Economy Faces a Coronavirus Challenge as Markets Swoon
“As an uptick in the number of coronavirus infections outside China sent markets swooning on Monday, attention quickly turned to how the Federal Reserve and the United States government would assess — and even address — the economic fallout.
The Fed cut interest rates three times in 2019 to insulate the economy against uncertainty stemming from President Trump’s trade war and slowing global growth. Central bank officials have been clear that they expect to leave interest rates unchanged now unless inflation jumps — potentially causing them to lift rates — or risks upend their outlook for stable growth, prompting them to cut.
The question now is whether the new coronavirus represents such a threat. Fed officials have been unwilling to declare it a reason to move yet. But even as they strike a wait-and-see pose, markets are increasingly betting that global economic and market fallout from the disease will push the central bank to lower borrowing costs.” via NYT
Angry’s Thoughts: This was day one of the coronavirus plunge… it didn’t get any better on day 2.
Harvey Weinstein Is Found Guilty of Sex Crimes in #MeToo Watershed
“Harvey Weinstein, the powerhouse film producer whose downfall over sexual misconduct ignited a global movement, was found guilty of two felony sex crimes after a trial in which six women testified that he had sexually assaulted them.
The jury found Mr. Weinstein guilty of rape and criminal sexual act but acquitted him of three other counts, including the two most serious charges against him — that he is a sexual predator.
Mr. Weinstein displayed little emotion as the verdict was read. He appeared stunned as he was handcuffed and led out of court, limping between two court officers on his way to jail to await sentencing. He faces a possible sentence of between five and 25 years.
The verdict offered a measure of justice to the dozens of women who had come forward with similar allegations against Mr. Weinstein. For many, the trial was a watershed moment for the #MeToo movement and a crucial test in the effort to hold influential men accountable for sexual harassment in the workplace.” via NYT
Angry’s Thoughts: Weinstein was also taken to the hospital with “chest pains” on his way to jail. I hope it was minor – I would hate to see his jail sentence cut short by a myocardial infarction.
The FBI Is Investigating Massive Embezzlement of Border Patrol Union Funds
The FBI is investigating the disappearance of some $500,000 from the coffers of the powerful union representing the country’s roughly 20,000 Border Patrol agents, said the organization’s national president, Brandon Judd.
Judd said the probe is focused on identifying the individuals responsible for siphoning the money from the bank accounts of the union’s El Paso branch in recent years.
“We know the FBI is looking at it,” said Judd, head of the National Border Patrol Council, which has forged a close alliance with President Donald Trump.
Under the Trump administration, the Border Patrol, a once obscure federal agency, has been thrust into the center of a rancorous debate over immigration policy, facing intense criticism over the squalid conditions in the agency’s overcrowded detention facilities, a string of migrant deaths and revelations that some 9,500 current and former agents were part of a private Facebook group that included vulgar and misogynistic content.” via ProPublica
Angry’s Thoughts: Of course this would happen to Trump’s new favorite agency.
To be clear, there’s no evidence that Trump is involved in this in any way – it’s just fitting.
Bloomberg’s debate strategy: Nuke Bernie
“Mike Bloomberg and a handful of staffers spent Monday at the so-called “happiest place on earth,” preparing for the bruising task ahead the next day.
Hunkered down at the Four Seasons hotel in Florida’s Disney World, the former New York mayor prepared for a mission to salvage his half-billion-dollar investment in the presidential race with a debate performance designed to quiet the critics and stall frontrunner Bernie Sanders’ momentum.
After a disastrous first outing — his net favorability rating dropped 20 points in the aftermath, according to Morning Consult — Bloomberg’s debategoals in the Charleston, S.C., debate are twofold: Persuade viewers that Sanders is too divisive to defeat President Donald Trump in November, while sidestepping landmines surrounding complaints from women at his private media company and his race-based policing practices as mayor.
“The debate tomorrow night and the campaign in general … needs to be about one candidate and that’s Bernie Sanders,” Dan Kanninen, a top strategist overseeing Bloomberg’s states operation, said in a conference call with reporters Monday morning. “We’ve been saying for some time that the nature of this contest means someone with even a small plurality of delegates can come away with an outsize and disproportionate delegate lead.” via Politico
Angry’s Thoughts: Well, the debate is over now and *everyone* went after Bernie. It’s unclear how well that strategy is going to work nationwide, but the crowd at the debate certainly wasn’t very fond of some of Bernie’s answers.
Without Evidence, Trump Accuses Schiff of Leaking Intelligence on Russia’s 2020 Interference
President Trump on Tuesday accused the chairman of the House Intelligence Committee of leaking information about Russia’s efforts to interfere in the 2020 election, dismissed the intelligence as “exaggerated” and refused to acknowledge that Moscow was behind similar efforts in 2016.
“I can’t imagine that people are not going to go after them and find out what’s happening,” Mr. Trump said, referring to the committee, led by Representative Adam B. Schiff, Democrat of California, a longtime foil of the president’s.
Mr. Trump also said that he did not plan on saying anything controversial during the news conference at the end of his visit to India.
When details about the persistence of Russia’s efforts related to 2020 were revealed last week, including new information about Moscow’s efforts to influence the Democratic primaries, Mr. Trump was particularly bothered that officials would tell Mr. Schiff, who led the impeachment efforts against the president and is entitled to these briefings as part of his oversight role.” via NYT
Angry’s Thoughts: Pretty standard Trump playbook here – accuse everyone else of doing what you do. He leaks to his friends and to the media *constantly*
For what it’s worth, there’s absolutely no proof that leak came from Adam Schiff – Trump is just terrified of him and likes to keep his minions riled up.
Dow closes down nearly 900 points as coronavirus fears rise
“The stock rout continued Tuesday as diving bond yields raised more concern that the global economy is slowing significantly because of the spreading coronavirus. The 10-year Treasury yield hit a record low as the Dow Jones Industrial Average added to Monday’s 1,000-point drop.
Comments from health officials warning of a possible outbreak in the U.S. also spooked investors, causing a turnaround in stocks, which had opened the day higher.
The Dow closed down 879 points, or 3.1%, at 27,081 after being up more than 180 points at one point shortly after the open. The S&P 500 slid 3% to 3,128, while the Nasdaq fell 2.8% to 8,965.” via CNBC
Angry’s Thoughts: Day two of the Dow drop wasn’t any better – we went from a all-time high to the biggest two-day drop in two years. Trump is furious that the coronavirus is hurting the stock market, but other than that, he is woefully uninformed about how dangerous of a situation this is.
Judge in Roger Stone Case Warns About Attacks on Juror From Trump and Others
“The federal judge overseeing the criminal case against Roger J. Stone Jr. warned on Tuesday about attacks by President Trump and others on a juror in the trial, saying that fomenting public anger about the guilty verdict could prompt someone to “soon take it out on them personally.”
The comments by United States District Judge Amy Jackson Berman came during a hearing on an argument by Mr. Stone’s lawyers that misconduct by a juror required a new trial.
Even as the hearing was proceeding, Mr. Trump weighed in again on the case, once more ignoring Attorney General William P. Barr’s explicit request earlier this month that he stop commenting on the department’s criminal cases.” via NYT
Angry’s Thoughts: It’s absolutely pathetic that a judge even has to issue this warning, much less have it directed at the President of the United States, but here we are. Trump has sent a minimum of four Tweets about the Roger stone case in the last two days.
Senate GOP again thwarted on bills to restrict abortion
“Senate Democrats on Tuesday blocked a pair of Republican bills that would ban most late-term abortions and threaten prison for doctors who don’t try saving the life of infants born alive during abortions.
The measures have been defeated multiple times in recent years, but Senate Republicans pushed for renewed votes to allow GOP lawmakers to make an election-year appeal to conservative voters.
Senate Majority Leader Mitch McConnell accused Democrats of bowing to “the radical demands of the far left” to “drown out common sense” and the views of millions of Americans.” via AP
Angry’s Thoughts: The nation is facing a potential pandemic and the Republicans are still worried about how to take away women’s reproductive rights.
Trump tightens his grip on intelligence
“President Donald Trump is tightening his grip on the intelligence community as part of a post-acquittal purge of career officials and political appointees deemed insufficiently loyal, and the abrupt firing of his last intel chief is only the tip of the iceberg, current and former intelligence officials say.
Trump’s decision to replace acting Director of National Intelligence Joseph Maguire with a loyalist with no intelligence experience, Ric Grenell, shocked the national security world and has raised questions about who the president will nominate to serve in the post after Grenell’s “acting” status expires next month. In India, Trump hinted that his decision would come soon.” via Politico
Angry’s Thoughts: We have a potential pandemic coming to our shores, and this is still the most dangerous story of the day.
U.S., South Korea postpone annual military drills due to coronavirus
“The South Korean and U.S. militaries have postponed their annual joint drills out of concerns over a virus outbreak.
Thursday’s announcement came after South Korea reported 21 cases of a new coronavirus in its military and the U.S. military reported one case among its 28,500 troops in South Korea.
The announcement was jointly made by South Korea’s Joint Chiefs of Staff and the U.S. military in South Korea.
Kim Jun-rak, a spokesman at the South Korean Joint Chiefs of Staff, said the allies will put off their drills in the first half of this year until further notice.
Kim said JCS chief Park Han-ki first proposed putting off the drills out of concerns of safety of South Korean and U.S. troops.” via Politico
Angry’s Thoughts: People don’t often associate illnesses with military readiness, but if this becomes a global pandemic, that is another obvious problem we will have to address. We have to get this right the first time.
Thankfully we have completely sane and responsible people at the helm.
…crap.
Coronavirus in California: C.D.C. Confirms Possible Community Transmission Case
“A person in California who was not exposed to anyone known to be infected with the coronavirus, and had not traveled to countries in which the virus is circulating, has tested positive for the infection.
It may be the first case of community spread in the United States, the Centers for Disease Control and Prevention said on Wednesday.
“At this point, the patient’s exposure is unknown,” the C.D.C. statement said. “The case was detected through the U.S. public health system and picked up by astute clinicians.”
The case was announced shortly after President Trump concluded a news briefing in which he said that aggressive public health containment measures and travel entry restrictions had successfully limited the spread of coronavirus in the United States.
Until now, public health officials have been able to trace all of the infections in the country to a recent trip abroad or a known patient, and to identify the sources of exposure.
Though C.D.C. officials said it was possible the patient was exposed to a returning traveler who was infected, the new case appears to be one of community spread — one in which the source of infection is unknown.
“The thing that would immediately make all of us uneasy is if this person has no direct contact with someone who comes from an affected country,” said Dr. William Schaffner, an infectious disease specialist at Vanderbilt University.
“That would suggest there are other undetected cases out there, and we have already started some low-grade transmission.” via NYT
Angry’s Thoughts: I hate to make this the coronavirus news dump, but the administration isn’t taking this near seriously enough, so I want to make sure that I do my part to help make sure people are informed and prepared.