WHO rejects two COVID treatments: https://www.usnews.com/news/top-news/articles/2022-09-15/who-strongly-advises-against-use-of-two-covid-treatments . Note that the US FDA has already curtailed use of these drugs. The Europeans and WHO have lagged on the latest science here.
*** WEBSITE ANNOUNCEMENT BELOW ***
WSJ: The changing nature of dying of old age: https://www.wsj.com/articles/can-you-die-of-old-age-more-doctors-are-saying-yes-11663234201 . As the article notes, general practice is to list a cause of death. Listing “old age” provides no information about the factors causing death. As such, this change would be less useful than current data.
Last-minute deal averts rail strike: https://news.yahoo.com/amtrak-joe-averts-rail-strike-with-last-minute-deal-after-months-of-negotiations-163740155.html . Biden describes himself as the most pro-union president ever. With unions at their highest approval rating in decades, Biden deserves credit for halting an inflationary rail strike. He’s also the best-known long-term rail commuter. WSJ: More: https://www.wsj.com/articles/rail-shippers-applaud-labor-deal-seek-rapid-ratification-11663259737 . Still more: https://www.wsj.com/articles/u-s-railroad-strike-averted-as-white-house-unions-reach-tentative-deal-11663234424 .
WSJ: Weekly jobless claims continue to drift lower, to 213,000: https://www.wsj.com/articles/u-s-jobless-claims-fell-last-week-11663245894 .
US shift to remote work: https://www.wsj.com/articles/new-data-show-broad-shift-to-remote-work-during-pandemic-11663214461 . My sense is that the pandemic accelerated what was already a long-term trend. With the current demand for workers, this trend is not going to reverse.
WSJ: FedEx freezes hiring and cuts costs as revenues fall: https://www.wsj.com/articles/fedex-says-preliminary-first-quarter-results-miss-expectations-as-macro-trends-worsen-11663275276 . This follows Amazon’s reduction of shipment center plans and other cost-cutting.
Latest Social Security COLA 2023 estimate is 8.7%: https://money.yahoo.com/for-retirees-expected-social-security-cola-increase-ramps-up-tax-angst-150805070.html . While the article indicates this is reduced from previous estimates, that is not true of the reporting here. Prior articles here were “as high as 8.6%” in June and a range of “8% to 11.4%” in July.
WSJ: US mortgage rates exceed 6% for the first time since 2008: https://www.wsj.com/articles/mortgage-rates-hit-6-02-highest-since-the-financial-crisis-11663250402 . Again, the US property market must slow. Not only are buyers affected, but potential sellers are being locked into their existing home and mortgage.
China’s property sector continues contraction: https://money.usnews.com/investing/news/articles/2022-09-15/china-august-new-home-prices-fall-month-on-month-at-fastest-pace-since-nov-2021 . The signs of global recession continue.
WSJ: World Bank warns that raising interest rates will deepen global economic contraction: https://www.wsj.com/articles/world-bank-warns-of-global-recession-next-year-if-central-banks-lift-interest-rates-too-high-11663259402 . Duh, right? Everyone understands that the intent of raising interest rates is to slow inflation through economic contraction. The World Bank seems compelled to highlight that this policy makes it more difficult for developing countries to service their foreign debt. But each developed country must reduce inflation to protect its own citizens. As a result, we all expect some number of developing nations to default on their foreign debt.
WSJ: Meanwhile, Serbia asks for help from International Monetary Fund: https://www.wsj.com/articles/serbia-asks-for-imf-help-amid-bond-market-squeeze-11663266916 . Serbia’s borrowing costs have tripled this year.
Senator Marco Boobio (FL) and Senate candidate Ted Budd (NC) want to co-sponsor Lindsey Graham’s national abortion ban: https://www.ny1.com/nyc/all-boroughs/news/2022/09/14/senate-gop-republicans-graham-abortion-ban . Both of these fools are in tight Senate races. The voters now have another reason to toss both of them – political malpractice.
New York AG rejects Orange Julius Organization settlement offer: https://abcnews.go.com/US/ny-attorney-general-rejected-settlement-offer-trump-organization/story?id=89974947 .
WSJ: New Orange Julius attorney demanded $3 million in advance to represent OJ: https://www.wsj.com/articles/new-trump-attorney-negotiated-a-3-million-advance-payment-for-work-11663264788 . This reflects OJ’s reputation for not paying fees. Chris Kise’s $3 million comes from OJ’s political action committee.
Raymond Dearie named special master for Mar-a-Lago documents: https://apnews.com/article/new-york-donald-trump-brooklyn-mar-a-lago-government-and-politics-4a6200ebc4fe6418c25ca380a43a6338 . Dearie is 78 and has senior status, meaning he has retired from full-time bench duties. At least he is more experienced than Judge Cannon, who has doubled down on her incompetence. Let’s see if DOJ can get part of her order reversed and regain access to the classified documents. WSJ: More: https://www.wsj.com/articles/special-master-appointed-to-review-all-records-seized-at-trumps-mar-a-lago-11663284574 .
Controversy continues over mild punishment for Suns’ owner: https://sports.yahoo.com/le-bron-james-calls-for-suns-owner-robert-sarvers-removal-from-nba-our-league-definitely-got-this-wrong-232628449.html . And: https://sports.yahoo.com/suns-chris-paul-nba-sanctions-of-team-owner-robert-sarver-fell-short-025837980.html . What caught my eye was the response of NBA Commissioner Adam Silver. Silver noted that a part of the “punishment” was the reputational damage suffered by Sarver. He is repeating the same bizarre crap used by the incompetent Judge Cannon to justify a special master in OJ’s case.
Since when is reputational damage a determinant of any kind in deciding punishment? Should we stop building prisons and just shun criminals? This absolutely gets directly to the question of whether we are a country of laws or men. And letting these two a**holes off based on their disgusting reputations is reprehensible. The league should fine Adam Silver $10 million on his way out.
James and Paul just a got a powerful new ally: https://sports.yahoo.com/suns-minority-owner-calls-for-robert-sarver-to-resign-after-nba-report-on-workplace-misconduct-011557691.html . Given that this fellow does not want to become managing partner, this is a convincing demand.
LIV Golf continues to throw huge dollars at top golfers: https://sports.yahoo.com/liv-golf-convinced-cameron-smith-and-marc-leishman-to-join-saudi-backed-series-with-stake-in-franchise-143558854.html . You have to win a lot of tournaments to earn $100 million. Also, you risk injury which could end your earning power.
WSJ: New research on Saturn’s rings: https://www.wsj.com/articles/saturn-ring-mystery-possibly-solved-after-four-centuries-of-uncertainty-11663264812 . In brief, the rings are believed to have formed more recently than the planet, as the result of a previous Saturn moon breaking up by gravitational forces.
Patagonia: Yvon Chouinard, gives away his $3 billion company to save the planet: https://www.patagonia.com/ownership/ . More: https://www.nbcnews.com/science/environment/patagonia-founder-gives-company-away-ensuring-profits-go-fight-climate-rcna47793 . Wow. Great!
As mentioned before, Queen Elizabeth II will be remembered for her sense of humor: https://mamasuncut.com/queens-former-bodyguard-recallssillier-side-to-her/ . What a terrific story! WSJ: More on funeral plans: https://www.wsj.com/articles/queen-elizabeth-iis-funeral-when-where-and-what-else-to-know-11662714613 .
*** NEW WEBSITE ANNOUNCEMENT ***
Having promised many neighbors and friends an announcement in today’s newsletter, I am pleased to report that my new website, www.portlandneighborhoodresources.com , went live today. Please take a look. For my coronavirus readers, background on the creation of the new website is provided in “About the Author”.
For new visitors here today, the coronavirus newsletter began at the start of the pandemic in a chat group for professionals (consulting actuaries specializing in healthcare). This website opened to the general public in mid-2022. You are welcome to browse this site – all the newsletters appear in the New Archives section (click on the header), in reverse order (newest first). You are also welcome to sign up for the newsletter if you are interested. They will appear daily in your online mailbox at 1 am, seven days a week.
To all of you, thank you so much for your interest and support. In response to many requests, I will include a section on the new website about building these sites, and my experiences over the past 2+ years. I hope to have this up by October 1.