• Daily Digest

    Daily Digest 10/6 – Nine Days In Wuhan, CA Fire Season Shatters Record With 4 Million Acres Burned

    by Daily Digest

    Tuesday, October 6, 2020, 11:49 AM

Economy

Goldman’s chief economist breaks down why a Biden-led blue wave would prompt an upgrade in growth forecasts (Adam)

Assuming the Fed leaves rates unchanged until the economy reaches full employment and inflation is just above 2%, “we estimate the net effect of the [Biden] package would be a frontloaded increase” to economic output, “as well as a more backloaded boost to core PCE inflation,” Goldman explained.

Still, a blue wave would indeed have “mixed implications” for US stocks, as Biden is advocating for a 7-percentage-point increase in the corporate income tax rate, to 28% from 21%, Goldman said.

Some gold with your gas and groceries? Costco enters the gold bullion market (Adam)

“The [Costco] mark-ups are going to reflect the fact that they are going through another dealer that marks it up. You will likely be paying a lot more than going directly to a dealer,” Hug said on Monday. Hug noted that dealers currently have a premium of about 3% on gold and 20% on silver.

A precious metals investors who have not done their due diligence by checking prices with the local dealer could be missing the point, Hug noted. “Anybody doing that size of transactions without comparing pricing, probably shouldn’t be in the gold market and anybody who checked the pricing can find a better deal from any dealer worth their salt,” he said.

Mothers’ Careers Are at Extraordinary Risk Right Now (tmn)

The “ideal worker” is an employee who is completely devoted to their job, works long hours, and relies on someone else to take care of family responsibilities. Ideal workers stay late at the office, check email at all hours, rarely take time away from work, and get rewarded for it. The “good mother” is the polar opposite: completely devoted to her family, she prioritizes caring for her children over paid work. Because she is emotionally absorbed by the needs of her children, she is seen as distracted and unreliable at work, and gets dinged for it. The ideal worker and the good mother are ideologically incompatible. You can be one or the other. There is no space to be both.

SEC Raises Bar For Shareholder Resolutions (000)

In the article, Howard discusses a recent 3-2 vote by the SEC to curb the eligibility of shareholders to submit proposals for a vote at companies’ annual meetings. Most notably, the rule raises the amount of stock a shareholder must hold in order to submit a proposal for consideration. According to Howard, the vote marks a win for company executives who wish to avoid costly and tedious proposal review processes and “often feel their feathers are ruffled if some shareholders are trying to dictate that a company must have a particular policy.”

Gadfly Importance Key to Democratic CorpGov (000)

Securities and Exchange Commission (SEC) Chair Clayton indicates the SEC will review shareholder proposal rules. It is “very important to ask ourselves how much of a cost there is… how much costs should the quiet shareholder, the ordinary shareholder, bear for idiosyncratic interests of other [investors].” Contrary to Clayton’s assertion, our proposals receive wide-spread support.

John McAfee, Software Pioneer Who Fled the Law, Is Arrested in Spain (000)

Prosecutors accused Mr. McAfee of failing to file tax returns from 2014 to 2018, even as he earned millions from “promoting cryptocurrencies, consulting work, speaking engagements and selling the rights to his life story for a documentary,” according to a June indictment in the U.S. court in Tennessee that the Justice Department unsealed on Monday.

This Is How John McAfee Made USD 23m For Shilling ICOs (According to SEC) (000)

According to the indictment, McAfee allegedly evaded his tax liability by directing his income to be paid into bank accounts and cryptocurrency exchange accounts in the names of nominees. The DoJ further alleges McAfee attempted to evade taxes by concealing assets, including real property, a vehicle, and a yacht, in the names of others.

I never thought I would leave America. But 2020 has me keeping my options open. (thc0655)

But it’s hard to ignore the parallels to pre-war Germany: apparently increasing amounts of violence, growing intolerance, a challenging economy, a leader who embraces authoritarian ways, not to mention voicing contempt for various minority groups. No question, there are significant differences too, but the parallel between then and now doesn’t have to be perfect for one to recognize that it exists. I think this might be what Mark Twain was getting at when he wrote: “History doesn’t repeat itself, but it often rhymes.”

Lockdown: The New Totalitarianism (Tom P.)

And remarkably, after all of this, what remains missing is the empirical evidence, from anywhere in the world, that this shocking and unprecedented regime had any effect on controlling much less stopping the virus. Even more remarkably, the few places that remained fully open (South Dakota, Sweden, Tanzania, Belarus), points out Will Jones, “lost no more than 0.06% of their population to the virus,” in contrast to high deaths lockdown New York and Britain.

White House Is Not Tracing Contacts for ‘Super-Spreader’ Rose Garden Event (tmn)

The White House has decided not to trace the contacts of guests and staff members at the Rose Garden celebration 10 days ago for Judge Amy Coney Barrett, where at least eight people, including the president, may have become infected, according to a White House official familiar with the plans.

Instead, it has limited its efforts to notifying people who came in close contact with Mr. Trump in the two days before his Covid diagnosis Thursday evening. It has also cut the Centers for Disease Control and Prevention, which has the government’s most extensive knowledge and resources for contact tracing, out of the process.

James Howard Kunstler: How Dare He Recover?! (CleanEnergyFan)

[President Trump’s discharge from, Walter Reed] was loaded to the brim with portentous metaphor, mainly, that Mr. Trump has overcome yet another adversity, specifically one that the Resistance has been using to scare the public into compliance with economy-wrecking rules. As the president re-enters something like normal life in the days ahead, perhaps the rest of America will rethink the abnormalities of 2020. Perhaps they will notice the Democratic Party’s investment in the Covid-19 lockdown narrative, and what it has done to their livelihoods, their families, and their futures. Maybe watching Mr. Trump get through this, they will see a way out of the woods.

Nine Days in Wuhan, the Ground Zero of the Coronavirus Pandemic (jdargis)

There had never been any logic to the Huanan combo: fish downstairs, eyeglasses upstairs. Locals told me that, more than fifteen years ago, some eyeglass merchants had been attracted by the low rent. Since then, fish and eyeglasses had coexisted peacefully, until the last day of December, when the Wuhan Municipal Health Commission issued a report confirming a series of rumors. The report noted that scientists were studying an unknown type of “viral pneumonia” that had infected twenty-seven people who were associated with the seafood market. But the over-all message was reassuring: “The investigation so far has not found obvious human-to-human transmission, and no medical staff infection has been found.”

Our World In Data: Excess mortality during COVID-19: The raw number of deaths from all causes compared to previous years, United States (000)

hown is how the raw number of weekly deaths in 2020 differs from the average number of deaths in the same week over
the previous five years (2015–2019). Note that deaths in recent weeks might be undercounted due to reporting lags.

California fire season shatters record with more than 4 million acres burned (tmn)

The fire continued to wreak havoc on the region’s air quality, with officials forecasting it would be unhealthy through the weekend for those in parts of the San Gabriel and San Fernando valleys, as well as the San Gabriel Mountains, and unhealthy for sensitive people in many other places in Los Angeles County.

Those with heart disease, asthma or other respiratory conditions were advised to limit outdoor activities, the county Department of Public Health said in a news release.

Gold & Silver

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