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Today’s Top Stories: May 7, 2020

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The Lede

Schumer, Pelosi set to unveil ‘Rooseveltian’ relief package

Editorial: They are right. Something very big and bold needs to be done, as economists are warning that 40 percent of the lost jobs thus far (33 million) will be permanent.

That signals, at least to me, that they expect a HUGE decline in GDP. And it’s not going to stop when the “economy re-opens.”

A. We’re going to get a second wave of infections.

B. Many people won’t go back to normal even when businesses open back up. I know I won’t be.

Schumer on Thursday said the fiscally cautious approach now being taken by Republicans like McConnell and House Minority Leader Kevin McCarthy (Calif.) reminded him of President Hoover’s response to the 1929 stock market crash and the onset of the Great Depression.

“The people like McConnell and McCarthy and even [President] Trump who say, ‘Let’s wait and do nothing,’ well, they remind me of the old Herbert Hoovers. We had the Great Depression — Hoover said let’s just wait it out. It got worse and worse,” Schumer said.

Hoover famously, and wrongly, predicted a rapid economic recovery in 1930. Instead, the Great Depression lasted until 1939.

Schumer said the better course of action is to follow in the footsteps of President Franklin Roosevelt, who oversaw the largest expansion of the federal government and is credited by many historians with helping to end the Great Depression.


Coronavirus update:

3,781,896 confirmed infections, up from 3,691,683 yesterday.
264,602 confirmed deaths, up from 258,256 yesterday.

US stats:

  • 1,231,943 confirmed infections, up from 1,206,886 yesterday.
  • 73,566 confirmed deaths, up from 71,220 yesterday.
May 7, 2020 COVID-19 pandemic map
Source

Relevant COVID-19 stories:


Politics:

Biden can’t shrug off Tara Reade allegation – Left bucks Biden over Reade allegation

Relevant Politics stories:


Economy Update:

Editorial: 3.17 million more jobs lost last week, bringing the total to about 33 million since the shutdown.

The Dow is up about 300 points, still in the high 23k range.

May 7, 2020 DJIA stock chart
Source

Upcoming economic reports this week:

  • Tuesday – Trade deficit – $44.4 billion (March), slightly up from $39.8 billion in February.
  • Wednesday – ADP employment report – down 20.2 million jobs. It’s even worse than this report suggests. This is a lagging indicator. Wait until next month…
  • Thursday – Jobless claims – another 3.17 million down, productivity – down 2.5 percent (bright side: estimates were at 5.5 percent down)
  • Friday – Unemployment rate – expect the unexpected

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

Axl Rose, Steven Mnuchin and the pandemic Twitter feud no one saw coming

The Guns N’ Roses frontman called Mnuchin an expletive, prompting the treasury secretary to respond, “What have you done for the country lately?”

But just when it seemed like things couldn’t possibly get any weirder, Wednesday night rolled around with a Twitter feud no one could have anticipated: Guns N’ Roses frontman Axl Rose vs. Treasury Secretary Steven Mnuchin.

Axl Rose and Steven Mnuchin are apparently fighting on Twitter. I don’t think anyone saw that one coming.

— Jeffrey Goldberg (@JeffreyGoldberg) May 7, 2020

Rose threw down the gauntlet shortly before 6:30 p.m. Wednesday when he hopped on his seldom-used Twitter account and declared to his 1.2 million followers, without context, “Whatever anyone may have previously thought of Steve Mnuchin he’s officially an a–hole.”

“It’s official!” tweeted the rock star, who is a prominent critic of President Trump.

Then, in a move that prompted collective surprise, Mnuchin hit back.

“What have you done for the country lately?” he tweeted, tacking what appeared to be an emoji of the United States flag to the end of his response.

Upon closer examination, however, eagle-eyed social media users noticed that Mnuchin had actually used an icon of the flag of Liberia, which is nearly identical to the American flag except instead of 50 stars it has only one. The original tweet was deleted and replaced with one using the correct flag, but not before numerous images had been taken.

The flag mix-up didn’t escape Rose’s attention either.

“My bad I didn’t get we’re hoping 2 emulate Liberia’s economic model,” Rose tweeted sarcastically, before revealing what prompted him to go after Mnuchin in the first place.

“But on the real unlike this admin I’m not responsible for 70k+ deaths n’ unlike u I don’t hold a fed gov position of responsibility 2 the American people n’ go on TV tellin them 2 travel the US during a pandemic,” he wrote.

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Today’s Top Stories: April 27, 2020

Sorry, no video today. Too many things in the hopper and I have a sore throat anyway.

Do some reading. It’s good for you.

Today’s Top Stories is brought to you by My Daily Grind News.

Coronavirus update:

April 27, 2020 COVID-19 pandemic map
Source

2,992,970 confirmed infections, up from 2,735,117 Friday.
207,518 confirmed deaths, up from 192,019 Friday.

Relevant COVID-19 stories:


Politics:

Poll: 69 percent of voters support Medicare for All

Trump looks to Hope Hicks as coronavirus crisis spills over

Nancy Pelosi endorses Joe Biden for president

Freed of briefing duty, wounded Trump airs full collection of grievances on Twitter, retweeting claim of ‘coup attempts’


Economy Update:

Trump faces big decisions on energy industry rescue as U.S. runs out of places to store abundance of oil

Editorial: Remember in the ’70s and then the ’80s, ’90s, two thousands, and finally, like yesterday, oil reserves had all been found, were finite, and would “run out soon?”

Well, here we are: We have a glut of oil with nowhere to put it. Factories aren’t using as much and consumers aren’t driving much, if at all.

See? We had a solution to this problem all along? And the planet will thank us.

I’m being a bit sarcastic and dark here, but we always DID know the answer: Use less.

Ironic how Mother Nature forced our hand.

April 27, 2020 DJIA stock chart
Source

The Dow is up 200, breaking through the 24k barrier.

Upcoming economic reports this week:

  • Last Friday – Consumer sentiment index – DOWN from 89 in March to 71.8 (down from 101 in February)
  • Tuesday – Case-Shiller home price index, Consumer confidence index
  • Wednesday – Gross domestic product, Jerome Powell press conference
  • Thursday – Initial jobless claims, Consumer spending, Core inflation
  • Friday – Motor vehicle sales (annual rate)

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

Editorial: I’m leaving this one here because it got a ton of play last week and over the weekend. I even lost a few friends over it because they believe him. I don’t know which stance they believe (that he was spit-balling solutions, he was being serious, he was being sarcastic), but they believe him.

This is, of course, proof that Trumplodytes are members of a cult.

“Give me Biden or give me bleach!”

Don't inject disinfectants, Lysol warns as Trump raises idea 3

ANNAPOLIS, Md. — Maryland’s health department fielded hundreds of calls from residents asking about ingesting disinfectants after President Donald Trump wondered aloud if that could fight COVID-19, Gov Larry Hogan said Sunday.

The Republican governor spoke about the emergency hotline calls and Trump’s offhand comment during appearances on CBS’ “Face The Nation” and ABC’s “This Week” on Sunday morning. On Friday, the Maryland Emergency Management Agency tweeted a “reminder” that under no circumstances should any disinfectant be injected or ingested.

Hogan said “communicating very clearly on the facts” has been important to him since the COVID-19 pandemic began.

“I think when misinformation comes out or you just say something that pops in your head, it does send a wrong message. We had hundreds of calls come into our emergency hotline at our health department asking if it was right to ingest Clorox or alcohol cleaning products, whether that was going to help them fight the virus,” he said during his ABC appearance.

During a press briefing on Thursday, Trump said research was underway into the effect that disinfectants have on the virus and questioned if they could be injected into people.

“Is there a way we can do something like that, by injection inside or almost a cleaning?” Trump asked. “Because you see it gets in the lungs and it does a tremendous number on the lungs. So it would be interesting to check that.”

The White House accused the media of misrepresenting the president’s comments. Trump said he had been speaking sarcastically.

Hogan said Trump needs to “stick to a message and make sure that these press conferences are fact-based.”

“I think other people in the administration have been trying to make that clear to him, as well,” he added.

Source

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Second round begins for small business loan program after problems hampered first rollout

Second round begins for small business loan program after problems hampered first rollout 2

Washington (CNN) The race is on for small business owners across the country to access billions in emergency funding Monday through the Small Business Administration. And, in a few hours, the Paycheck Protection Program — initially plagued by technical hiccups and questions about if lenders were prioritizing the businesses that needed the money most — will get a second chance to get things right.

Source: Second round begins for small business loan program after problems hampered first rollout

Today’s Top Stories: April 24, 2020

Today’s Top Stories is brought to you by My Daily Grind News.

Coronavirus update:

April 24, 2020 COVID-19 pandemic map
Source

2,735,117 confirmed infections, up from 2,649,680 yesterday.
192,019 confirmed deaths, up from 184,643 yesterday.

Relevant COVID-19 stories:


Politics:


Economy Update:

Zoom’s stock surges toward a record after inclusion in the Nasdaq 100

Under Pressure, Chain to Return $20M US Loan

Today's Top Stories: April 24, 2020 3
Source

The Dow is even, in the mid-23k range.

Upcoming economic reports this week:

  • Tuesday – Existing home sales. Current: 5.27 million, Previous: 5.76 million, DOWN half a million.
  • Thursday – Weekly jobless claims – up another 4.4 million to over 26 million in a month
  • Thursday – New home sales. 627,000 in March versus 641,000 in February.
  • Friday 10am – Consumer sentiment index

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

“Give me Biden or give me bleach!”

Don’t inject disinfectants, Lysol warns as Trump raises idea

Don't inject disinfectants, Lysol warns as Trump raises idea 3

WASHINGTON (AP) — The parent company of Lysol and another disinfectant warned Friday that its products should not be used as an internal treatment for the coronavirus after President Donald Trump wondered about the prospect during a White House briefing.

Trump noted Thursday that researchers were looking at the effects of disinfectants on the virus and wondered aloud if they could be injected into people, saying the virus “does a tremendous number on the lungs, so it would be interesting to check that.”

That prompted a strong warning from the maker of disinfectants Lysol and Dettol, which said it was issuing a statement to combat “recent speculation.”

“As a global leader in health and hygiene products, we must be clear that under no circumstance should our disinfectant products be administered into the human body (through injection, ingestion or any other route),” said the statement from Reckitt Benckiser.

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