Your generous
donations help keep
this site running.
Visa/MC/PayPal accepted.
President Donald Trump seems unclear on a few basic scientific and medical concepts. This isn't really news, of course, since Trump seems unclear on a whole host of things each and every day. But this week's comments on coronavirus testing were more than just a little bit astonishing.
Speaker of the House Nancy Pelosi just led off with a rather large opening bid to start the negotiations for the next round of disaster aid in Congress. Her bill, which the House will vote for on Friday, contains $3 billion in federal spending, much of it to help state and local governments devastated by the economic crash get through the crisis. This is an opening bid, mind you, because the Senate will obviously have a say in the negotiations to follow.
All week long, the pressure increased for Joe Biden to "Say it ain't so, Joe!" So this morning, he did. Biden appeared (remotely) on Morning Joe and flatly denied the accusation made against him that he had sexually assaulted Tara Reade in 1993 while he was a sitting senator and she was on his staff: "No. It is not true. I'm saying unequivocally it never, never happened and it didn't."
In times of crisis, America looks for leadership. This means they want to be told the truth, they want to see the president and those around him working as hard as they can to improve things for everyone, and they want to see mistakes quickly rectified and problems that pop up addressed and ultimately solved. Sadly, though, we are getting none of this from President Trump.
The Republican Party has now been reduced to being so deathly afraid of the unpopularity of their political agenda among the electorate at large that they are now openly admitting that the only way for them to win elections is to suppress as many votes as possible. This is the exact opposite of "having the courage of your convictions," folks. Republicans are quaking in fear of the efforts to expand voting to make it easier and (much more important) safer for everyone, because they think they'll lose if that happens.
In the intervening four years, much has happened, of course. Bernie now is the leader of a solid movement within the Democratic Party, and fresh new Progressive faces have indeed appeared on the scene. With Donald Trump in the White House, much of Bernie's agenda remains unfulfilled. But the biggest change of all is that Bernie Sanders has personally shifted the "Overton Window" in politics, and now his proposals are seriously discussed by people and politicians who previously scoffed at them (or worse). That is progress. Almost all of Bernie's ideas are not "radical" -- they poll incredibly well with the public, which is the very definition of "mainstream." They may have seemed radical to a Democratic Party emerging from two decades of centrist thinking and Wall Street appeasement, but they weren't radical to the voters. Now the politicians are beginning to catch up to all these mainstream ideas. That is more than progress, that is an enormous achievement.
I am not a macroeconomist. In fact, I am not an economist of any type whatsoever. I begin with these admissions because what I'm about to write is probably wrong in some major way, and/or impossible to accomplish, and/or would have some sort of counterproductive effect that I just haven't thought about. In other words, any real economist could probably shoot this idea full of holes without even breaking a sweat. But I feel I have to at least toss it out there for the purposes of discussion.
We're kidding, of course. Neither of these stories -- which, in normal times would have been covered extensively by the media -- even caused a blip on the radar this week. Because the nation is gripped in the midst of a viral pandemic and we've got the Keystone Kops running the response. Which, admittedly, is a much bigger story to focus on.
It's time for Bernie to make an exit from the Democratic presidential nomination race. I don't say this lightly, as I'm actually a Bernie supporter myself. I voted for him this year and back in 2016 as well. I feel free to now say this because I never admit to my own preferences while I think the race is still up in the air -- my own way of attempting to limit my bias in my writing. But I do feel free to say it now, because the race is now essentially over.
Joe Biden is going to be the Democratic nominee this time around. At this point, barring any completely unexpected and drastic changes in circumstance, it is realistically impossible for Bernie Sanders to catch him in the delegate race. This was not true until the final weeks of the 2016 campaign, but it is true now. Which is why Bernie needs to concede this reality.
The stock market is now officially in bear market territory. Thus endeth the longest bull market in history, which lasted for the 11 years from just after the Great Recession's end until now. For those unfamiliar with the terms, the "bear market" designation is defined as: "losing 20 percent from the market's peak." Less than a month ago, the Dow Jones Industrial Average topped 29,500. Today it closed right around 23,500 -- a loss of roughly 6,000 points. And we may not have hit bottom, although with the current volatility it's tough to tell.