CDC issues COVID-19 aerosol guidance Friday, withdraws it on Monday: https://www.npr.org/sections/coronavirus-live-updates/2020/09/21/915351325/cdc-publishes-then-withdraws-guidance-on-aerosol-spread-of-coronavirus . What is going on at CDC? This ongoing circus continues to erode public trust in the agency. This is particularly weird after the WHO controversy over the same topic. More: https://www.usnews.com/news/health-news/articles/2020-09-21/cdc-takes-down-guidance-on-airborne-coronavirus-transmission . WSJ: Still more: https://www.wsj.com/articles/coronavirus-can-spread-by-tiny-air-particles-cdc-now-says-11600700364 .
Face shields ineffective at containing COVID-19 aerosols: https://www.theguardian.com/world/2020/sep/22/face-shields-ineffective-trapping-aerosols-japanese-supercomputer-coronavirus .
WSJ: Cruise lines make re-opening proposal to CDC: https://www.wsj.com/articles/royal-caribbean-norwegian-outline-to-cdc-how-they-plan-to-cruise-safely-11600682405 . Gee, what could go wrong here?
WSJ: Medicare doesn’t cover vaccines issued under emergency use authorizations: https://www.wsj.com/articles/medicare-wouldnt-cover-costs-of-administering-coronavirus-vaccine-approved-under-emergency-use-authorization-11600704447 . Oh, those pesky laws …
WSJ: Fever not a good COVID-19 gauge: https://www.wsj.com/articles/temperature-isnt-a-good-litmus-test-for-coronavirus-doctors-say-11600713159 . Not good news for those school temperature checks.
WSJ: COVID-19 drives up PTSD rates: https://www.wsj.com/articles/heres-how-the-pandemic-is-affecting-ptsd-rates-11600724562 .
WSJ: Home ventilation to fight COVID-19, wildfire smoke: https://www.wsj.com/articles/how-to-ventilate-your-home-to-fight-coronavirus-wildfire-smoke-11600717012 . New York advice for a West Coast problem doesn’t work well. In Portland, most older homes do not have air conditioning due to the mild climate. Opening windows is obviously not workable during wildfire smoke. A portable HEPA air filter may have worked in our recent circumstances, but it’s doubtful there would be sufficient local stock of these devices in any wildfire emergency.
WSJ: US round-up: https://www.wsj.com/articles/coronavirus-latest-news-09-21-2020-11600676779 . News on UK is in last paragraphs.
England considers mini-lockdown: https://www.bbc.com/news/uk-54221953 . The two-week lockdown is termed a “circuit-breaker” to stem the recent rise in cases.
Pandemic spurs automation: https://time.com/5876604/machines-jobs-coronavirus/ . One of the basic Trump lies has been that global trade has exported US jobs, when most of US job loss is traceable to automation. https://www.brookings.edu/wp-content/uploads/2019/01/2019.01_BrookingsMetro_Automation-AI_Report_Muro-Maxim-Whiton-FINAL-version.pdf . The pandemic will likely accelerate the use of automation for work functions.
WSJ: COVID-19 drives shortage of homes for sale: https://www.wsj.com/articles/americans-want-homes-but-there-have-rarely-been-fewer-for-sale-11600680612 .
WSJ: More on college town economies: https://www.wsj.com/articles/college-town-economies-suffer-as-students-avoid-bars-football-tailgating-11600686000 .
WSJ: The rich get richer: https://www.wsj.com/articles/surge-in-wealth-may-lead-to-complacency-on-economy-11600721801 . The facts here demonstrate the growing gulf between the rich and the poor. Who do you know who is complacent on the economy?
WSJ: COVID-19 strains LA Fitness: https://www.wsj.com/articles/la-fitness-lenders-tap-adviser-for-debt-negotiations-11600714266 .
WSJ: Sizzler loses its sizzle: https://www.wsj.com/articles/fast-casual-steakhouse-pioneer-sizzler-usa-files-for-bankruptcy-11600721530 . COVID-19 dooms another restaurant chain with salad bars.
WSJ: Medical school applications soar: https://www.wsj.com/articles/u-s-medical-school-applications-soar-in-covid-19-era-11600688871 .
Stupidity kills: Jared Kushner mismanaged COVID-19 response: https://www.vanityfair.com/news/2020/09/jared-kushner-let-the-markets-decide-covid-19-fate . One can at least appreciate that meticulous research is an antidote to BS. The problem is that research takes time and gets lost under the continuous waves of BS the American public is currently enduring.
WSJ: DOJ threatens to defund 3 cities: https://www.wsj.com/articles/justice-department-threatens-to-cut-funds-to-new-york-seattle-and-portland-11600704061 . This article seems overly generous toward the legality of the executive branch interfering with congressionally appropriated funds.
WSJ: US proposes secondary sanctions: https://www.wsj.com/articles/trump-administration-moves-to-head-off-any-military-sales-to-iran-11600721082 . The key point is that the US utterly failed at the UN in attempting to impose sanctions, and has isolated the US rather than Iran on this issue: https://www.wsj.com/articles/trump-administration-moves-to-head-off-any-military-sales-to-iran-11600721082 . This is diplomatic malpractice.
WSJ: Corporations propose investment in UN sustainability goals: https://www.wsj.com/articles/finance-chiefs-call-on-executives-to-help-fight-poverty-climate-change-11600715230 .
WSJ: Croatian tourism fuels European COVID-19 surge: https://www.wsj.com/articles/tourists-in-croatia-help-feed-covid-19-surge-across-europe-11600684208 .
WSJ: A Croat Bugatti?: https://www.wsj.com/articles/volkswagen-in-talks-to-sell-bugatti-brand-to-croatian-upstart-11600712855 . Last year’s production was 82 cars – but at $20 million for one car, the value of the name is more than one might have thought after the Bugatti bankruptcy in 1995.
WSJ: NYC’s former top health official on the city’s COVID-19 response: https://www.wsj.com/articles/new-york-citys-former-top-health-official-on-its-covid-19-response-11600697623 .
NY Attorney General will expedite release of police videos: https://apnews.com/0e9a556376003c2652de53b435502a0e .
WSJ: House Democrats propose clean short-term funding bill: https://www.wsj.com/articles/house-democrats-expected-monday-to-release-spending-bill-funding-government-through-dec-11-11600700650 . And of course a clean bill cannot be proposed so close to the election without political sniping.
WSJ: Senate Republicans ready Biden Ukraine report: https://www.wsj.com/articles/senate-republicans-probe-of-joe-and-hunter-biden-nears-completion-11600720533 . And the pitch … it’s another screwball. Looks like Johnson tried to hit the batter but missed …
WSJ: US growth prospects dim: https://www.wsj.com/articles/new-cbo-projections-show-weaker-economic-growth-11600711886 . This is a significant downgrade for one year. Over 30 years, 1.6% compounds to 61% growth (1.6099) while 1.9% compounds to 76% growth (1.7588). This is a 20% decrease (61/76=0.803).
WSJ: Fed chair supports additional relief package: https://www.wsj.com/articles/powell-says-swift-government-action-averted-deeper-economic-downturn-11600720244 . Again, the Fed lacks additional stimulus tools and continues its plea for congressional action.
WSJ: Alternative views at the Fed: https://www.wsj.com/articles/feds-kaplan-worries-new-fed-rate-guidance-ties-policy-makers-hands-11600706927 . For the Fed to maintain credibility, it should operate within a framework of achieving certain economic targets. Mr. Kaplan’s desire for flexibility could boil down to a multi-trillion dollar federal slush fund to support the market. Update: WSJ published the transcript of the interview: https://www.wsj.com/articles/transcript-wsj-interview-with-dallas-fed-president-robert-kaplan-11600722983 . This is commendable on the part of WSJ. We do learn that Mr. Kaplan is not an economist.
WSJ: Does money-laundering even matter?: https://www.wsj.com/articles/bank-investors-disregard-revelations-of-suspicious-activity-11600699613 . This is also interesting in regard to yesterday’s news that European banks are seeking mergers.
WSJ: HSBC stock hits 25 year low: https://www.wsj.com/articles/hsbc-stock-hits-25-year-low-11600672778 . Money-laundering does matter, and it’s not a great time to be a European bank.
WSJ: Treasury wants new money-laundering rules: https://www.wsj.com/articles/treasury-plugs-gap-in-anti-money-laundering-regulations-11600680611 .
WSJ: China develops “unreliable entities” list targeting US companies: https://www.wsj.com/articles/chinese-leaders-split-over-releasing-blacklist-of-u-s-companies-11600708688 . A critical aspect of the TikTok mess, and dealing with China in general, is sensitivity to loss of face.
Tech weighs in on the TikTok deal: https://techcrunch.com/2020/09/19/tiktok-deal-terms/ . This newsletter has previously pointed out that the administration’s explanation of the TikTok deal doesn’t make sense. This article from Tech Crunch goes farther, noting both the financial gains to Oracle and the damage to open Internet structure. Remarkably, even the Wall Street Journal figured out that this deal smells, and said so: https://www.wsj.com/articles/trump-tiktok-and-crony-capitalism-11600639766 .
WSJ: More TikTok follies: https://www.wsj.com/articles/tiktok-ban-zero-hour-haggling-with-trump-doubts-in-china-and-a-deal-in-limbo-11600728388 . The fundamental problem is that Trump doesn’t know the first thing about anything. According to the article, and previous reporting, he does not understand that a kickback is illegal, even after White House lawyers explained it to him. He does not understand what majority ownership means. He does not understand the global nature of the Internet. In all seriousness, who thinks this doofus is competent at anything? More: https://www.politico.com/news/2020/09/21/trump-wavers-on-tiktok-deal-419424 . WSJ: More: https://www.wsj.com/articles/tiktok-and-oracle-spar-over-ownership-threatening-deal-11600702185 .
WSJ: Is citizen data a national security concern?: https://www.wsj.com/articles/u-s-joins-global-bid-to-carve-up-the-internet-with-tiktok-move-11600689612 . This suggestion that countries carve up the Internet to defeat its global range is really bizarre – is WSJ suggesting the Chinese firewall censoring content is a good thing? It is hardly comparable to the EU’s General Data Protection Regulation, which limits the collection of an individual’s usage data.
WSJ: Nikola goes outside for batteries, sends CEO outside too: https://www.wsj.com/articles/nikolas-first-trucks-to-use-batteries-made-by-outside-supplier-11600684954 . And: https://www.wsj.com/articles/nikolas-milton-fools-paradise-lost-11600698342 And: https://www.wsj.com/articles/nikola-chairman-steps-down-as-company-faces-probe-11600672351 .
WSJ: Supreme Court nominee to be named Friday or Saturday: https://www.wsj.com/articles/trump-says-hell-make-supreme-court-nomination-friday-or-saturday-11600691095 . Apparently Republican senators plan to ram this through regardless of who the nominee is or any deliberative process. Here’s a new contender list: https://www.wsj.com/articles/trumps-supreme-court-list-potential-candidates-for-justice-ruth-bader-ginsburgs-seat-11600536830 . The list primarily demonstrates the lack of qualified conservative female judges. No way would a deputy White House counsel with no judicial experience be nominated. Alison Rushing is also questionable.
62% of Americans want next president to select Supreme Court justice: https://www.ipsos.com/en-us/news-polls/reutersipsos-Ginsburg-supreme-court-vacancy-092120 . Well, screw the public, what do they think this is, a democracy? Actually, it’s a representative democracy. This is what happens when the representatives go rogue. The survey details, at the link in the article, tell us the Republicans want the next president to select, 49% to 41%, while 11% don’t know (rounding leads to 101% total).
WSJ: Latino voters favor Biden: https://www.wsj.com/articles/biden-leads-trump-among-latino-voters-poll-shows-11600641000 . Again, this could assist Barbara Lagoa to the nomination if Trump thinks she will be a significant plus in Florida and in this demographic (important in Texas). Presumably they’re spending campaign money to poll and find out, which may be why the nomination is not coming until Friday or Saturday (we know Amy Coney Barrett was vetted previously).
WSJ: The politicization of the Court: https://www.wsj.com/articles/supreme-court-opening-adds-to-pressure-on-american-institutions-11600699936 . This feels like an opinion piece. The Bork confirmation and the Electoral College are not nearly as relevant here as Bush v. Gore. The controversial Republican strategy to go to the Supreme Court was guided by … John Roberts. The Constitution is absolutely clear that elections are administered by the states. Roberts was rewarded by Bush with Roberts’ first judicial appointment in 2003 and the Chief Justice position in 2005.
The British left freaks out: https://www.newstatesman.com/world/2020/09/noam-chomsky-world-most-dangerous-moment-human-history . Up front, I don’t agree with the tone of this article. I do agree that US democracy is in decline. This election is a critical flashpoint, not just for the US but for the world. One hopes that hysterics on the left will not discourage moderates from realizing the grave threat the current situation represents to democracies everywhere.
On the other hand, here the British alarm bells need turning up: https://www.theguardian.com/science/2020/sep/19/the-tipping-points-at-the-heart-of-the-climate-crisis . Yes, of course these tipping points are interrelated, and this situation is very difficult to turn around as our political systems utterly lack long-term thinking. Ocean warming is the real problem; we are too atmosphere-focused (although breathing is certainly important). The Paris accord is completely inadequate to reverse global warming. The focus must be on carbon dioxide reduction, not just slowing the rate of increase.
However, the details here are impossible to discuss in this newsletter. For now, if you view the Earth as a system driven by continuous energy input from the sun, the dangers of tipping that balance by burning fossil fuels become more apparent. The system retains more and more energy, and in a runaway fashion due to greenhouse gases, most notably carbon dioxide. The science is really rather obvious in this regard, which is why carbon recapture is the central (though not the only) issue. Civilization’s energy future must focus on the harvest of (free) sunshine.
NYC neighborhood foot traffic rebounds: https://www.wsj.com/articles/new-york-city-outer-boroughs-see-foot-trafficby-locals-11600617600 . The data details seem somewhat obvious. Times Square is down (few tourists) as are Manhattan commercial areas (remote work and reduced subway ridership). The neighborhoods are up for the same reasons, plus the understanding that supporting neighborhood businesses supports their own neighborhood. This result likely applies to most other US cities.
WSJ: Diamond coins: https://www.wsj.com/articles/easy-diamond-trading-set-to-be-available-for-first-time-11600680611 . A wild idea creates a new commodities market.