a recession. A strong jobs market increases the probability for a Fed rate hike, as well as more strikes and higher settlements. I suggest to readers that the bond market is behaving rationally, and the stock market is not.
WSJ: Our alternative explanation: https://www.wsj.com/finance/stocks/global-stocks-markets-dow-news-10-06-2023-f08aba32 . No. The data is too thin to support a broad-based assumption about softening wage increases. The Kaiser settlement by its nature will be an above-average increase, as will the UAW deal. Both are large strikes. Also, the unemployment rate remains quite low, at 3.8%, putting continued upward pressure on wages. I suppose you could say the stock market is trying to use rational analysis, but there is no deep understanding of how analysis works.
WSJ: US Postal Service will raise rates again: https://www.wsj.com/us-news/u-s-postal-service-seeks-to-raise-stamp-prices-for-third-time-in-a-year-bc8e70e5 . We continue to correct the Journal on basic math. The key here is that rates rose from 60 cents in January 2022 to 68 cents in January 2023. That’s a 13.3% annual increase. That’s way above other inflation in the economy. The Post Office is turning into a package delivery service …
Companies switch borrowing from cash flow to assets: WSJ: https://www.wsj.com/articles/companies-borrow-against-their-assets-in-an-uncertain-economy-c0398e19 . This is directly attributable to the recognition of continued “higher and longer” interest rates. Companies are setting up these arrangements now to protect against an economic downturn. This is a strong precursor of economic contraction – that is, a recession.
WSJ: Yellow Trucking assets at play in reorganization of small load shipping: https://www.wsj.com/articles/yellows-bankruptcy-sparks-a-battle-to-reset-trucking-competition-d764b347 . This segment of the industry is destined to grow. I think Estes has the right idea, as long as they don’t overpay for these properties.
The dire accountant shortage: WSJ: https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2 . This function seems highly amenable to automation. Expect to see trends in that direction in the next 5 years. An alternative solution: This job just takes boring people, right? So we could just import Canadians …
WSJ: We provide “actuarial analysis” of Biden and Orange Julius life expectancy prospects: https://www.wsj.com/politics/elections/for-biden-and-trump-age-really-is-just-a-number-7a2bf6ea . Oh my freaking God!!! Actuarial life expectancy calculations are group projections, not individual projections. The people quoted are gerontologists, not actuaries. With due respect, they know nothing – NOTHING – about how group statistics apply to individuals. The answer is, they don’t. Either of these guys could drop dead tomorrow. Biden is under the stress of the presidency, while OJ is under the stress of mounting criminal and civil legal problems. Did anyone notice how Mitch McConnell is doing? Not well.
Next time, WSJ, before you cite the actuarial profession, ask an actuary. If you’d have asked me, you would have gotten more than an earful about the abject stupidity of this article.
FTX bankruptcy: SBF’s defense appears certifiably insane: WSJ : https://www.wsj.com/finance/can-someone-lose-track-of-billions-of-dollars-sam-bankman-frieds-jury-will-decide-1f3ac81 . Recall that the receiver who took over FTX said there were essentially no internal accounting controls. That is in no way a defense to losing customer funds – it’s a recipe for it. A bit more: https://www.wsj.com/finance/currencies/sam-bankman-fried-ftx-trial-news-updates-fbef824b . Not much happened at trial today. The trial resumes Tuesday. And a bit more: https://www.wsj.com/finance/currencies/sam-bankman-fried-lieutenant-recounts-ftx-crash-for-jurors-3e91a325 .
Russian “friendly fire” shoots down its most advanced jet – again: https://www.newsweek.com/russia-shoots-down-own-jet-second-time-su-35-1832781 . Over 1/5 of Russian aircraft losses have been self-inflicted.
WSJ: Putin places Russian economy on war footing: https://www.wsj.com/politics/elections/for-biden-and-trump-age-really-is-just-a-number-7a2bf6ea . There is a very simple reason for this. Putin will not survive, at least as Russia’s leader, if he loses the war in Ukraine.
WSJ: Palestinians mount large attack against Israel: https://www.wsj.com/world/middle-east/barrage-of-rockets-fired-at-israel-from-gaza-strip-d5b2f05f . There are enemies to peace everywhere right now.
Judge allows New Mexico congressional map: https://apnews.com/article/new-mexico-congressional-redistricting-e411438a6988774c1a531a447a288c93 . The Democrats have won almost every redistricting fight this year, improving their chances of controlling the House in the 2024 elections.
WSJ: Lincoln’s message for today: https://www.wsj.com/politics/how-politicians-can-really-lead-like-lincoln-2e28a022 . Sigh. As readers know, Lincoln is my favorite president. Mostly self-taught, he had a profound understanding of the Founders vision, as he demonstrated in his everlasting poem to America, the Gettysburg Address. Note that every characteristic Mr. Inskeep attributes to Mr. Lincoln is the exact opposite of the behavior of every politician in the party Lincoln founded. The GOP is irretrievably poisoned. The only solution is to smash them at the polls in 2024.
Will Kevin McCarthy resign?: https://www.nbcnews.com/politics/congress/kevin-mccarthy-considering-resigning-congress-term-ends-rcna119278 . Will McCarthy resign with 15 months left in his term? The more interesting question is whether he’ll run again. McCarthy represents the reddest district in California.
So who’s the next Speaker?: https://www.aol.com/news/45-u-house-republicans-seek-140831770.html . OJ has endorsed Jordan, but it’s unclear what that does to the race. Scalise has not recovered his health, but Jordan is a divisive figure. Also, neither has the fundraising record of McCarthy. Presumably, the 18 Republicans who represent districts Biden won do not want Jordan as Speaker. Will the group of 45 derail Jordan?
WSJ: More: https://www.wsj.com/politics/steve-scalise-gop-house-speaker-a4623269 . The Journal notes that Jordan was the founder of the Freedom Caucus, which may mean that Matt Gaetz and the other losers who voted to bring down McCarthy may be very dug in on Jordan. So will Democrats come to Scalise’s rescue? Not in the near future, and maybe never …
Mike Lindell, the MyPillow guy, can’t pay legal bills: https://apnews.com/article/mike-lindell-mypillow-no-money-election-lawsuits-047932c7207734c080b07dca8d8868a5 . Apparently nobody is buying his damn pillows …
Orange Julius’ lawyers attempt to halt NY fraud trial and implementation of partial summary judgment: https://apnews.com/article/donald-trump-letitia-james-fraud-new-york-77f3691ad7fa73ea008f058ae6f772d6 . Sigh. Understanding OJ’s lawyers is like going into a barn full of manure and digging for the pony. Let’s deal with the manure first, and there’s a barn full. As noted previously here, interlocutory appeals are allowable only in special circumstances. Halting a trial almost never occurs, except perhaps in cases of extreme misconduct by the judge. There is none of that here. Furthermore, this trial has the special circumstance of scheduling to allow OJ to attend. Anything is possible, but I’ve not yet any reason for suspending the trial.
As to implementation of remedies, the judge’s partial summary judgment was appropriate. There was insurmountable proof of fraud, and this judgment narrows the issues for trial. OJ’s lawyers complain that the judge does not understand the sweep of what he has ordered. However, the judge has implemented a process to appoint special receivers, which is an appropriate way to gain clarity.
My prediction is that the trial will be allowed to proceed to conclusion, after which OJ’s lawyers can appeal whatever they want. The identification of special receivers is also appropriate and should be allowed to proceed, unless the prosecutors agree to the delay (they’ve indicated they are willing to discuss the matter). Remember, the trial isn’t over, and yet the defense wants to criticize remedies. Shoveling is complete. We’ve found no horse, just a weak attempt to “stall” the inevitable. Let’s see what happens.
UPDATE: New York appellate judge places temporary stay on dissolution of OJ businesses: https://www.geo.tv/latest/513373-trump-gets-temporary-relief-in-civil-fraud-lawsuit-from-ny-court . Note that the judge allowed the trial to proceed, and that the stay is temporary. This may slow down the dissolution of the business, but there is nothing so far that reverses it.
Georgia RICO judge refuses to dismiss defendant Chesbro in scathing opinion, citing Monty Python: https://lawandcrime.com/high-profile/judge-in-trump-rico-case-appears-to-invoke-monty-python-in-rejecting-co-defendants-parrot-of-a-motion/ . The judge is fairly directly saying, Cut the crap.
However, Judge Cannon delays the OJ documents case for no apparent reason: https://www.rawstory.com/loose-cannon-judge-shredded/ . There are no obvious grounds for this delay other than favoritism toward the defendant. Also, as we’ve noted many times, the people have a right to a speedy trial.
Meanwhile, the OJ campaign loses its deputy director in New Hampshire: https://www.nbcnews.com/politics/elections/trump-aide-told-police-officers-hang-jan-6-riot-no-longer-campaign-rcna119235. All nuts, all the time …
US Customs officials seize giraffe poop from woman returning from Kenya: https://apnews.com/article/giraffe-poop-seized-airport-b17d206968cf8b42af85ee863be717d7 . Um, so apparently she did not figure out the poop jewelry could be hazardous to those who wore it.
Ugly American smashes Roman statues in Israeli museum: https://apnews.com/article/israel-museum-roman-statues-damaged-tourist-arrested-c1f793f1df00d477adac3e651e5751a7 . WSJ: More: https://www.wsj.com/world/middle-east/u-s-tourist-arrested-for-damaging-roman-statues-in-israel-museum-a1223d0e . Right now, insanity is winning …
Unconscious hiker saved by phone call from boss: https://www.aol.com/news/hiker-fell-off-cliff-saved-133743074.html . The call occurred because boss was irate that the young man had not shown up from work.
Babylonians wrote down Pythagorean Theorem 1,000 years before Pythagoras: https://www.iflscience.com/pythagorean-theorem-found-on-clay-tablet-1000-years-older-than-pythagoras-70934 . But this does not mean the Greeks plagiarized the theorem – they may well have discovered it independently.
Fan buys $4,500 of beer at Phillies-Miami playoff game: https://finance.yahoo.com/news/september-jobs-report-shows-us-economy-remains-stronger-than-wall-street-thinks-164133836.html . Interestingly, at ballpark beer prices, that works out to 15 beers …
Jailed Iranian female dissident receives Nobel Peace Prize: https://www.nobelprize.org/prizes/peace/2023/press-release/ . Narges Mohammadi has been jailed repeatedly over her life. As the Nobel Committee notes, the human rights for which she struggles would benefit all Iranians, not just women or herself personally. WSJ: More: https://www.wsj.com/world/nobel-peace-prize-awarded-to-imprisoned-iranian-activist-narges-mohammadi-a329c623 .