Economy
‘The balloon might pop’: Fed’s corporate intervention spurs anxiety (Adam)
The Fed’s months-long effort to support hundreds of companies hammered by the coronavirus crisis is also propping up weak firms and subsidizing large ones like Apple and Amazon that don’t need help. As a result, critics say, it’s inflating stock prices, widening wealth inequality, delaying a wave of inevitable defaults, and directing investment into poorly run corporations at the expense of the long-term vitality of the economy.
Former Fed Chairs Bernanke and Yellen testified on COVID-19 and response to economic crisis (edelinski)
Second, the Fed has served as lender of last resort to the financial system, a classic function of central banks. Banks and other financial intermediaries typically borrow short and lend long—that is, they rely heavily on short-term funding to finance long-term loans and investments. If they lose their short-term funding—because their funders lose confidence or for other reasons—they can be forced to sell their assets in fire sales, restrict credit to customers, and, in extreme cases, become insolvent.
Federal Law Enforcement Use Unmarked Vehicles To Grab Protesters Off Portland Streets (tmn)
Federal law enforcement officers have been using unmarked vehicles to drive around downtown Portland and detain protesters since at least July 14. Personal accounts and multiple videos posted online show the officers driving up to people, detaining individuals with no explanation of why they are being arrested, and driving off.
The tactic appears to be another escalation in federal force deployed on Portland city streets, as federal officials and President Donald Trump have said they plan to “quell” nightly protests outside the federal courthouse and Multnomah County Justice Center that have lasted for more than six weeks.
The Border Patrol Was Responsible for an Arrest in Portland (tmn)
The Portland arrest of Mark Pettibone, first reported by Oregon Public Broadcasting, followed several similar arrests involving officers from a Border Patrol Tactical Unit (BORTAC)—CBP’s equivalent of a SWAT team—as well as the US Marshals Special Operations Group. A CBP spokesman confirmed to The Nation that CBP agents were responsible for the arrest, pointing to authorities under the Protecting American Communities Task Force.
Georgia Governor Brian Kemp Prohibits Cities From Mandating Masks (000)
“It is officially official. Governor Kemp does not give a damn about us,” Savannah Mayor Van Johnson said on Twitter after the order was issued. “Every man and woman for himself/herself. Ignore the science and survive the best you can.”
U.S. shatters coronavirus record with over 77,000 cases in a day (tmn)
The current tally of 77,217 cases surpasses the previous record set on Friday when cases rose by 69,070. In June, cases rose by an average of 28,000 a day, according to a Reuters tally. In July, they have risen by an average of 57,625 a day.
On Thursday, Texas reported over 15,000 new cases, according to a Reuters tally of county data, while Florida reported nearly 14,000 new cases and California almost 10,000.
The Delusion Of A Seamless Reopening Is About To Be Obliterated (thc0655)
My position at the time, on secondary infection spikes in the summer as well as renewed lockdown restrictions, appears to have proven correct. Currently, daily reported infections in the U.S. are at a record 50,000 per day or more and cases are rising in 40 out of 50 states. Many of the new infection clusters are in more rural areas and states that a lot of people thought had dodged the initial wave, including California. There has been a massive rush of home buyers moving to rural and suburban America away from the cities. The great migration has begun.
MAJOR: Iran Claims General Soleimani Was in Possession of Video, Audio Files of Pentagon-ISIS Talks (000)
Ein Al-Assad is an airbase with a 4km runway at 188m altitude from sea levels, which is the main and the largest US airbase in Iraq. Early reports said the radar systems and missile defense shields in Ein Al-Assad failed to operate and intercept the Iranian missiles. Unofficial reports said the US army’s central radar systems at Ein Al-Assad had been jammed by electronic warfare.
Congress Passes Bill To Build New 35-Mile Overpass Capable Of Housing Millions Of Evicted Americans (satire, 000)
“All men, women, and children participating in the program will automatically be given a supply of trash bags and old grocery circulars, and we’re also thrilled to announce that $12 billion has already been earmarked for the manufacture of shopping carts for carrying belongings. We know times are tough, but together, we will get through this pandemic.” Pelosi added that, obviously, lewd behavior or drug use would not be tolerated and much of the allocated funding would go towards weekly police sweeps of the overpass to ensure compliance.
Why Sweden Succeeded In “Flattening The Curve” And New York Failed (CleanEnergyFan)
While Sweden’s death toll is indeed substantially higher than neighbors such as Finland, Norway, and Denmark, it’s also much lower than several other European neighbors such as Belgium, the United Kingdom, Italy, and Spain.
Indeed, a simple comparison between Belgium and Sweden—nations with rather similar populations—reveals that Belgium suffered far worse than Sweden from the coronavirus.
A Proposed Origin for SARS-CoV-2 and the COVID-19 Pandemic (MasterOfMyDomain)
The origin of SARS-CoV-2 that we propose below is based on the case histories of these miners and their hospital treatment. This simple theory accounts for all the key features of the novel SARS-CoV-2 virus, including ones that have puzzled virologists since the outbreak began.
China buys more U.S. soybeans (Sparky1)
China said on Thursday it will stick to the Phase 1 trade deal it reached with the United States earlier this year but warned that it will respond to “bullying” tactics from Washington, as relations continue to deteriorate.
But China would need to dramatically ramp up buying of U.S. farm products in the coming months to fulfill its Phase 1 commitment to import $36.5 billion in the first year of the deal, signed in January.
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The post Daily Digest 7/18 – U.S. Shatters Coronavirus Record With 77,000 Cases In A Day, China Buys More U.S. Soybeans appeared first on Peak Prosperity.
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