April 20th – April 26th 2020
In the general news, overseas, Kim Jong-un of North Korea is reportedly either dead or on a vegetative state. UK PM Boris Johnson has recovered from the Wuhan virus. Sweden’s controversial plan to stay open and create herd immunity is working.
In other virus medical news, Stanford research also wrote that “flattening the curve” by house-arrest will not prevent future outbreaks and that herd immunity is better. California has finally cleaned up its homeless problem by placing them in hotels. New York Governor Cuomo took heat for clearing hospitals by sending infected elderly back to ill-equipped nursing homes to infect others. And the US death toll reached 55,000, although it is now clear that many deaths are being incorrectly adjudicated as caused by the virus.
In the economy, as global travel screeched to a halt and demand for oil went to zero, the futures price for oil went into negative numbers, meaning producers would pay people to take their oil. A new $300 Billion was approved for the Paycheck Protection loans as it became clear that most of the first tranche was taken by politically connected large companies. Another $300 B was approved for other spending, sending the debt/GDP to over 100%. Meanwhile, funding to bail out the states will not come easily as Senate Majority Leader McConnell supported a plan to let states go bankrupt and dodge pension obligations. Finally, states began to lift the house-arrest rules. Georgia was among the first wave.