636: Number of confirmed cases in the state of North Carolina12,910: Number of coronavirus tests conducted in the state2: Number of deaths related to the coronavirus in North Carolina 17: Cases in Forsyth County; zero deaths Winston-Salem will go into “stay at home” order beginning at 5 p.m. Friday. A full list of essential businesses, along with the full stay-at-home order … Read More
COVID-19: Cake Or Death?
World as of 10 am: Spain’s coronavirus death toll overtook that of China on Wednesday, rising to 3,434 after 738 people died over the past 24 hours, the government said. The spiraling number of deaths came as Spain entered the 11th day of an unprecedented lockdown to try and rein in the COVID-19 epidemic that has now infected 47,610 people. Prince Charles has … Read More
The Daily COVID-19: Downer and Downer
1) #Coronavirus now in 56 countries2) World Health Organization raises risk assessment to its highest level 3) Financial loss to Americans estimated at $4 trillion this week4) Silence on this from President today; econ advisor Kudlow thinks market oversold — West Wing Reports (edited by Paul Brandus) (@WestWingReport) February 28, 2020 At its low today, the Dow wiped out all … Read More
COVID-19 Update: Looking Worse But Pence Is On It, So It Is Certain To Be Worse
At a news conference yesterday, the president announced that the president was doing a wonderful job handling the coronavirus, a statement that filled me with confidence, as it came from the president himself. The vice president and HHS head also announced that the president was doing a great job, and the president, at that point, officially put the vice president … Read More
COVID-19 Impacts Dow
Stocks fell sharply on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading. The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest … Read More
Did Mar-A-Lago Members Trade On Advance Notice Of Iran Attacks?
Let’s find out, say Senators Warren and Van Hollen
Taxing The Rich
Read this. You’re smarter than I am: The authors here estimated (very roughly) that a 2% wealth tax limited to top 0.1% (net worth over ~$43 million) would raise $2.6 trillion over ten years, assuming a 15% avoidance rate and no other behavioral responses…. or… … a 2% wealth tax limited to top 1% (net worth over ~$10 million) would … Read More
Hello, Recession, My Old Friend
U.S. stocks fell sharply at the start of trade today, following a series of worrying data on global economic growth, and after the yield on the 10-year U.S. Treasury note fell below that of the 2-year note, marking an inversion of the main measure of the yield curve and flashing a recession warning signal. The yield on the 10-year U.S. … Read More
Dow Plunges 800+ Points
As Trump tries to deflect his role as the unspoken leader of the violent right extremism, his attacks on China and threats of more tariffs are hurting the economy. Today, the stock market is plunging. Trade bellwethers Caterpillar and Boeing dropped 3.6% and 3%, respectively. Semiconductor stocks like Micron Technology, Skyworks Solutions and Advanced Micro Devices fell at least 4.7%. … Read More
Trump Opens Another Trade War Front
Defenders of President Trump’s trade wars have tried to argue that his reckless moves are actually part of a cunning strategy to lower tariffs, knock down trade barriers, and usher in true free trade. But Trump just threw that defense out the window by announcing a plan to impose a 5% (and escalating to 25%) tariff on Mexican imports “until the … Read More
Then And Now
Then (March 2019) Great news from @Ford! They are investing nearly $1 BILLION in Flat Rock, Michigan for auto production on top of a $1 BILLION investment last month in a facility outside of Chicago. Companies are pouring back into the United States – they want to be where the action is! — Donald J. Trump (@realDonaldTrump) March 20, 2019 … Read More
Dow Plummets On US-China Trade War
President Trump’s efforts to calm investors while he launches a full-scale trade war with China showed signs of cracking this morning, as one of his top advisers admitted the approach could damage the U.S. economy, a Goldman Sachs report predicted it might lead to higher interest rates, and China vowed to impose tariffs on $60 billion in U.S. goods on … Read More
Trump’s New Deficit-Exploding Budget
WaPo: President Trump is releasing a $4.7 trillion budget plan Monday that stands as a sharp challenge to Congress and the Democrats trying to unseat him, the first act in a multi-front struggle that could consume Washington for the next 18 months. The budget proposal dramatically raises the possibility of another government shutdown in October, and Trump used to the … Read More
Amazon Not Going To NYC
BREAKING: Amazon says it has canceled plans to build a headquarters in NYC. pic.twitter.com/6BPPEE1MDF — MSNBC (@MSNBC) February 14, 2019 The online retailer faced opposition from some politicians, who were unhappy with the tax incentives Amazon was promised. No matter what you think of the decision, what’s fascinating about the Amazon news is what it says about 1. The surging … Read More
Cost Of The Government Shutdown: $3 Billion
The U.S. economy will likely never recover $3 billion lost during the five-week partial government shutdown, according to a report released by the Congressional Budget Office on Monday. The 35-day shutdown ― the longest such closure in U.S. history ― reportedly reduced GDP in the fourth quarter of 2018 by $3 billion and an additional estimated $8 billion in the … Read More