Generic drugs under price pressure: https://www.wsj.com/articles/mark-cuban-and-amazon-are-shaking-up-generic-drugs-11675370270 . As with many things in healthcare, middlemen are inflating the price of generic drugs. Other (big money) players are now using pricing to rationalize the market. Put differently, Adam Smith’s invisible hand is now pinching PBM’s butts … Pretty soon, the hand will be scooping out of the till …
Massachusetts reps propose reduced jail time for inmates who donate bone marrow or organs: https://news.yahoo.com/mass-bill-allows-inmates-to-swap-organs-for-less-prison-time-ethics-experts-say-its-exploitative-162827162.html . I am utterly appalled by this suggestion. Obviously it is coercive, and there is no reason to reduce a sentence because of organ donation. One of the sponsors is Judith Garcia, a Democrat newly elected to the Massachusetts House. The other sponsor is Carlos Gonzalez, also a Democrat, who began serving in the Massachusetts House in 2015. Presumably persons more familiar with the law will derail this lunacy. If enacted, I would a court to strike this down.
Bird flu spills into mammal populations: https://www.aol.com/lifestyle/bird-flu-outbreak-spilling-over-110006349.html . Just swell. Now we have reservoirs of the virus in animal populations. Oh, and most US cases currently are in Oregon. The spillover has also happened in the UK and Europe. We need to realize that respiratory viruses are gaining ground. And yes, climate change may well be involved, because we know it has already caused animal migrations. These migrations cause mixing between animal populations that generally do not mix.
January jobs report crushes expectations: https://www.cnn.com/business/live-news/stock-market-news-today-jobs-2323/index.html . As the article notes, the stock markets declined on this news because the robust economic news will likely encourage the Fed to keep interest rates higher longer. WSJ: More: https://www.wsj.com/articles/january-jobs-report-unemployment-rate-economy-growth-2023-11675374490 . Still more: https://www.wsj.com/articles/global-stocks-markets-dow-update-02-03-2023-11675425093 .
I agree with the assessment of the Fed, but also think there is more going on here than is being discussed. The strong hiring in late 2021/early 2022 reflects companies hiring to work through the disruption of the pandemic. Now every business looks to repair the financial damage and lost profits they suffered during the height of the pandemic. As a result, inflation will indeed be sticky, and therefore interest rates must remain high throughout 2023 and into 2024. Indeed, it is remarkable that the Fed could raise rates so rapidly throughout 2022 and still see robust economic figures in January 2023.
In my view, automation continues and is in fact accelerating as AI eliminates more routine daily functions. As some skills become outmoded, people must either retrain or become part of the long-term unemployed. So while we move past the disruption of the pandemic, disruption will continue for workers. All of this will result in continued wage inflation, thus feeding the stickiness of price inflation.
WSJ: Ukraine war shifts the powers within the EU: https://www.wsj.com/articles/war-in-ukraine-tips-power-balance-inside-eu-11675418579 . Meanwhile, Turkey is exporting to Russia despite the sanctions: https://www.wsj.com/articles/russias-ukraine-war-effort-fueled-by-turkish-exports-11675447477 . And Russia plans a new offensive: https://www.wsj.com/articles/russian-forces-strengthen-positions-as-ukraine-braces-for-new-offensive-11675424679 .
Meanwhile, Mike Pence previews his presidential run by suggesting private accounts for Social Security: https://news.yahoo.com/pence-calls-for-social-security-reform-private-savings-accounts-181754393.html . Mike Pence has been in politics his entire life, dreaming of a presidential run. And he kicks off his run with this? Privatizing Social Security is a Wall Street wet dream that has no serious place in the retirement security discussion. When this idea is properly explained, the GOP base will turn on Pence like – well, insurrectionists. Remember how the fly was attracted to Mike Pence’s head in the debate? Here’s more proof that it contains total garbage.
In other GOP Idiot Olympics news, Mike Pompeo blames Capitol security for January 6: https://www.nbcnews.com/politics/politics-news/pompeo-characterizes-jan-6-peaceful-transition-power-rcna68904 . Remember, this tool was once Secretary of State. How did the country ever survive Orange Julius? I can’t imagine the GOP base would warm to this loser, but they’ve underperformed before.
WSJ: George Santos heads to deeper hot water: https://www.wsj.com/articles/fbi-investigating-george-santos-over-alleged-fundraising-scheme-11675454259 .
Dallas police arrest Davion Irvin, 24, in connection with Dallas Zoo incidents: https://www.fox4news.com/news/dallas-zoo-mystery-man-arrested-charged-with-cruelty-to-animals-in-connection-to-monkey-theft . What could have motivated this young man’s behavior? More: https://www.nbcnews.com/news/us-news/suspect-disappearance-dallas-zoo-tamarin-monkeys-arrested-aquarium-rcna68986 . WSJ: More: https://www.wsj.com/articles/suspect-arrested-in-dallas-zoo-missing-monkeys-case-11675441495 .
How freaking dumb can one person be? A January 6 insurrectionist answers the question: https://www.politico.com/news/2023/02/03/judge-jan-6-defendant-recants-guilt-00081113 . Dude, when you make a statement before a judge, you live with it. You failed. The judge will now make you pay. And doing this before sentencing? Wherever you are, including jail, you are the dumbest person in the room. For your entire life.
WSJ: Speaking of dumb, Elon Musk found not guilty of stock manipulation over Tesla tweets: https://www.wsj.com/articles/elon-musk-found-not-liable-in-trial-over-tweets-proposing-to-take-tesla-private-11675464951 .
Chinese balloon over Montana: https://news.yahoo.com/chinese-spy-balloon-flying-montana-weather-what-to-know-143008568.html . Presumably this will soon blow over. The GOP, of course, wants to shoot first with no information. MY suggestion is that Marjorie Taylor Greene get in touch with the Jewish space laser people … WSJ: More: https://www.wsj.com/articles/china-says-it-is-looking-into-spy-balloon-allegation-by-u-s-11675415310 .
Fashion designer Paco Rabanne passes at 88: https://apnews.com/article/obituaries-paco-rabanne-paris-94348bbb31a1cc4205a657746f723457 . WSJ: More: https://www.wsj.com/articles/spanish-fashion-designer-paco-rabanne-dies-at-88-11675441945 .
When I write each night, I listen to CD’s, mostly from the ‘60s and ‘70s. Tonight I was listening to Buffalo Springfield (which included Neil Young, Stephen Stills, Richie Furay, and later Jim Messina), and was wondering where they got the band name. First guess: Was there a Springfield rifle used to hunt Buffalo? Not as far as I can tell. Were these just two towns of origin for some of the band members? Nope. However, the Internet came to the rescue. Stills and Furay saw a steamroller with the company name on the side: Buffalo Springfield: https://americansongwriter.com/behind-the-band-name-buffalo-springfield/ . That company name came from the merger of the Buffalo Steamroller Company and their biggest competitor, the Kelly-Springfield Road Roller Company, in 1916: https://www.arizcc.com/post/old-school-equipment-the-buffalo-springfield-roller-company .