JustOneMinute

Glide Path, Interrupted

Peace and prosperity first-termers are nearly invincible with economic numbers like this. (Hardly seems Fair, amirite?) Trump's tight labor market (President's always get too much credit!) drove low-end wage increases, poverty reduction, and improved health coverage.

Well. Rear view mirror. But looking ahead, is there time for Trump to convince people that Biden's backers want to defund the police, burn the suburbs, and end all jobs? Maybe! In my humble (also fearful and reflexive) opinion, some progressives equate work with exploitation and view a tight labor market as a policy failure.

Obviously, Biden talks about creating jobs and may personally believe it, but who thinks he'll be making policy? After the Dems abolish ICE and open the borders we'll see how tight a labor market we get, and how low-skill workers fare. Good luck to them!

Plenty Of Blame To Go Around

Ross Douthat ruminates on how much blame for the COVID debacle should be shouldered by Trump.

He mentions the February testing debacle at the CDC and the slow-walking of Emergency Use Authorizations by the FDA and links to a ProPublica piece. The NY Times and the WaPo had similar coverage and a similar theme - it was careerists, not Trump, that let the process drift.

Which brings us to a "Damned if you do, damned if you don't" point - Trump was not elected on a "Trust The Bureaucrats" platform. Yet that's what he did in February. Ooops. But when he learns his mistake, shifts gears and starts pounding the table for plasma, vaccines, or hydroxychloroquine, the usual suspects gasp that he is politicizing the process rather than trusting the professionals.

Probably for space reason Ross slides past an interesting conversation:

Framed this way, the debate over Trump’s coronavirus culpability resembles other debates in the Trump era, dividing those who treat the president’s incompetence or malice or authoritarianism as an emergency that throws every other problem into shadow from those who think that the trends that gave us Trump are still the more important forces and that the president himself captures too much of our attention.

I've said since 2015 that Trump is a symptom, not a cause, of a badly divided country. The culture wars, Rust Belt job losses and immigration debate have been around for decades. However, if I'm sticking with medical metaphors I'd add that Trump is a symptom that compounds the disease - he thrives on the underlying divisions and exacerbates and exploits at every opportunity. Just for example - why in the world did we have a sitting President tweeting about NFL players kneeling during the anthem? To kinda-quote a forgotten French leader, Trump missed a good opportunity to shut up.

Well. Bush 43 ran as a "Uniter, not a Divider" and we saw how that worked. Obama talked about "there is not a liberal America and a conservative America — there is the United States of America" and we saw how that played. The forces of division are strong - Trump wasn't going to overcome them, but he didn't have to choose to amplify them.

Also Kind Of A Big Deal

A long-time aide to Bull Durham resigns? This is no doubt Deeply Meaningful, but what does it mean?

Here is the Hartford Courant lede:

Federal prosecutor Nora Dannehy, a top aide to U.S. Attorney John H. Durham in his Russia investigation, has quietly resigned — at least partly out of concern that the investigative team is being pressed for political reasons to produce a report before its work is done, colleagues said.

COVID delays, fear that if Trump loses any final report will be buried, and other speculation.

Kind Of A Big Deal - One

Bahrain normalizes ties with Israel. The Bahraini leadership is backed by the Saudis so this is a useful weathervane but... the Saudis are unlikely to take the plunge themselves any time soon:

Its importance is mostly because it’s an indication that the new leadership in Saudi Arabia supports normalization,” Ms. Fontenrose said. “Bahrain doesn’t make a foreign policy move without Saudi Arabia’s express permission.”

Toby Matthiesen, a research fellow at St. Antony’s College, Oxford University, said that the Saudis “could be testing the waters” for their own normalization with Israel. But, he noted, Saudi Arabia participated in the 1948 Arab-Israeli war and has a long history of support to the Palestinian cause, and its autocratic leaders are sensitive to public opinion on such issues.

After Mohammed bin Salman, the powerful Saudi crown prince, appeared to make an overture toward Israel in 2018 by saying in an interview that Israelis “have the right” to a homeland, his father, King Salman, quickly countered with a rare public rebuke.

Israeli experts hold little hope of normalization with Saudi Arabia as long as King Salman retains power, saying that the country’s custody of Islamic holy sites complicates its ability to strike a deal with Israel if the Palestinians see it as a betrayal.

“I hope I’m wrong, but I cannot imagine them signing a normalization of relations with us,” General Gilead said.

Baby steps are fine. FWIW, King Salman is 84, so tick-tock.

 

 

Mother Nature Versus The West

Between COVID and wildfires, if this was a fight the ref would stop it. I'm puzzling over the residential real estate model for San Francisco: a bunch of people earning lots of money from companies that are urging them to work remotely are paying outlandish rent to live in a city that has gruesome air quality each summer and a year-round homeless challenge. Sustainable?

AstraZeneca Vaccine Trial On Pause

A participant in the Oxford/AstraZeneca vaccine trial has developed a dire inflammatory disease which can be a result of infection, or, er, things that mimic infection, such as vaccines.

The program is on pause pending a safety review. Obviously they are not un-vaccinating anyone, but no new patients will get jabbed. And since the protocol (in the US anyway) calls for two vaccinations 4 weeks apart, a long safety pause will disrupt that timing for those awaiting their second shot.

Derek Lowe has more.

Where It's Happening

Politico looks at eight battleground states.

COVID and the Common Cold

Per a recent study noted by Glenn, an infection by the common cold may prevent the flu by activating the interferon portion of the body's immune defenses. Although hard to test, this leads the researchers to speculate that colds may also stave off COVID.

Well. One message here - always trust wild speculation from Dr. Tom! Back in June the tireless research chemist and pharma follower Derek Lowe outlined the mechanisms by which COVID jams up our body's natural defenses.

From the article and comments a couple of ideas emerged, which I tweeted about:

1 - interferon therapy MAY mitigate a COVID infection;

2- co-infection by anything that activates the interferon system, such as colds (or the normal flu?) MAY help beat back COVID.

My punchline:

*IF* co-infection mitigates COVID the implications are notable. First, the advent of the fall cold/flu season may see a *reduction* in COVID spread/severity. *PLOT TWIST*!

Second, would it be better for the low-risk to skip the annual flu shot? And how would this be tested?

I can't imagine our public health leaders advising at-risk groups such as seniors to skip the annual flu shot (I know I'm not.) Frankly, I can't imagine them urging the young, hale and hearty to skip the regular flu shot - it MIGHT be a great idea, but it would be a heck of a roll of the dice.

As to testing the hypothesis, my only brainwave was to remark on the high levels of asymptomatic COVID cases found in some homeless shelters. Not to stereotype, but that seems like a plausible environment for co-infection with colds or other ailments.

1. WBUR: Testing Reveals 'Stunning' Asymptomatic Coronavirus Spread Among Boston's Homeless

2.  Baltimore Sun: Coronavirus spreading in homeless shelters; many cases are asymptomatic | COMMENTARY

 

 

3. CDC: Assessment of SARS-CoV-2 Infection Prevalence in Homeless Shelters — Four U.S. Cities, March 27–April 15, 2020

 

I don't know what it means but... stay sniffly, my friends.

Labor Day Weekend!

Celebrate Labor Day by relaxing!

Deficits As Far As The Eye Can See

The NY Times ponders the national debt, which is poised to surpass 100% of GDP. But even long-time deficit hawks admit that this is the srt of economic emergency that ought to be met with deficit spending (I agree!).

But why do deficits matter? Well, if Biden is elected Republicans will trot out all the familiar arguments, just as Democrats trot them out when Republicans want to cut taxes. The Times reprises the familiar "crowding out" argument (Reagan-ear flashbacks, anyone?) but ignores an interesting implication:

For decades, analysts argued that an explosion of government borrowing risked devouring a large part of the nation’s savings, leaving less cash available for private businesses to use for investment.

Those companies would then be forced to pay higher interest rates to gain access to that smaller pool of funds. And those higher borrowing costs, it was argued, would curtail investment and hurt economic growth. The process is known as “crowding out,” and there is no sign that it is happening now. Interest rates remain low and inflation is muted.

Hmm. If the goal is to expand the net saving pool by raising taxes, that can only happen if the money handed over in taxes would have otherwise been consumed, rather than saved. Economists love to contemplate the "marginal propensity to consume". The gist is, a low-earner living paycheck to paycheck spends roughly 100% of new income; a high earner applies their income to a combination of consumption (eg, stylin' vacations and fine dining) and savings. Reducing their savings to increase government "savings" does not reduce any "crowding out" effect.

And at the extreme, if 'crowding out' is the concern, our Super-Billionaires, such as Jeff Bezos, the $200 Billion Man, are Too Big To Tax! Go ahead - hit Bezos with a $100 billion tax bill. Will that make him cut down on private jets, yachts and mansions? Host fewer parties? Unless his dinner party guests routinely find a deed to a LearJet in their party favor bag, I don't think Bezos could be spending anywhere near what he rakes in.

Which means that every tax dollar he pays is a reduction in private saving, fully offsetting the increase in public 'saving'. The 'crowding out' impact is zero. So why bother?!?

That said, there may be other reasons to tax Bezos / Buffet / Gates / Zuckerberg et al. Public support for our tax system is no doubt driven in part by a perception of fairness. And the switch from private to public savings means We The People can decide to invest in bridges and roads, rather than let Bezos invest in rocket ships. How sensible the public decision-making process is relative to private actors is a different question.

BONUS QUERY: If the Democrats are ascendant in 2012, will they really want to put up a tax bill that hits high-earners such as doctors and small business owners? Post-pandemic, that might not be the place to start. And with deficit hawks in retreat, Biden might just decide to skip the scuffle over a tax bill and focus on spending. Maybe! (Now I'm having Clinton '93 flashbacks, with the Bond Vigilantes, Greenspan and Clinton's insistence on tax hikes and limited new spending. I don't see Biden re-walking that road.)

Con Air?

President Donny-from-Queens rehashes some conspiracy theories that ought to be left to call-in radio. I kind of like "Con Air":

Trump added on "The Ingraham Angle" that an RNC attendee had traveled to Washington "on a plane from a certain city, and in the plane it was almost completely loaded with thugs wearing these dark uniforms, black uniforms with gear and this and that."

The president declined to say who had told him the story, but promised Ingraham he would reveal it "sometime.

"This person was coming to the Republican National Convention and there were like seven people in the plane [with] this person, and then a lot of people were on the plane to do big damage," Trump insisted. "This is all happening."

What?!? To be fair-ish, Sen. Rand Paul made a similar claim after he was harassed by protestors in DC a few days ago:

Paul hypothesized the protesters were compensated and flown in to instigate a violent riot, but didn't offer any suggestions on who might have paid them or evidence to support his assertion. That protesters are paid to cause disruption is a common talking point among some conservative figures for which there is no substantive evidence. Such claims have been regularly challenged by fact-checkers.

"You just think, Oh, these are some normal hoodlums from a big city. I promise you that at least some of the members and the people who attacked us were not from D.C. They flew here on a plane," he said. "They've all got fresh, new clothes."

Where are they getting this stuff?

Self Defense In Portland Shooting?

Per the Times video analysis, it may be the case that the shooter was about to be maced by the victim. But who drew first?

The livestream shows the man in white walking by himself toward the Justice Center and crossing the street one block south. One minute and 43 seconds later, Mr. Dunlap turns his camera toward the sound of shouting.

What happens next occurs within six seconds.

The man in white and another man dressed in black can be seen crossing the street, apparently to confront Mr. Danielson and Mr. Pappas.

There is shouting that is hard to hear on Mr. Dunlap’s livestream, but in a second video filmed by Nathan Millsap, a Portland videographer, the audio is clearer.

A man, who Mr. Pappas later contends is the gunman, shouts: “Hey, we got some right here. We got a couple right here.”

Another man says, “He’s macing you, he’s pulling it out.”

The sound of spraying is audible, followed immediately by two gunshots.

Mr. Dunlap captures the shooting on his livestream. Mr. Danielson can be seen raising his arm and beginning to spray a pepper spray-like substance, followed almost immediately by the gunshots. The man in white backs away with his arm raised and then runs, along with the man dressed in black.

The Times links to this video for their take on the verbal exchange before the shooting. Come in at about 15 seconds. Times version seems OK to me. I would say that its unclear whether the macing was a gratuitous first step or a reasonable response to a provocation from the shooter. Was his gun visible and threatening? Jiminy. Good luck finding reliable witnesses to this.

We have a President who is hoping to ride this violence back into the White House and a challenger whose party can't or won't rein itself in. Helluva way to run a country.

Shooting It Out In The Streets

One man, a right-wing Trump supporter, fatally shot in Portland.

Please Let This Be A Slow News Day

Here we go again.

Do Let Me Add: The quote du jour comes from Marcus Aurelius by way of Andrew Sullivan:

In the current chaos, I’ve come to appreciate Marcus Aurelius’s maxim that “The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane.” 

He makes the devastating point that a notable part of the left (possibly including Biden and Harris) have internalized the Marxist/BLM notion that the police are instruments of the rich and the white:

Remember the pivotal moment earlier this summer when the New York Times caved to its activist staff and fired James Bennet? It’s no accident this was over an op-ed that argued that if New York City would not stop the rioting in the streets, the feds should step in to restore order. For the far left activists who now control that paper, the imposition of order was seen not as an indispensable baseline for restoring democratic debate, but as a potential physical attack on black staffers. They saw restoring order within the prism of their own critical race ideology, which stipulates that the police are enforcers of white supremacy, and not enforcers of the rule of law in a liberal society. It was a sign that the establishment left were willing to tolerate disorder and chaos if they were directed toward the ideologically correct ends — which is how Democratic establishments in Minneapolis and Seattle and Portland responded. The NYT, CNN and the rest tried to ignore the inexcusable, and find increasingly pathetic ways to dismiss it. This week, their staggering bias was exposed as absurd.

Trump gets bashed as well, needless to say. But Sully acknowledges that betting on Biden to right the ship is a desperation move.