Dupixent helps smokers with COPD: WSJ: https://www.wsj.com/articles/regeneron-and-sanofi-look-for-billions-from-copd-drug-90a21ec4 . Dupixent, originally approved in 2017 to treat eczema, has proven to help other conditions, including asthma and rhinosinusitis.
PIMCO and Invesco lose big on Credit Suisse bonds: https://www.msn.com/en-us/money/other/bond-giants-pimco-and-invesco-are-facing-losses-of-hundreds-of-millions-on-rotten-credit-suisse-debt/ar-AA193X5v?ocid=hpmsn&cvid=35dcf6bbbd894f99aa892c22599c0f33&ei=57 . This article pegs PIMCO’s losses at $807 million and Invesco’s at $370 million.
WSJ: The “superprime” banking crisis: https://www.wsj.com/articles/welcome-to-the-superprime-banking-crisis-9ab6b6d2 . This article mentions two interesting points. First, these failures relate to banks that cater to wealthier clients. As such, they were at greater risk of having large deposits leave rapidly. Second, these banks were not seeing increased loan demand, so they loaded up on long-term bonds. While both these points are true, we have repeatedly pointed out that the interest rate risk was obvious and foreseeable. The withdrawal risk may not have been as obvious, but it would have been less of a risk if the interest rate risk had been managed properly when rates began to rise.
WSJ: How FDIC runs a failed bank: https://www.wsj.com/articles/veteran-of-fdic-takeover-tells-what-its-like-to-run-a-failed-bank-1f4debce .
UK says Russia largely stalled around Bakhmut: https://apnews.com/article/russia-ukraine-war-bakhmut-2ec962e86aeec374f32b9f64f6609ef4 . We await Ukraine’s spring counteroffensive.
WSJ: Germany, EU reach combustion engine deal on climate change: https://www.wsj.com/articles/germany-eu-reach-deal-on-combustion-engine-plan-9c14d115 .
Deep South tornadoes kill 26: https://apnews.com/article/tornado-texas-severe-weather-mississippi-valley-65e553e6358b56b2630ff5c588850505 . The severest damage is in northern Mississippi. WSJ: More: https://www.wsj.com/articles/mississippi-tornado-kills-23-with-four-missing-and-dozens-injured-5dc08d1 .
Chocolate factory rescue continues: https://apnews.com/article/pennsylvania-ap-news-alert-ada98a6790e69a283ad1af913ac011c7 . After conflicting reports, officials now say 2 are dead and 5 missing after a person was pulled alive from the rubble overnight. UPDATE: Third death reported: https://www.nbcnews.com/news/us-news/third-death-reported-pennsylvania-chocolate-factory-explosion-rcna76692 .
McConnell released from inpatient therapy after fall: https://abcnews.go.com/Politics/mitch-mcconnell-discharged-inpatient-therapy-after-fall/story?id=98127713 . WSJ: More: https://www.wsj.com/articles/senate-minority-leader-mitch-mcconnell-is-home-after-injury-rehabilitation-2bb15475 .
Greene tries to create new narrative around January 6 defendants: https://apnews.com/article/marjorie-taylor-greene-jan-6-capitol-attack-20f06d75072a563d56a86b0ecf2d89b8 . Yes, Marjorie, they are being treated as political prisoners. That is appropriate for insurrectionists. The most remarkable part of all this is the lack of opposition within the GOP to Greene’s lunacy. Will voters make them pay in 2024? (Hint: Yes, at least in the blue and purple districts).
Orange Julius rally in Waco looks like a code encouraging violence: https://abcnews.go.com/Politics/trump-hold-2024-rally-waco-shadow-indictment/story?id=98120655 . WSJ: More: https://www.wsj.com/articles/thousands-attend-trump-rally-in-waco-texas-as-potential-indictment-looms-41a3fdf8 . OJ says 2024 will be “the final battle”: https://english.elpais.com/usa/2023-03-26/trump-invokes-january-6-at-waco-rally-ahead-of-possible-charges.html . Not too subtle a code, is it?
OJ appears to grow in desperation. Murdoch’s New York Post calls OJ “deranged” and “bat hit crazy”: https://www.thewrap.com/rupert-murdoch-calls-trump-deranged-bat-hit-crazy-new-york-post-editorial/ . Here is the Post editorial: https://nypost.com/2023/03/24/trump-wont-change-and-that-shows-he-cant-win/ . The cover shows us that “bat hit” refers to OJ’s threat against Alvin Bragg (which explains where the “s” went). However, OJ remains the leading contender for the GOP nomination …
DeMentis losing new car smell: https://www.nbcnews.com/politics/2024-election/ron-desantis-donors-allies-question-ready-2024-rcna76246 . The big money in the GOP does not want Orange Julius as the 2024 nominee. However, as expected, many find DeMentis disappointing as they get to know him better. Nikki Haley and Tim Scott continue to have no chance. The best alternatives for the general election are Larry Hogan (who has dropped out) and Chris Sununu. But can Sununu beat OJ in the primary? The fact that many believe he cannot, even if OJ is indicted, shows how incredibly broken the GOP is. Just for the record, while right now OJ is the leading contender, I expect multiple indictments which will actually change things.
Meanwhile, the private school board of the Tallahassee Classical School told the principal to resign or be fired after a Renaissance art class showed a picture of Michelangelo’s David to sixth graders. One parent complained it was “pornographic”: https://www.theguardian.com/commentisfree/2023/mar/25/florida-school-principal-fired-michelangelo-porn-desantis-law . So much for classical education. In other news, parents across the Deep South now rank Florida’s educational system 63rd among the states …
Two Cuban migrants fly to Key West on motorized hang glider: https://apnews.com/article/cuba-migrants-hang-glider-florida-60a62ee064288d273189eb49b1763884 . Apparently they were following Paul Revere’s instructions: One if by land, two if by sea. Although, this was by air …
WSJ: Another March Madness shocker as Florida Atlantic advances to the Final Four: https://www.wsj.com/articles/florida-atlantic-final-four-kansas-state-a8a43408 . FAU was ahead at halftime, but Kansas State rallied in the second half to take a 7 point lead. However, FAU continued its steady play and eventually won by 3.