Pfizer expects COVID shot approval this month: https://www.usnews.com/news/health-news/articles/2023-08-02/pfizer-fda-authorization-for-updated-covid-19-vaccine-expected-in-august . However, the actual vaccine push is now expected to come in early October.
China’s new COVID vaccination drive: https://www.scmp.com/news/china/science/article/3229756/coronavirus-china-beijing-urges-new-vaccination-drive-next-covid-wave-looms . This follows the idea that COVID is seasonal because it is a respiratory disease. So far, COVID has not settled into a seasonal pattern.
WSJ: US employers reduce access to weight-loss drugs: https://www.wsj.com/articles/employers-cut-off-access-to-weight-loss-drugs-for-workers-cb277a44 . This is incredibly short-sighted, both in terms of the current health benefits to employees and their ultimate medical costs. What happened to the focus on quality of life?
“Holy Grail” kills solid cancers: https://www.earth.com/news/holy-grail-molecule-can-kill-all-types-of-solid-cancer-tumors/ . We have certainly heard claims like this before. However, this molecule comes from a new line of cancer research and has proven effective in preclinical trials. From Japan, another contender: https://news.yahoo.com/japanese-scientists-successfully-artificial-dna-213438995.html .
WSJ: The greenhouse gas emissions of US healthcare: https://www.wsj.com/articles/virtual-healthcare-has-green-benefits-3d9981d2 . Virtual healthcare also expands profit margins for providers, which is why it is here to stay.
Tydemy birth control pills recalled: https://www.cbsnews.com/news/birth-control-pills-recalled-tydemy-fda/ . Sigh. Not to call out Alexander Tin here – well, okay, guilty – “a chemical known as ascorbic acid” is better known as Vitamin C. Distributing ineffective medication is always a significant problem, but birth control pills? The product appears to have multiple manufacturing defects in this batch, which presumably will severely damage their acceptance by prescribing doctors.
Fitch US debt downgrade questioned: https://www.aol.com/finance/fitchs-downgrade-us-economy-strange-033115481.html . Fitch is 10 years late after Moody’s downgrade in a previous debt standoff. However, Fitch’s critics have a valid point. The US, almost alone in the developed world, has shown considerable economic resilience in the current global downturn brought on by the pandemic. Since the ratings are supposed to be based on relative economic strength, this is an odd time for a downgrade. Perhaps it was intended as a shot across the bow of a potential September government shutdown, but Fitch isn’t going to stop that train. More: https://www.cnbc.com/video/2023/08/02/jpmorgan-ceo-jamie-dimon-calls-fitch-downgrade-of-us-credit-ridiculous.html .
US Treasuries today: One place Fitch does have an impact is US Treasury rates. The 30-year Treasury rate hit an annual rate of 4.17% today, up 16 basis points from just Friday (4.01%), 27 basis points from July 21, and 33 basis points from June 27. This is a major drop in value for a 30-year bond, as we have warned. Inversion in the bond market, as measured by the 2-year rate minus the 10-year rate, has dropped from 1.04% on July 24 to 0.80%, and it will continue to unwind over time. Again, this is not a healthy time to invest in long-term bonds.
What’s wrong with the current US economic optimism?: https://ca.sports.yahoo.com/news/investors-making-same-mistake-made-170640284.html . This analyst makes an important point we have been touching on for some time. US commercial real estate is in real trouble. These properties are typically highly leveraged, and much of that debt is held by regional banks. They do not, in my view, face a withdrawal-demand collapse like SVB, but some may face paper bankruptcy in a wave of commercial real estate defaults. I would expect the Fed and the FDIC are thinking about their response.
Stock market pessimism: https://www.businessinsider.in/stock-market/news/a-worrying-sell-signal-just-flashed-for-the-stock-market-in-august-says-one-of-wall-streets-most-reliable-bulls/articleshow/102359330.cms .
WSJ: SEC looks to overhaul private equity fund rules: https://www.wsj.com/articles/private-equity-hedge-funds-brace-for-coming-sec-overhaul-78aa672d .
Ukraine advances drone technology to strike Moscow: WSJ: https://www.wsj.com/articles/behind-ukraines-deadly-drones-putins-invasion-and-bidens-limits-5f2f2cf . Maybe the US military will recognize at some point that our military-industrial complex is being left behind by the decentralization of technological knowledge and skill: https://www.wsj.com/articles/makeshift-bases-and-fast-moving-troops-how-the-marines-train-to-thwart-china-753dc0 . Or, maybe not. Meanwhile, Russia carries out drone strikes against Ukraine’s grain ports: https://www.wsj.com/articles/russian-drone-strikes-target-ukraine-grain-export-ports-infrastructure-5d73dd7b .
WSJ: US orders partial evacuation of Niger embassy: https://www.wsj.com/articles/state-department-orders-partial-evacuation-of-u-s-embassy-in-niger-48bcb7bd . The coup looks likely to increase instability in this area of West Africa.
CNN confirms sixth co-conspirator as Jason Miller: https://www.alternet.org/beamed-down-from-the-mothership/ . Note their reporting says they have confirmation. Also, Jason Miller worked for CNN at one time, which adds some weight to their reporting: https://en.wikipedia.org/wiki/Jason_Miller_(communications_strategist) . Miller rejoined OJ on his 2024 presidential campaign in February: https://www.politico.com/news/2023/02/09/trump-brings-back-jason-miller-00082075 . I am somewhat surprised that Miller would be sending a list of attorneys in the “disputed” 2020 states, as he is not a lawyer, but he is a pompous ass, so it’s possible.
GOP presidential contenders “weigh in” on indictment: https://www.foxnews.com/politics/trumps-2024-gop-rivals-weigh-former-presidents-january-6-probe-indictment . A few attempt to speak the truth to the GOP base: Chris Christie, Will Hurd, Asa Hutchinson and now Mike Pence. The others remain in La-La Land. DeMentis is the most laughable, suggesting that defendants should have the right to move cases out of DC. The Capitol is in Washington DC, as was OJ during the period in question. DC is the proper, and indeed the only, venue for this criminal action. The Ivy League wasted a legal education on this loser.
UPDATE: GOP also-ran Vivek Ramaswamy sets one-day Idiot Olympics World Record!: https://www.benzinga.com/news/23/08/33511029/gop-presidential-candidate-files-lawsuit-against-doj-demands-records-on-donald-trumps-indictment . Wow. Who does this fool think he is? He obviously has no legal standing to sue DOJ. The bar should discipline the attorney who filed this lawsuit, up to and including disbarment. This political stunt is apparently designed to “curry” favor with OJ and the MAGA Maniacs (a good name for a right-wing band), but it will fail miserably when the suit is tossed. By the way, in Sanskrit “Vivek Ramaswamy” means “wise, delightful master of oneself”. Hah – as if …
FURTHER UPDATE: Today’s Idiot Olympics dishonorable mention: Kari Lake: https://okmagazine.com/p/donald-trump-ally-kari-lake-asks-republican-candidates-end-campaigns/ . So this is definitely not OK. The only place this could fly is Nut World, where Kari Lake is running the most effective campaign for VP on the OJ ticket.
WSJ: We just read about the judge overseeing the OJ election fraud trial – “Oh, Sh*t”: https://www.wsj.com/articles/judge-tanya-chutkan-trump-jan-6-indictment-4f8f1f79 . At least they noted that the US Senate confirmed her to the bench in 2014 by a vote of 95-0.
Nut World rants against indictment: https://news.yahoo.com/republicans-lash-out-at-jack-smith-hunter-biden-following-new-jan-6-charges-against-trump-154051559.html . Facts matter. Smith’s team has provided a well-crafted indictment, as usual. Jonathan Turley is simply lying – the actions described in the indictment are not covered by the First Amendment, as the indictment itself points out. Hunter Biden has nothing to do with this case, and there is no evidence that Joe Biden was involved in his son’s business dealings. If there’s a problem there, that’s a separate indictment, completely separate from OJ’s crimes. Frankly, everyone on both sides knows that not only is the indictment proper, OJ is guilty as sin. Facts matter.
Talking points to discuss this with your MAGA family and friends: https://news.yahoo.com/trump-indictment-bombshells-undercut-false-election-claims-235420321.html . The underlying message is that many people who worked with or for OJ feel compelled to tell the truth, at least when asked by the DOJ. And again, OJ knew his election claims were false.
The fake electors gambit: https://apnews.com/article/donald-trump-jan-6-investigation-fake-electors-608932d4771f6e2e3c5efb3fdcd8fcce . Um, this thing was corrupt at its inception. The electors were fake, remember?
Texas intellectual caught by FBI in January 6 insurrection: https://www.rawstory.com/jan-6-2662680511/ . As we so often note, stupidity really has no limits. It is simply not the case that all publicity is good publicity.
RFK Jr’s campaign heavily funded by two Republican megadonors: https://www.theguardian.com/us-news/2023/aug/02/robert-f-kennedy-jr-republican-donor-super-pac .
Justin Trudeau, wife separate: https://www.nbcnews.com/news/world/canadian-prime-minister-justin-trudeau-announces-separation-wife-sophi-rcna97778 . WSJ: More: https://www.wsj.com/articles/canada-prime-minister-trudeau-wife-sophie-gregoire-separate-6b7c6ed7 .
FBI frees 200 victims of sex trafficking in nationwide sweep: https://www.nbcnews.com/news/us-news/fbi-finds-200-sex-trafficking-victims-59-missing-children-two-week-swe-rcna97580 .
Pittsburgh synagogue shooter sentenced to death: https://apnews.com/article/pittsburgh-synagogue-shooting-death-penalty-27e3b1a505cacdd674ee9b8a179aa1a8 . Note that his attorney is Judy Clarke, who often takes high-profile death penalty cases: https://en.wikipedia.org/wiki/Judy_Clarke . WSJ: More: https://www.wsj.com/articles/synagogue-mass-shooter-sentenced-to-death-375f5c76 .
Incandescent bulb ban enforced: https://thehill.com/policy/energy-environment/4131945-4-things-to-know-as-full-enforcement-of-incandescent-bulb-ban-begins/ . Seems mundane in coparison to the existential crisis in American democracy …
Europe’s Euclid space telescope now functioning: https://www.smithsonianmag.com/smart-news/see-the-first-stunning-test-images-from-the-euclid-space-telescope-180982635/ .
Big 10 begins talks to add Oregon, Washington, Cal and Stanford: https://sports.yahoo.com/sources-big-ten-has-begun-preliminary-talks-to-potentially-add-oregon-washington-cal-and-stanford-173934989.html . This clearly makes sense for these 4 Pac-12 schools. The money is $50 million annually in the Big 10 on CBS/NBC versus $20 million in the Pac-whatever on Apple TV? By joining the Big 10/16/18/20, the West Coast teams get East Coast exposure at the times Easterners watch football. It also makes huge sense for the Big 10, as they become the US college football super-conference. And the money will get bigger still. So, short of a miracle, the Pac-12 is going away. And by the way, the most valuable properties here are Oregon and Washington.
WSJ: More concerns about US performance at the Women’s World Cup: https://www.wsj.com/sports/soccer/us-womens-national-team-world-cup-knockout-round-fedf7072 . So there’s a lot of yap here about the coach, but the only real analysis is from a former German player, Arianne Hingst: I don’t see a game plan. She is exactly right. To quote this newsletter yesterday, “However, they are not playing as a unit, and that blame falls on the coach.” More: https://www.wsj.com/sports/soccer/us-womens-national-team-world-cup-portugal-sweden-england-france-e6f3d8c .