Searching for natural COVID immunity: https://www.nbcnews.com/health/health-news/are-immune-covid-science-trying-unravel-immunity-virus-rcna72885 . The question is whether natural immunity to COVID exists. A related question is why some people have asymptomatic cases of COVID. The article indicates that some scientists have honed in on certain genes that could be involved. In particular, the gene HLA-B*15:01 apparently has a higher association with asymptomatic cases. However, at best, the search has only preliminary results at this time.
Doing anti-aging research … on yourself: https://www.msn.com/en-us/health/medical/scientists-and-biohackers-are-popping-this-1-cancer-drug-to-stop-their-cells-from-aging/ar-AA18tJGS?ocid=hpmsn&cvid=0a913c8c9115480d80afa782acaf9ac5&ei=34 . Um, “Dan” is taking off-label drugs from foreign pharmacies through the Internet? And he considers this a long-term health improvement practice?
Labor force participation rate inches up: https://money.yahoo.com/biden-on-jobs-the-growing-labor-force-pleases-me-most-173004753.html . The increases are largest in minority groups. Also, the unemployment rate, which is historically low, ticked up to 3.6% as a result of this increased participation. Lastly, this type of improvement is not inflationary. So, while the overall change is small, it does reflect helpful trends in the fight against inflation.
Saudi Arabia and Iran normalize relations: https://thehill.com/policy/international/3895412-five-things-to-know-about-the-iran-saudi-deal-brokered-by-china/ . This fundamentally reshapes politics in the Middle East. Israel appears to be the big loser: https://apnews.com/article/saudi-iran-diplomatic-relations-middle-east-d78f3ceac0561f4fb20301e4f32eef88 . WSJ: More: https://www.wsj.com/articles/china-brokered-deal-between-iran-saudi-arabia-marks-a-new-middle-east-d1eaf94e .
The “debate” over the SVB bank failure: https://www.msn.com/en-us/money/news/billionaire-investor-bill-ackman-says-feds-screwed-up-handling-of-silicon-valley-bank-collapse-warns-they-have-48-hours-to-fix-a-soon-to-be-irreversible-mistake/ar-AA18vm2Q?ocid=hpmsn&cvid=e452e31aed6d4710b000b04143a872c5&ei=14 . So billionaires Ackman and Cuban want the Feds to step in and bail out SVB. Note that the article quotes Paul Krugman at the end, indicating the SVB situation is relatively unique and unlikely to lead to contagion.
I believe Krugman is correct, because as Ackman points out, SVB made the basic mistake of taking short-term money and investing it in long-term bonds. Critically, this was an obvious mistake because the long-term (and short-term) interest rates were artificially low. SVB made a second obvious mistake, which was to publicly seek a $2 billion cash infusion. They should have sought a cash infusion or merger with a larger bank privately, in order to avoid the panic that ensued.
We’ve already been through “too big to fail”: https://en.wikipedia.org/wiki/Too_big_to_fail . The FDIC insurance amounts are well-known, and taxpayers should not be asked to waive those rules for rich people (or large banks) who act stupidly. The answer to “too big to fail” is to split up the “too big” financial institutions.
The particular issue right now seems to be corporations who had their payroll money deposited at SBV: https://apnews.com/article/silicon-valley-bank-svb-collapse-customers-ec0148382edb344c27c0bdfdcbd3cf66 . There are ways to guarantee that particular type of fund in the future without extending FDIC protection. For example, a company could designate up to 2 months of bank deposits as payroll funds based on their current payroll, and pay a small premium to FDIC in case their bank failed. This can be priced, and should not be free.
WSJ: More on SVB: https://www.wsj.com/articles/silicon-valley-bank-svb-financial-what-is-happening-299e9b65 . This article points out, correctly, that banks could have insulated themselves from “run” risk by putting their money in short-term, not long-term bonds. SVB was undone by chasing “safe” yield. That’s not news. But it did point out to me a potential solution for the future. The yield curve has been inverted for some time. If banks rebalanced their bond ladders to shorter-term instruments when the yield curve started to invert, they would not only have avoided this risk, they might even have raised their yield (because short-term instruments yield more in an inversion). Still more: https://www.wsj.com/articles/bank-of-england-shuts-silicon-valley-banks-u-k-subsidiary-5a2e5b94 . And: https://www.wsj.com/articles/crypto-investors-cash-out-2-billion-in-usd-coin-after-bank-collapse-1338a80f . Also, SVB failure in visuals: https://www.wsj.com/articles/silicon-valley-banks-meltdown-visualized-3da2263b . Yet more: https://www.wsj.com/articles/investors-startups-work-to-find-cash-lifelines-after-silicon-valley-bank-collapse-1b7c9ceb .
Expect jittery financial markets globally Monday morning: https://www.wsj.com/articles/silicon-valley-bank-crisis-unsettles-bank-investors-bc4ee834 .
Meanwhile, direct deposits are not showing up in some Wells Fargo accounts: https://www.foxbusiness.com/economy/direct-deposits-not-showing-some-wells-fargo-customer-accounts-heres-why . People are still doing business with Wells Fargo?
China’s property market woes continue: https://www.scmp.com/business/china-business/article/3213188/chinese-property-developer-cifi-posts-profit-warning-cash-strapped-firm-formulates-plan-repay .
WSJ: The fight for Bakhmut: https://www.wsj.com/articles/russian-forces-battle-to-cross-river-in-bakhmut-as-fighting-in-ukraine-intensifies-f67cacb5 . This situation is the definition of a war of attrition. Also, in terms of strategy and tactics, this war continues to look more and more like the 2023 military reenactment of the US Civil War.
More damaging evidence in the Dominion case against Fox: https://apnews.com/article/fox-news-journalism-election-dominion-defamation-9b33fc9ca1e11fc0b49e2f437fc60007 . This is more than a “pattern” of conduct – it is closer to network policy. The article raises a basic question which it does not answer – is it okay to publish, support and endorse a lie by calling it a newsworthy claim by the then-president? No. If it’s an isolated instance and the network retracts it, it’s still wrong but the damage is limited. Here, the network policy was to promote these lies almost continuously and to this day for over 2 years. The damage could hardly be greater.
Expert agrees that Fox’s real risk is punitive damages: https://www.msnbc.com/opinion/msnbc-opinion/fox-news-dominion-damages-rcna74446 . However, her suggestion of a financial death penalty is over the top. As mentioned yesterday, it seems unlikely that punitive damages go past 10 times the monetary award, and $16 billion won’t break Fox. Fox has annual revenues of about $13 billion: https://en.wikipedia.org/wiki/Fox_Corporation . The real financial death penalty would come if viewers and advertisers fled Fox. As Fox is the most-watched cable news network (ugh), that currently seems unlikely as well.
Mike Pence: “History will hold Orange Julius accountable”: https://www.cbsnews.com/news/mike-pence-says-history-will-hold-donald-trump-accountable-election-denial/ . History? What about the US legal system? Some of Mike Pence’s “harshest language yet”? Isn’t that an oxymoron, something like “spicy yogurt”? Meanwhile, WSJ laughs it off: https://www.wsj.com/articles/mike-pence-in-gridiron-speech-nods-at-2024-campaign-blames-trump-for-jan-6-riot-85180948 . Yuck, yuck.
Ron DeMentis goes to Iowa: https://www.nbcnews.com/politics/2024-election/ron-desantis-feels-love-iowa-might-not-enough-rcna74367 . Ron has to do this now because his strategy is to convert Orange Julius voters before they start looking around. The pending OJ indictments are forcing his hand. One hopes that by 2024, these voters realize they’re being asked to abandon a sinking ship for a leaky lifeboat. More on the danger of DeMentis: https://www.alternet.org/autocrat-desantis-analyst-danger-democracy/ .
Why Jeffrey Epstein dumped Orange Julius: https://news.yahoo.com/jeffrey-epstein-said-stopped-hanging-131500083.html . Okay, clearly there was a pervert and a crook involved here. But most likely both descriptions apply to both of these … individuals.
West Virginia looks to ban marriages under 16: https://apnews.com/article/child-marriage-legislation-west-virginia-5a398df36d01d990ec12d18127f9d061 . West Virginia: Working hard to get out of the 19th Century …
Canadian Supreme Court justice on indefinite leave: https://www.msn.com/en-us/news/crime/canada-supreme-court-justice-on-indefinite-paid-leave-after-he-had-a-fight-in-arizona-hotel-over-his-alleged-creepy-behavior-toward-female-guests-while-drunk/ar-AA18udfn?ocid=hpmsn&cvid=704eca1994094cc399b4ea03b19025e4&ei=10 . Despite the current style of the US far right, not all publicity is good publicity … at least if the appearance of decency is of value to you …
Lightning strike on Rio’s Christ the Redeemer: https://news.yahoo.com/photographer-captures-lightning-strike-on-christ-the-redeemer-like-a-dream-come-true-231316819.html .
Small Roman sphinx found in Egypt: https://apnews.com/article/egypt-antiquities-sphinx-roman-emperor-tourism-caa5550fed3bc6d89002ed33fb41ba3a .
Strange plant rediscovered that eats mushrooms: https://exemplore.com/news/fairy-lantern-rediscovered . The plant grows underground and has no photosynthesis. It survives by stealing nutrients from fungi.
First night of the Stevie Nicks – Billy Joel tour: https://www.yahoo.com/lifestyle/stevie-nicks-performs-surprise-duet-with-billy-joel-pays-teary-tribute-to-christine-mcvie-at-first-two-icons-one-night-tour-date-101918723.html . Looks like a barnburner …
Former Vikings coach Bud Grant passes at 95: https://sports.yahoo.com/bud-grant-minnesota-vikings-coaching-legend-and-hall-of-famer-dies-at-95-175328382.html .