New COVID variant JN.1 emerges: https://www.aol.com/lifestyle/everything-know-jn-1-latest-113000405.html . This variant derives from BA.2.86, which is a subvariant of Omicron. As the updated COVID shot is also based on Omicron subvariants, experts hope that the vaccine will offer some protection against JN.1.
Walgreens/CVS pharmacy staffing mess won’t go away: WSJ: https://www.wsj.com/health/healthcare/cvs-walgreens-pharmacy-employees-work-2bae98d2 . As we have said repeatedly, the pharmacy employees are risking their jobs not over pay, but over working conditions. The pharmacies need to get the message and take corrective action.
WSJ: Will “higher for longer” lead to a soft landing?: https://www.wsj.com/economy/central-banking/how-higher-rates-for-longer-can-be-good-news-for-the-economy-9e13cf36 . Sigh. So this is not the problem. The problem is that wages are rising, which will cause wage-push inflation. Yes, the bond market is lowering long-term rates, increasing inversion (which is supposed to be a sure sign of a recession). But if wage-push inflation continues, the Fed will not make more progress on its central goal of lowering inflation to 2%.
WSJ: WeWork heads for Chapter 11: https://www.wsj.com/real-estate/commercial/adam-neumann-wework-office-market-bust-bankruptcy-0fa6611a . Like China, we have significant problems in the real estate market.
National Association of Realtors CEO to step down: https://www.wsj.com/real-estate/national-association-of-realtors-ceo-bob-goldberg-stepping-down-20aed3bc . However, the organization says this is unrelated to losing a $1.8 billion lawsuit alleging commission-fixing by the industry. Sure …
WSJ: Israelis isolate Gaza City: https://www.wsj.com/world/middle-east/israeli-forces-move-to-cut-gaza-in-two-isolating-the-north-0bdf8c2c .
Israeli soldiers abuse bound Palestinian detainees: https://www.nbcnews.com/news/world/videos-israeli-soldiers-abuse-palestinian-detainees-rcna123214 . This is unacceptable behavior. The Israelis say they are investigating. Also, other reports say the Israelis have removed a commander involved in this matter.
WSJ: Israeli settlers attack West Bank Palestinians: https://www.wsj.com/world/middle-east/in-west-bank-israeli-settlers-step-up-attacks-against-palestinians-8104fcf4 . So apparently they think everyone’s attention is solely on Gaza. That is a huge mistake.
Hamas hostages: WSJ: https://www.wsj.com/world/middle-east/hamas-hostages-israel-gaza-41432124 . The estimated headcount has increased to 242, with half (121) of the hostages foreign nationals.
WSJ: Foreign nationals begin leaving Gaza for Egypt: https://www.wsj.com/world/middle-east/foreign-nationals-start-to-leave-gaza-at-egyptian-border-89e52cab .
WSJ: House passes Speaker’s Israel aid package: https://www.wsj.com/politics/policy/house-to-vote-on-israel-aid-as-ukraine-border-disputes-simmer-2c7ea0a3 . So this package is dead on arrival in the Senate. This political stunt is an embarrassment in terms of supporting Ukraine, and tells our allies we are unreliable.
OJ Jr.’s fraud trial testimony highly damaging: https://www.salon.com/2023/11/02/legal-analyst-don-jrs-stunning-testimony-i-cannot-overstate-how-damaging-these-admissions-are/ . The key reason is somewhat buried here. I’m not surprised Jr. had no concept of what he was signing (that alone is a problem), but he signed this document after the AG’s investigation had commenced. At a minimum that is gross negligence.
Sam Bankman-Fried convicted of 7 felonies in FTX bankruptcy: https://www.cbsnews.com/news/sam-bankman-fried-trial-verdict/ . With $8 billion of investor funds stolen, SBF is looking at significant prison time. WSJ: More: https://www.wsj.com/finance/currencies/verdict-sam-bankman-fried-trial-ftx-guilty-4a54dbfe .
WSJ: Green concrete: https://www.wsj.com/science/environment/green-concrete-carbon-dioxide-emissions-storage-c70c0a2b . So this is quite interesting. The process injects carbon dioxide into the cement, and the resulting mixture reduces the concrete required for the project.
A starfish “body” is actually a large head: https://www.cnn.com/2023/11/02/world/starfish-head-body-plan-scn/index.html . So this is pretty weird …
The new “last Beatles song”: https://www.youtube.com/watch?v=AW55J2zE3N4 . This is the audio. The video should release Friday.
Dear readers: I am taking a class in Los Angeles the next 3 weekends, leaving Portland Friday morning and returning Sunday night, so the newsletter will be posted Monday through Thursday for this and the next two weeks.