News for March 6 — Moderna Defends COVID Vaccine Pricing

Moderna defends COVID vaccine pricing: https://www.wsj.com/articles/moderna-ceo-defends-pricing-strategy-for-covid-shot-41582d36 . Unquestionably, the mRNA platform was built by Moderna before the pandemic – you see it in their company name, modeRNA.

China’s flu spike raises eyebrows: https://www.scmp.com/news/china/science/article/3212520/why-covid-19-years-could-make-course-chinas-flu-spike-hard-predict . I am skeptical of this reporting for at least three reasons. First, all of China’s reporting has become suspect. Secondly, we are getting virtually no news on COVID in China. And third, in general for most countries this has been a “no flu” flu season. It is more than possible that this Chinese flu “spike” is covering COVID cases.

Florida COVID fraudster pleads guilty: https://apnews.com/article/boston-miami-florida-fraud-0bb56327c0fe7e8b02867069c06d05c6 . Every one of these lowlifes the feds get, so much the better.

Four Americans kidnapped at gunpoint in Mexico: https://www.yahoo.com/lifestyle/fbi-offers-50k-reward-safe-160324501.html . According to other reports, these people crossed into Mexico in order to purchase needed prescription drugs. Our insane drug pricing system has appalling consequences. UPDATE: At least one of the victims went to Mexico for a cosmetic medical procedure: https://abcnews.go.com/International/fbi-searching-4-us-citizens-kidnapped-mexico-embassy/story?id=97648699 . The original point still applies: the pricing of our medical system is also insane. WSJ: More: https://www.wsj.com/articles/four-u-s-citizens-missing-after-being-abducted-in-mexican-border-city-84f8cb31 .

US Senators attempt to impose their ignorance about Social Security on everyone else: https://news.yahoo.com/lawmakers-unveil-plan-to-keep-americans-from-claiming-social-security-too-early-100035146.html . I am utterly offended by the chorus of voices that suggest you delay taking Social Security until age 70 because your benefits go up 8% a year if you defer. Financial planners say this all the time. It’s an ignorant and unhelpful lie.

The reason benefits go up is because each year you defer is a year you give up receiving benefits. The proper financial comparison is based on the present value of the lifetime benefits, not the annual benefit. That calculation is interest-sensitive, and the higher interest rates go, the more valuable receiving your benefits early becomes. When the early retirement rates were set, the underlying interest rate was about 1% (I know because I did the math in the early 1970’s based on the mortality tables then in use).

You can see immediately that when interest rates are above 1%, it becomes increasingly valuable to take the benefits early rather than retire. There are other reasons to take the benefit early. An individual in poor health commences benefits at age 62 and dies at age 69. Obviously, the financial result would have been poorer if s/he had delayed benefit commencement to age 70. Plus, they would have paid taxes into the system for 8 (actually, 7) more years.

Another reason for commencement is mentioned in the article. If the trust funds are allowed to go bankrupt, benefits will be cut by about 20% so they can be funded by current tax payments. Starting at the earliest possible date gives you maximum protection from the government’s mismanagement of this incredibly important program.

The only people who should defer benefit commencement past age 62 are those who want or need to work after that age. Admittedly, people with little or no savings may well be more financially comfortable in retirement by continuing to work. But nothing in this initiative comes near to explaining the situation in accurate financial terms.

Krugman “confused” by current US economy: https://news.yahoo.com/nobel-laureate-paul-krugman-says-155139227.html . I absolutely agree that the Fed will continue to focus on breaking inflation.

Larry Summers’ guess for the peak Fed interest rate: 6%: https://www.benzinga.com/news/23/03/31230405/larry-summers-sees-rates-topping-market-expectations-my-best-guess-would-probably-be . Ahem. The market still thinks the peak is 5.4%, and that’s recently up from 5.1%. However, this newsletter predicted 6% as the terminal rate last September 14. Just sayin’ …

WSJ: Rapid realignment of world order: https://www.wsj.com/articles/china-like-russia-is-pressured-by-reinvigorated-u-s-alliances-87b28ec3 . Again, the world moves to a “two axes” system, both economically and militarily. WSJ: More: https://www.wsj.com/articles/chinas-xi-jinping-takes-rare-direct-aim-at-u-s-in-speech-5d8fde1a .

Wagner head complains that lack of ammunition could cause loss of Bakhmut position: https://www.aol.com/news/wagner-chief-says-russian-position-104253496.html . Both sides now claim the real possibility of loss after 7 months of increasingly intense fighting and enormous casualties. WSJ: More: https://www.wsj.com/articles/ukraine-fends-off-drone-attacks-as-russia-makes-slow-gains-in-bakhmut-a529912b .

 “Sore loser” laws will prevent Orange Julius from a third party run: https://www.msn.com/en-us/news/politics/trump-s-threat-of-a-third-party-run-is-undercut-by-sore-loser-laws/ar-AA18gIWu?ocid=hpmsn&cvid=b03c467829ff4c18a05c8fb1f83bab6f&ei=35 . This interesting Bloomberg article makes it clear that if OJ loses the GOP primary, he can’t run as an independent in 6 states critical to his success. Sometimes the details bite the devil in the ass …

Fading OJ “lashes out” at Rupert Murdoch: https://thehill.com/homenews/media/3885801-trump-blasts-rupert-murdoch-in-early-morning-social-media-post-how-can-he-say-no-election-fraud/ . The election fraud story is dead. The more OJ clings to this stupid lie, the deader his political career becomes. An excellent outcome, wouldn’t you say?

Meanwhile, Fox Not-the-News, doubles down on its lying by deceiving its audience about January 6: https://www.nbcnews.com/politics/justice-department/tucker-carlson-new-video-provided-speaker-mccarthy-falsely-depicts-jan-rcna73673 . We already knew “Rhymes with” Tucker and No Spine McCarthy were engaged in a conspiracy to lie to the GOP base. This article claims that McCarthy gave the tapes exclusively to Carlson as part of the deal to become Speaker. What a pair of abysmal pigs …

WSJ: We don’t know who’s running Fox News: https://www.wsj.com/articles/inner-workings-of-fox-news-on-display-in-defamation-case-bd0e4939 . Come on. Murdoch and the Fox Not-the-News head both “remembered” the details that support their respective positions. Which, by the way, is exactly how Fox Not-the-News works.

DeMentis called “local Mussolini”: https://www.mediaite.com/tv/nbcs-presidential-historian-claims-rick-desantis-turning-himself-into-local-mussolini-goes-beyond-trump/ . I agree with this analysis. There is no question DeMentis is another budding authoritarian.

Enquiring minds want to know: How tall is DeMentis?: https://www.dailydot.com/debug/how-tall-isron-desantis-height/ . There’s no way he’s 6 feet tall. My guess is 5’7” to 5’9”. The article turns a bit odd with the suggestion that OJ’s new nickname for DeMentis is Tiny D. First, that D is short for other things besides DeMentis. Second, that nickname could backfire spectacularly given the Stormy Daniels’ testimony that OJ has a Tiny D.

Tesla cuts prices for the second time in 2 months as sales slump: https://abcnews.go.com/Business/tesla-cuts-us-model-model-prices/story?id=97654447 . How happy is the Tesla owner who took delivery in December? Hint: Not at all happy … WSJ: More: https://www.wsj.com/articles/tesla-cuts-prices-of-model-x-and-model-s-1898bc5d .

Arizona judge orders Mark Finchem, election denier, to pay state’s legal costs defending his “groundless lawsuit”: https://www.yahoo.com/lifestyle/judge-sanctions-defeated-gop-arizona-010732575.html . When you keep falsely denying an election where you were 120,000 votes short, ultimately you must take it in the shorts.

Would you drink something called Putinka?: https://news.yahoo.com/vladimir-putin-secretly-made-millions-161100399.html . Vodka and potatoes, that’s all we’ve got. The vodka has the devil’s name on it, and he’s making millions upon millions from it. There is a reason Russian literature is so dark …

Prominent DC lawyer dies in air turbulence incident: https://people.com/human-interest/former-white-house-official-dies-of-injuries-following-jet-turbulence/ . Dana Hyde was 55 …