COVID now plague of elderly: https://www.msn.com/en-us/health/other/covid-deaths-skew-older-reviving-questions-about-acceptable-loss/ar-AA14DLdb?cvid=5b142ee67c62477184cfb7651b7788b1 . WSJ: Record US life insurance payments in 2021: https://www.wsj.com/articles/life-insurance-payouts-hit-record-100-billion-in-2021-11669554670 . This is clearly related to the previous article.
Zero COVID protests sweep across China, challenge Xi: https://www.nbcnews.com/news/world/china-protests-lockdowns-xi-jinping-covid-zero-rcna58909 . More: https://news.yahoo.com/very-brave-to-protest-what-to-know-about-chinas-anti-lockdown-demonstrations-215858842.html . Still more: https://apnews.com/article/health-china-arrests-beijing-xi-jinping-1596604782d165d268d1dbc137034749 . The Internet and cellphones can stir up a national protest in just a few days. Iran has also found that out recently. The appropriate exit strategy is to get the population vaccinate with an effective vaccine. WSJ: More: https://www.wsj.com/articles/chinese-protests-spread-over-governments-covid-restrictions-11669516403 . Still more: https://www.wsj.com/articles/chinese-stocks-drop-as-covid-protests-intensify-cases-surge-11669608979 . And: https://www.wsj.com/articles/china-clamps-down-on-protesters-against-zero-covid-policies-11669647813 . Also: https://www.wsj.com/articles/chinese-protesters-channel-their-anger-directly-at-xi-jinping-11669660318 .
The Chinese have had 3 years to do that, but they alone in the world have failed to do that. A China expert on the evening news said he expected gradual loosening of restrictions. Without effective vaccination, that equates to mass murder. Current modeling suggests that would kill over 1 million Chinese. Also, the Pfizer vaccine is currently rated at 90% effectiveness while the Chinese vaccines are at 70%. Opening without effective vaccination makes no sense. UPDATE: The medical community agrees: https://apnews.com/article/science-health-china-pandemics-xi-jinping-2fd68a0b6ac855fbad7d3fdc6c98be3f . This article focuses on the stumbling block as China’s inability to admit that its homegrown vaccines are not very good.
Additionally, reports are that only 20% of Chinese over age 80 have received initial vaccination. This reflects suspicion of modern medicine by that generation. However, they face devastation without vaccination.
WSJ: Texas lawsuit challenges ACA preventative care coverage: https://www.wsj.com/articles/texas-lawsuit-challenges-key-plank-of-affordable-care-act-11669636802 .
WHO renames monkeypox as mpox: https://apnews.com/article/who-renames-monkeypox-to-mpox-3bccd74dedaa6f0737c43b242940b257 . “Monkeypox” is being phased out because it could be construed as racist. However, the chickens say that failing to also change “chickenpox” to cpox really laid an egg as far as they’re concerned. WSJ: More: https://www.wsj.com/articles/monkeypox-renamed-mpox-to-counter-stigma-11669652671 .
Polio returns to Indonesia: https://apnews.com/article/health-religion-indonesia-covid-immunizations-77c8d34889c2c65308a73f8fd69cc2c4 . The disruptions to routine healthcare caused by the pandemic will cause problems for years to come.
US recession watch: https://www.benzinga.com/analyst-ratings/analyst-color/22/11/29871500/recession-watch-bank-of-america-says-us-economic-breakdown-could-come-at-any-time .
St. Louis Fed president says Fed needs to keep hiking rates: https://www.benzinga.com/news/22/11/29881280/feds-bullard-says-central-bank-needs-to-hike-rates-quite-a-bit-sooner-is-better . This is the argument for 75 basis points in December, which continues to be my view. Also, the fed has been clear and consistent on this message. Let’s see what the next round of data says. WSJ: More: https://www.wsj.com/articles/fed-officials-discuss-outlook-for-inflation-interest-rates-11669654763 .
WSJ: Apple has problems in China: https://www.wsj.com/articles/apple-has-no-easy-road-out-of-china-11669661578 .
FTX bankruptcy takes down BlockFi: https://www.cnn.com/2022/11/28/business/blockfi-bankruptcy-ftx-fallout . In filing for Chapter 11, BlockFi seeks reorganization rather than liquidation. However, investors look to take a very significant haircut. WSJ: More: https://www.wsj.com/articles/bitcoin-booster-peter-thiel-takes-a-hit-in-blockfi-bankruptcy-11669661422 . Still more: https://www.wsj.com/articles/blockfi-files-for-bankruptcy-as-latest-crypto-casualty-11669649545 .
Another crypto exchange, Bitfront, shuts down: https://money.usnews.com/investing/news/articles/2022-11-29/crypto-exchange-bitfront-shuts-down . It appears Bitfront is ceasing operations but has not become insolvent. Bitfront denies any misconduct. Still, it is at least an indirect casualty of the BTX failure.
WSJ: Fighting intensifies in eastern Ukraine: https://www.wsj.com/articles/zelensky-warns-of-more-russian-missile-attacks-as-ukraine-struggles-to-restore-power-11669634754 .
Musk makes another mistake with Twitter: https://news.yahoo.com/elon-musk-goes-to-war-with-apple-over-app-store-fees-moderation-214024832.html . Apple is not budging on its App store surcharge, and Musk has no bargaining power on this issue. He needs to fix content moderation to get Twitter’s advertisers back. Attacking an advertiser publicly is obviously the wrong approach.
And another … CNN bashes Musk for publishing fake CNN headline on Twitter: https://www.msn.com/en-us/money/other/cnn-tells-elon-musk-to-be-better-after-the-billionaire-shared-a-fake-headline-on-twitter-to-criticize-the-network/ar-AA14EuhX?cvid=0173d4bbfa354b81b36f3e619c427991 . So, this is timely during the World Cup, as Musk just got kicked in the balls …
Democrats do not have 60 votes for an assault weapon ban: https://www.news360.es/india/2022/11/28/democrats-admit-they-dont-have-the-votes-needed-in-the-senate-for-a-bill-to-ban-assault-weapons-8/ .
Supreme Court looks at narrowing definition of prosecutable “public corruption”: https://www.reuters.com/legal/us-supreme-court-weigh-cuomo-era-new-york-corruption-cases-2022-11-27/ . Note that the Court has been narrowing this definition in recent years in cases involving GOP politicians. While these cases involve Democratic politicians, in my view the likelihood is that the Court will continue to narrow the definition. UPDATE: This view was supported at oral argument: https://www.nbcnews.com/politics/supreme-court/supreme-court-weighs-scope-public-corruption-law-new-york-cases-rcna58921 . The Court has become so predictable case outcomes can be predicted without reading the briefs. That’s very bad for the law.
GOP-controlled Arizona county refuses to certify vote: https://apnews.com/article/arizona-deadline-2022-midterms-certification-d6a1ea4020c26313a3124931c14b79fb . The article notes there is no evidence of election irregularities in the county. Their refusal to certify by the deadline is therefore illegal. Their investment in conspiracy theories about another Arizona county (also with no evidence) may earn them a criminal record and jail time. Let’s hope it does … this crap needs to have consequences. UPDATE: Arizona sues the county for failure to certify: https://www.nbcnews.com/politics/2022-election/arizona-sues-county-refusal-certify-election-results-rcna59092 . There is no known defense, so the county election officials need to fold or take the consequences. More: https://www.politico.com/news/2022/11/28/lawsuits-certifying-midterm-election-results-2022-00070992 .
Virginia man deceives California girl, kills her family: https://www.aol.com/news/man-met-california-girl-online-052343458.html . Remember George HW Bush’s plea for a kinder, gentler nation? We’re driving at high speed in the opposite direction.
Buffalo Tops gunman pleads guilty to 15 state murder charges: https://www.npr.org/2022/11/28/1138700312/buffalo-tops-shooter-guilty-plea-state-charges . WSJ: More: https://www.wsj.com/articles/buffalo-supermarket-shooter-pleaded-guilty-to-state-charges-including-first-degree-murder-prosecutors-say-11669652995 .
McCarthy’s rocky road to the Speakership: https://www.cbsnews.com/news/republicans-against-kevin-mccarthy-house-speaker/ . Thirty-one Republicans voted for Andy Biggs over McCarthy. That means that at least 28 of them are negotiating with McCarthy for their vote. After a long chase, McCarthy is now the dog who caught the bus. If this Speakership ever launches, it will last a maximum of 2 years. More: https://apnews.com/article/kevin-mccarthy-congress-government-and-politics-dbad6367bdeb3545f81584e339a4480a . This article points out that the last two GOP speakers retired early rather than continuing to deal with their far-right members.
Democratic congressman from Southern Virginia dies: https://www.nbcnews.com/politics/congress/virginia-congressman-donald-mceachin-dies-61-rcna59101 . While this district is deep blue, we have no details on when a special election might occur. This situation has very little impact on the Speakership issues described above.
Hawaii’s Mauna Loa erupts: https://www.msn.com/en-us/weather/topstories/largest-active-volcano-in-the-world-mauna-loa-erupts-in-hawaii-authorities-say/ar-AA14E6uT?cvid=ef8f7f7c3a7d4f078f0e065a1c54e76d . This is the first eruption since 1984. WSJ: More: https://www.wsj.com/articles/hawaii-mauna-loa-world-largest-active-volcano-erupting-11669642299 .
World Cup 2022: Backlash over US edit of Iran flag continues: https://thehill.com/international/world-cup/3752259-iran-calls-for-us-ban-from-world-cup-over-social-media-post/ . This mess was completely predictable, and the Iranians have a point. At least the game will be played tomorrow, and one of the two teams will go home.