Hopes for Economic Recovery Fizzle Amid Coronavirus Resurgence

I called the second California lockdown weeks ago. My wife works retail, and I suspect her employer is going back to curbside business soon, although they haven't yet. Frankly, everything else is locked down again, just like back in March.

Next, I'm predicting California colleges and universities will announce their spring 2021 classes will be all online.

We'll see.

At NYT, "A Resurgence of the Virus, and Lockdowns, Threatens Economic Recovery":

The U.S. economy is headed for a tumultuous autumn, with the threat of closed schools, renewed government lockdowns, empty stadiums and uncertainty in federal support for businesses and the unemployed all clouding hopes for a rapid rebound from recession https://t.co/5R9puWpvrn

— NYT Politics (@nytpolitics) July 15, 2020

WASHINGTON — The United States economy is headed for a tumultuous autumn, with the threat of closed schools, renewed government lockdowns, empty stadiums and an uncertain amount of federal support for businesses and unemployed workers all clouding hopes for a rapid rebound from recession.

For months, the prevailing wisdom among investors, Trump administration officials and many economic forecasters was that after plunging into recession this spring, the country’s recovery would accelerate in late summer and take off in the fall as the virus receded, restrictions on commerce loosened, and consumers reverted to more normal spending patterns. Job gains in May and June fueled those rosy predictions.

But failure to suppress a resurgence of confirmed infections is threatening to choke the recovery and push the country back into a recessionary spiral — one that could inflict long-term damage on workers and businesses large and small, unless Congress reconsiders the scale of federal aid that may be required in the months to come.

The looming economic pain was evident this week as big companies forecast gloomy months ahead and government data showed renewed struggles in the job market. A weekly census survey on Wednesday showed 1.3 million fewer Americans held jobs last week than the previous week. A new American Enterprise Institute analysis from Safegraph.com of shopper traffic to stores showed business activity had plunged in the second week of July, in part from renewed virus fears.

Amazon on Wednesday extended a work-from-home order for eligible employees from October to January, and Delta Air Lines said on Tuesday it was cutting back plans to add flights in August and beyond, citing flagging consumer demand.

The nation’s biggest banks also warned this week that they are setting aside billions of dollars to cover anticipated losses as customers fail to pay their mortgages and other loans in the months to come.

May and June will prove to be “easy” in terms of recovery, Jennifer Piepszak, the chief financial officer of JPMorgan Chase, said during an analyst call on Tuesday. “We’re really hitting the moment of truth, I think, in the months ahead,” she said.

Jamie Dimon, the bank’s chief executive, said much of the economic pain had been blunted by federal spending, which was now running out. “You will see the effect of this recession,” he said.

Some companies that used small-business loans to retain or rehire workers are now beginning to lay off employees as those funds run out while business activity remains depressed. Expanded benefits for unemployed workers, which research shows have been propping up consumer spending throughout the spring and early summer, are scheduled to expire at the end of July, while more than 18 million Americans continue to claim unemployment.

Many states are already renewing lockdowns, including California, where officials have ordered indoor bars, restaurants, gyms and other establishments to close. College sports conferences are beginning to cancel fall sports, including the lucrative football season, and concert tours are out of the picture.

“The earlier-than-anticipated resumption in activity has been accompanied by a sharp increase in the virus spread in many areas,” Lael Brainard, a Federal Reserve governor, said on Tuesday. “Even if the virus spread flattens, the recovery is likely to face headwinds from diminished activity and costly adjustments in some sectors, along with impaired incomes among many consumers and businesses.”

Most economists abandoned hope for a “V-shaped” recovery long ago. Now they are warning of an outright reversal, with mounting job losses and business failures. And this time, much of the damage is likely to be permanent.

“Our assumption has to be that we’re going into re-lockdown in the fall,” said Karl Smith, the vice president of federal policy at the conservative Tax Foundation in Washington.

Until recently, Mr. Smith said, he had been pushing administration officials and members of Congress to begin phasing out an extra $600 per week for unemployed workers — perhaps replacing it with an incentive payment for Americans who return to work — and to shift spending toward tax incentives.

The last two weeks of coronavirus data changed his mind. He is now calling for another large economic rescue package from Washington, including extending the enhanced unemployment benefits, offering more aid to small businesses and perhaps sending another round of stimulus checks to American households.

More.

When a Woman Strips Down for You That First Time

At Drunken Stepfather, "ON/OFF OF THE DAY":

One of the most glorious events when getting with a woman, not that you’d know, is when she strips down for the first time to let you know whether her padded bra has been lying to you, or if her padded bra has been hiding her epic tits….same goes for her ass and really everything else about her because the stripping down is the fastest way to the truth, or in this era the “near” truth because they all have fakes asses, tits, stomachs, etc….

Either way, the on/off is the big reveal…and for someone like me who like seeing every girl naked, it’s good…

Click for the photos.

Alex Biston's Saturday Forecast

Here's the lovely Ms. Alex, at CBS News 2 Los Angeles:

I Should've Posted This on Fourth of July

She'll get you shooting off your bottle rockets, lol.

🇺🇸 USA 🇺🇸 pic.twitter.com/ClZ43No3xr

— Country Girls (@DownHomeGirls) July 4, 2020

Arielle Red-Pilled

She tweets about taking the red pill a lot.

“The truth shall set you free, but first it will piss you off.” - Gloria Steinem pic.twitter.com/1sfXRed4QQ

— Arielle Scarcella (@ArielleScarcell) July 8, 2020

And other stuff:

Truth is the new ‘hate speech’ pic.twitter.com/6MoY1PcsEz

— Arielle Scarcella (@ArielleScarcell) July 14, 2020

Latinos Now the Majority at the University of California

This seems, umm, anticlimactic.

And Michelle Malkin's got the rejoinder:

They're allowed to celebrate this, but if I talk about it, I'm a racist conspiracy theorist...

— Michelle Malkin (@michellemalkin) July 16, 2020

Democrats Encourage Race Hatred? Who Knew?

At the Other McCain, "White Lives Don’t Matter: Democrats Encourage Murderous Racial Hatred":

#BlackLivesMatter is a racial hate movement promoted by Democrats who believe that it will help them win elections. The essential message of the movement’s propaganda is that all white people are evil racist oppressors. If any white person dares object to this hateful message, his objection will be cited as proof that he is a racist. The wave of criminal violence inspired by #BlackLivesMatter is not an accidental consequence of this propaganda; violent crime is the desired result because Democrats have embraced a radical “worse is better” mentality. The worse conditions become in the black community, the more motivativation there will be for black voters to go to the polls in November, and (because Democrats always get about 95% of the black vote) this increase in turnout will mean that Democrats win more elections...

Still more.

Andrew Sullivan to Revive 'The Dish'

I wondered where he was going to wind up. The editors told him not to publish a few weeks back.

Sully had a piece up two Fridays ago, and this yesterday, "See You Next Friday: A Farewell Letter":

Dishness lives. All we’re waiting for is you.https://t.co/X02Q5258iA

— Andrew Sullivan (@sullydish) July 17, 2020

What has happened, I think, is relatively simple: A critical mass of the staff and management at New York Magazine and Vox Media no longer want to associate with me, and, in a time of ever tightening budgets, I’m a luxury item they don’t want to afford. And that’s entirely their prerogative. They seem to believe, and this is increasingly the orthodoxy in mainstream media, that any writer not actively committed to critical theory in questions of race, gender, sexual orientation, and gender identity is actively, physically harming co-workers merely by existing in the same virtual space. Actually attacking, and even mocking, critical theory’s ideas and methods, as I have done continually in this space, is therefore out of sync with the values of Vox Media. That, to the best of my understanding, is why I’m out of here...

RTWT and stay tuned!

Democrats Could Take Both Chambers of Congress

I suppose I should be picking it up with my own election analyses, but it's not been a normal election year, obviously. I've seen journalists dropping the "tsunami" word lately, suggesting the November elections will be a tidal wave washing all of the GOP incumbents out to sea.

You'd think so, actually. This is looking like the best year for Democrats I can remember, like ever.

In any case, at LAT, "As Trump sinks, he’s pulling down the Republican Senate, too":

President Trump’s faltering reelection campaign is dragging the Republican Senate down with him, giving Democrats their best hope in more than a decade of winning control of both houses of Congress and the presidency https://t.co/MhKKWEgiZy

— Los Angeles Times (@latimes) July 18, 2020

CRANBERRY ISLES, Maine —  President Trump’s faltering reelection campaign increasingly is dragging on the Republican Senate, giving Democrats their best hope in more than a decade of winning control of both houses of Congress as well as the White House.

Democrats now threaten Republican Senate incumbents in Georgia, Iowa and Montana — states that had seemed reliably red — in addition to Colorado and Arizona, where Democrats have had the advantage for months, and Maine, where GOP Sen. Susan Collins is facing the toughest election in her long career.

The challengers have been swamping Republican rivals in fundraising and moving ahead in polls, leading independent analysts to dial up their assessment of the Democrats’ chances.

“After Donald Trump’s unexpected victory in 2016, there’s a temptation to avoid making political projections,” wrote Nathan Gonzales, a nonpartisan analyst and editor of Inside Elections. “But one election result shouldn’t cause us to ignore the data. And right now, the preponderance of data points to a great election for Democrats, including taking control of the Senate.”

New campaign finance reports filed with the Federal Election Commission this week show that most Democratic Senate challengers out-raised their GOP rivals in the last three months — some by as much as 3 to 1.

In Georgia, where both Senate seats are up, polls have tightened so much that the Trump campaign and other GOP committees have begun advertising in a state that hasn’t backed a Democrat for president or Senate in more than 20 years.

Even worse for incumbent Republicans: Their fate is largely in the president’s hands. The Trump-dominated political environment, turned sour for his party by his handling of the coronavirus crisis and the nationwide protests over racism, has essentially made the Senate’s state-by-state contests a single, nationalized campaign.

Republicans currently control the Senate 53 to 47. Democrats need a net gain of four seats for a majority, or three if Joe Biden wins the presidency. When the Senate is split 50-50, the vice president is the tiebreaker.

But Democratic ambitions have grown larger: Biden said this week he could see his party winning 55 seats. Many Republicans fear that could happen.

“Panic is gripping the Senate races,” said Rob Stutzman, a California Republican political strategist who is a vocal Trump critic. “A lot of candidates are in a really, really tough spot.”

One sign of how nationalized the Senate races have become: An analysis by the nonpartisan Center for Responsive Politics finds that a record 69% of money contributed to Senate candidates now comes from outside their states. That’s up from 59% in 2018, as donors across the country are treating individual races as a referendum on Trump and GOP control of the Senate.

Nowhere is the national profile of a race as high as here in Maine. Sara Gideon, the speaker of the state House who won the Democratic primary Tuesday, stands to gain about $4 million raised in a national fundraising drive for the benefit of whichever Democrat won the nomination to challenge Collins.

The incumbent is a rare Republican with a record of supporting abortion rights, but her vote to confirm Brett M. Kavanaugh to the Supreme Court despite his opposition to abortion rights has drawn donations and attention to her race from coast to coast.

“We are following all the campaigns where there is a chance of tipping a seat to Democrats,” said Sonia Cairns, an 80-year-old Minneapolis retiree who is planning to donate to Gideon. “Of course I need to know more about Sara Gideon, but I want a Democrat to win that Senate seat.”

A Center for Responsive Politics analysis by senior researcher Doug Weber found that both parties saw a surge in out-of-state giving, but it was more pronounced for Democrats. Republicans pulled in 64% of their contributions from out of state; for Democrats it was 72%.

A big money advantage built on out-of-state support can be a shaky political foundation, warned Sheila Krumholz, executive director of the center.

“It’s great to raise money, but only voters can cast ballots,” she said...

Rhian

She's gained weight. Not just recently, mind you. But she's bigger than she used to be.

Once a Virgo always a Virgo 😝🤘🏼

(Pic is for @maycontaingirl ) pic.twitter.com/9mwkzONfyR

— Rhian Sugden (@Rhianmarie) July 16, 2020

Can the Republican Party Survive?

I've thought about this, especially in light of the "Never Trump" movement.

But nah. We have a two-party system. It's awfully hard for another party to come along and just bump off one of the two major parties we now have. Ross Perot has a chance, but made a huge a strategic mistake by pulling out of the race in early summer 1992. I mean, the dude still went on to win 20 percent of the national popular vote. Bill Clinton won that year with just 43 percent nationwide.

It's hard to knock off the top two. It take an enormous grassroots groundswell.

I suspect the current GOP will lose a few presidential elections and then try to reform into a liberal-progressive party, something along the lines of the old Rockefeller Republicans, or even the Republicans of the Bush Dynasty. Just writing this makes me cringe, since some Republicans have already tried that and got crushed (Jeb Bush, blech.)

In any case, at Yahoo, "Trump’s Party Cannot Survive in a Multiracial Democracy":

15 years ago this week a GOP chairman apologized for the party's role in racial polarization. There were many exit ramps on the road to Trump. https://t.co/dLZIJJ3Bsb via @bopinion

— Francis Wilkinson (@fdwilkinson) July 15, 2020

It was 15 years ago this week that the Republican Party almost took an exit ramp on the long, dark highway from Richard Nixon’s Southern Strategy to Donald Trump’s white nationalism.

On July 14, 2005, Republican National Committee Chairman Ken Mehlman stood before the annual convention of the National Association for the Advancement of Colored People in Milwaukee, Wisconsin, and issued a mea culpa. “By the ’70s and into the ’80s and ’90s, the Democratic Party solidified its gains in the African-American community, and we Republicans did not effectively reach out,” Mehlman said. “Some Republicans gave up on winning the African-American vote, looking the other way or trying to benefit politically from racial polarization. I am here today as the Republican chairman to tell you we were wrong.”

Mehlman went on to make a case that Democrats were taking Black voters for granted and that Republicans offered policies, on school choice and more, that could help Black families. As President George W. Bush’s emissary, he had some credibility. Bush had won about 4 in 10 Hispanic votes and had recently appointed Condoleezza Rice as secretary of state, succeeding Colin Powell. After Barack Obama, they remain the two highest-ranking Blacks in federal government history.

Weeks later, the exit ramp that Bush and Mehlman had envisioned was washed away by Hurricane Katrina. Government incompetence and inaction (sound familiar?) led to harrowing results for hundreds of thousands along the Gulf Coast. New Orleans was the epicenter of failure, neglect and suffering. The federal abandonment of a majority-Black city made a travesty of Republican political outreach.

Yet even that wasn’t the last chance. In 2008, the party nominated Senator John McCain for president. McCain, like Bush, represented a heavily Hispanic state in the Southwest. In a 2002 memoir, McCain had excoriated himself for pretending, while campaigning in South Carolina in 2000, that he didn’t consider the Confederate flag offensive.

Given the fallout from Bush’s cataclysmic failures, McCain didn’t have much of a chance. But he made things worse — subverting his campaign by choosing Sarah Palin as his running mate. By 2010, the Palinized GOP was waging a race-based culture war while its congressional leaders indulged racist tropes about the first Black president.

In the first decade of the 21st century, the Republican Party seemed eager to shed its racist baggage. By the second decade, it was adding to its stock.

John Pitney, a professor of American politics at Claremont McKenna College, has examples of Republican National Committee “outreach” to Blacks going back four decades. “When I was working at the RNC, Lee Atwater established an Outreach Division,” said Pitney, referring to the legendary South Carolina political operative who had helped George H.W. Bush win the White House. “It was an expensive flop. Among other things, African-American activists remembered the 1988 campaign and blamed him for exploiting racial fears over the crime issue.”

Despite decades of failure, the exit ramp seems always there for the taking. In 2013, the RNC produced an “autopsy” of the party’s loss in 2012, which called for the GOP to become more inclusive. “The pervasive mentality of writing off blocks of states or demographic votes for the Republican Party must be completely forgotten,” it stated. The Tea Party wing of the party rebelled; the report was denounced.

In 2016, Republican voters got yet another chance. They could’ve voted for Jeb Bush, John Kasich or Marco Rubio, each of whom offered a vision of a party capable of growing beyond its white nationalist base. Instead, they chose a candidate enthusiastically endorsed by former Klansman David Duke. “Smart GOP politicians have longed for the exit ramps, but GOP primary voters always insist that they stay on the road to perdition,” Pitney said.

How many more exit ramps do Republicans get? As Ronald Brownstein points out in a data-driven essay on Trump’s “neo-Nixonian” 2020 campaign: “Americans today are far more racially diverse, less Christian, better educated, more urbanized, and less likely to be married. In polls, they are more tolerant of interracial and same-sex relationships, more likely to acknowledge the existence of racial discrimination, and less concerned about crime.”

What Brownstein describes is an American enlightenment that viscerally rejects Republican resentment and chauvinism. The GOP embrace of Trump has further narrowed the party’s already restricted access to the growing segments of the American electorate. It is deeply unpopular among voters under 40 who will determine the future of the U.S. ...

Still more, FWIW.

California Braces for Hard Times

And we were doing so well too!

At NYT, "California, After Riding a Boom, Braces for Hard Times":

Delayed by the virus, tax day is almost here. This is what you need to know. And be prepared to wait if you're owed a refund. The I.R.S. has a huge backlog. https://t.co/lSEgYrBE7M

— NYT Business (@nytimesbusiness) July 10, 2020

OAKLAND, Calif. — When California shut down its economy in March, it became a model for painful but aggressive action to counter the new coronavirus. The implicit trade-off was that a lot of upfront pain would help slow the spread, allowing the state to reopen sooner and more triumphantly than places that failed to act as decisively.

But the virus had other plans, and now the state’s economy is in retrenchment mode again. For the nation, this means that an important center of its output — a magnet of summer tourism and home to the technology and entertainment industries along with the world’s busiest port operation — is unlikely to regain momentum soon when growth is needed most

For the state, it means a progressive agenda predicated on the continuation of good times will be hampered as governments move from expansion to cuts. Voters had mostly been open to paying for expanding services and priorities like affordable housing, but they seem to be turning wary of new taxes.

California has always been a boom-and-bust economy, so while nobody was predicting a global pandemic that would tear through the service sector, the prospect of struggle was not unforeseen. Jerry Brown, the four-term governor, left office in 2018 with a multibillion-dollar state surplus and unemployment headed to a record low. But instead of departing on a triumphant high note, he said after his final budget presentation, “What’s out there is darkness, uncertainty, decline and recession.”

His more upbeat successor, Gov. Gavin Newsom, came in promising to expand health care and tackle the state’s homeless problem. Yet in his inaugural speech, Mr. Newsom warned, “Even in a booming economy, there is a sense that things are not as predictable as they once were.”

Indeed. Unemployment, which was 3.9 percent in February, the lowest on record, shot up to 16.3 percent by May, compared with 13.3 percent nationwide. Container traffic at the Ports of Los Angeles and Long Beach is down about a third from a year ago, while many beaches and attractions like Disneyland were closed on July Fourth and are delaying their reopening plans. Most dispiriting is the sense that even after politicians made tough calls that Californians largely supported, the economy seems no better off.

Andrew Snow was supposed to be ramping up by now. Mr. Snow, who owns the Golden Squirrel, a restaurant and bar in Oakland’s Rockridge neighborhood, cut his staff of 28 people to two after the pandemic hit. But thanks to takeout orders, a new line of business selling groceries and the resumption of outdoor service, he recently brought two back, and was set to bump that figure to six or eight by the July Fourth weekend.

A few weeks ago, those plans seemed sound. Back then, on the sunny Friday afternoon when outdoor dining in Alameda County was allowed to resume, the Golden Squirrel’s patio tables, about eight feet apart, were full of patrons enjoying their first trip out for a drink since shelter-in-place orders took effect. That weekend the surrounding College Avenue retail strip was busy with masked, distanced, Purell-doused dining that to many felt borderline decadent after months of being cooped up.

Now business is slowing again, as California is averaging about 8,000 new cases a day, about triple the level a month ago. Mr. Snow’s plans to bring back workers over the holiday weekend didn’t come to pass, and he has put further hiring on hold.

“People are scared,” he said in an interview. “The math for having more people doesn’t work out anymore.”

Exactly how and how quickly the state should have reopened, and who is to blame for the backslide, are unlikely to ever be resolved. What the result means for the economy is more time in the dark, more need among the poorest citizens and more drain on the taxes required to support them.

The U.C.L.A. Anderson Forecast, which has been prognosticating California’s economic trajectory since 1952, expects that the state and national economies won’t fully recover until “well past 2022.” In the state as in the nation, the worst declines will be in the leisure and hospitality industries, while higher-wage areas like technology will be better off, a dynamic that will make financial inequality worse.

Even if the country avoids a second wave of infections in the fall, and a vaccine is made and distributed relatively quickly, that won’t keep many businesses from failing. Others will shift from investing in new equipment and employees to paying debt and shoring reserves. State and local budgets could take years to recover their pre-coronavirus levels of spending, even with federal help.

“The impacts will disproportionately affect lower-income Californians, while the more rapid growth will be happening in technology and construction, which are higher income,” said Jerry Nickelsburg, director of the U.C.L.A. Anderson Forecast.

The longer the pandemic’s disruption, the more likely it is that some jobs will never come back. For instance, a number of restaurants had already switched to counter service, even for fairly high-end meals, to avoid the need for servers who have a hard time affording housing in big cities. Now virtually every restaurant in California is operating around counter service or delivery, and some may not change back...

Still more.

Trump at Mount Rushmore

At WSJ, "Progressives deride his defense of America’s founding principles":

Trump at Mount Rushmore: Progressives deride his defense of America’s founding principles. https://t.co/kp0dgTD7wJ via @WSJ

— Kimberley Strassel (@KimStrassel) July 6, 2020

"At Mt. Rushmore, Trump uses Fourth of July celebration to stoke a culture war."

— Los Angeles Times

"Trump Uses Mount Rushmore Speech to Deliver Divisive Culture War Message."

— New York Times

"Trump pushes racial division, flouts virus rules at Rushmore."

— Associated Press

"At Mount Rushmore, Trump exploits social divisions, warns of ‘left-wing cultural revolution’ in dark speech ahead of Independence Day."

— Washington Post

President Trump delivered one of the best speeches of his Presidency Friday evening at Mount Rushmore, and for evidence consider the echo-chamber headlines above. The chorus of independent media voices understands that Mr. Trump is trying to rally the country in defense of traditional American principles that are now under radical and unprecedented assault.

Dark? In most respects Mr. Trump’s speech was a familiar Fourth of July ode to liberty and U.S. achievement that any President might have delivered in front of an American landmark. “No nation has done more to advance the human condition than the United States of America. And no people have done more to promote human progress than the citizens of our great nation,” he said.

Contrary to the media reporting, the America Mr. Trump described is one of genuine racial equality and diversity. He highlighted the central ideal of the Declaration of Independence that “all men are created equal.” As he rightly put it, “these immortal words set in motion the unstoppable march of freedom” that included the abolition of slavery more than a half century later.

Frederick Douglass and Martin Luther King Jr. also believed this to be true, and Mr. Trump cited them both, as he did other American notables black and white, historic and more recent. There was not a hint of racial division in his words except for those who want to distort their meaning for their own political purposes. In any other time this paean to American exceptionalism would have been unexceptional.

But this year even Mr. Trump’s speech backdrop, Mount Rushmore with its four presidential faces, is politically charged. Each of those Presidents—Washington, Jefferson, Lincoln, Theodore Roosevelt—is under assault for ancient sins against modern values, as progressives seek to expunge their statues and even their names from American life. Mr. Trump’s great offense against the culturally ascendant progressives was to defend these presidential legacies.

Divisive? Mr. Trump’s speech was certainly direct, in his typical style. But it was only divisive if you haven’t been paying attention to the divisions now being stoked on the political left across American institutions. Mr. Trump had the temerity to point out that the last few weeks have seen an explosion of “cancel culture—driving people from their jobs, shaming dissenters, and demanding total submission from anyone who disagrees.”

Describing this statement of fact as “divisive” proves his point. Newspaper editors are being fired over headlines and op-eds after millennial staff revolts. Boeing CEO David Calhoun last week welcomed the resignation of a communications executive for opposing—33 years ago when he was in the military—women in combat. The Washington Post ran an op-ed this weekend urging that the name of America’s first President be struck from Washington and Lee University.

Any one of these events would be remarkable, but together with literally thousands of others around the country they represent precisely what Mr. Trump describes—a left-wing cultural revolution against traditional American values of free speech and political tolerance. And he called for Americans not to cower but to oppose this assault...

Keep reading.

We Need Teach More History, Not Less

This is awesome!

From Wilfred McClay, at the Federalist:

Great piece by Wilfred McClay in @FDRLST. It is impossible to see how truly exceptional this country is without learning about the history we rose above.. https://t.co/rJlwzB1pL9

— Emily Domenech (@ehdomenech) July 6, 2020

The Coming Black Crime Bloodbath (VIDEO)

She's one of the most politically incorrect women in America, and she's riding a wave of prescience on Black Lives Matter. Super compelling interview with Epoch Times editor Jan Jekielek.

And at Amazon, Heather Mac Donald, The War on Cops: How the New Attack on Law and Order Makes Everyone Less Safe.

Blonde Emily

On Twitter:

Blonde-rata! Are you loving @emrata's new look as much as we are? pic.twitter.com/WqQQLzYdIR

— Sports Illustrated Swimsuit (@SI_Swimsuit) July 1, 2020

Emrata is a work of art in BODY PAINT. 😍 https://t.co/Z0R8j8pI58 pic.twitter.com/gBhTX5uVkJ

— Sports Illustrated Swimsuit (@SI_Swimsuit) May 30, 2020

Tan Lines

At Drunken Stepfather, "TAN LINE THURSDAY OF THE DAY."

BONUS: "MORNING HANGOVER DUMP OF THE DAY."

Izabel Goulart

At Celeb Jihad, "IZABEL GOULART NUDE PHOTOS COLLECTION."

McKayla Maroney Tight Top

At Taxi Driver, "McKayla Maroney Pokies in a Tight Top."

White Privilege

It's the rage right now, or, atoning for it is.

At LAT, "‘Something is not right.’ George Floyd protests push white Americans to think about their privilege":

The police killing of George Floyd and resulting protests have led white Americans to reckon with racism more vigorously than at any moment in recent history. https://t.co/tpRqGetRha

— Los Angeles Times (@latimes) June 28, 2020

GUALALA, Calif. —  Mike Sexton is white and a Republican who lives in an affluent suburb of Fort Worth, where many neighbors back President Trump and some work in law enforcement. Rage wells up in his voice as he says that George Floyd, a Black man, was “basically lynched.” 

Shawn Ashmore is an independent who lives nearby in east Dallas. He’s using Floyd’s killing to teach his young sons uncomfortable lessons about the privileges their family enjoys because they’re white — how, for instance, they’ll never fear for their lives during an encounter with the police the way some Black men do.

Lisa Joakimides lives in rural Northern California and considers herself a well-meaning Democrat. After the election of Barack Obama in 2008, Joakimides, who is white, convinced herself that America was finally making amends for its history of mistreating Black people.

As Joakimides got down on both knees to honor Floyd at a roadside demonstration in early June, she wondered how she could have been so naive.

Floyd’s killing in Minneapolis, captured in witness videos showing then-Officer Derek Chauvin kneeling on Floyd’s neck, has led white Americans to call out racism against Black Americans more vigorously than at any moment in recent memory. And it’s prompting many white people to think more deeply about the color of their own skin.

Why now? Chicago-based sociology professor Jacqueline Battalora believes that after three wearying months of social isolation and economic upheaval brought on by the COVID-19 pandemic, Floyd’s killing was yet another blow to the illusions of safety, security and equality that many white people harbor about America.

“The police are fair; institutions are fair — white people have been so happy to believe those things,” said Battalora, a former police officer and author of “Birth of a White Nation: The Invention of White People and Its Relevance Today.” “What this signals is that a good chunk of white people now have some recognition that something’s not right.”

For Sexton, Ashmore and Joakimides, the killing of Floyd and outpourings of rage have forced them to see that expressions of sympathy and displays of solidarity with Black people are only the beginning. America won’t change its racist ways, they say, unless white people use this period of protest and reflection to change, too.

What’s different this time, Sexton said, is that white people have gained a better sense of where that outrage comes from, and how insulated they are from the racial injustices that provoke it.

Sexton, 45, said he can’t sit on the sidelines of the protest movement, or shy away from the national conversation about racism and police brutality, simply because he votes red instead of blue.

“It’s not right versus left,” he said. “It’s right versus wrong.”

Sexton said he wasn’t oblivious to racial discrimination. Every Black person he knows has shared stories of being followed and stopped for no reason by police.

But the video of Floyd’s killing, which captured him crying out “I can’t breathe” and calling out for his dead mother, made Sexton realize the powerlessness and sheer panic that Black people often experience in the presence of officers.

He said it’s crazy that it took so long for him and other white people to fully grasp that horror of police brutality, “but for us, we wouldn’t have understood were it not for the video.”

“Now,” he said, “we’re listening.”

Sexton, a salesman, recently organized a rally for police accountability in a high school parking lot near where he lives in Grapevine, Texas. It drew about 200 demonstrators, most of them white.

Members of the clergy and Grapevine Police Chief Mike Hamlin attended. One of the speakers was a Trump supporter.

A Black teen told the crowd that she was afraid to bring children into the world because she feared she wouldn’t be able to protect them from law enforcement or the country’s racism.

“That broke my heart into a thousand pieces,” Sexton said.

After weeks of protest, opinions about police violence appear to be shifting, but there’s still a large gap between white and Black people about whether it represents a national crisis.

In an AP-NORC poll taken in mid-June, fewer than half of white respondents — 39% — believe that police violence against the public is either an extreme or very serious problem, compared with 80% of Black respondents.

Those numbers did show a shrinking of the gulf between the way white and Black Americans view the issue. The same poll was taken in the early stages of the Black Lives Matter movement in 2015, and then only 19% of white people said police violence was an extreme or serious problem, compared with 73% of Black people.

“It created this opening for white people,” Battalora said of Floyd‘s killing. “But that’s different from saying we ‘get it.’ That will be more of a process.”

It remains to be seen whether the spectacle in recent days of white people locking hands to protect Black demonstrators from riot police, or taking part in the toppling of monuments to Confederate soldiers and slaveholders, represents a turning point...

Still more.

Gordon Thomas and Greg Lewis, Defying Hitler

At Amazon, Gordon Thomas and Greg Lewis, Defying Hitler: The Germans Who Resisted Nazi Rule.

America's Jacobin Moment

At WSJ, "The cultural putsch in America’s institutions strikes at liberal values":

The Editorial Board: If liberals won’t stop the Jacobin left, expect a political backlash and social fracture that will make Donald Trump’s Presidency look like a tea party. https://t.co/O0A91qmF9f

— WSJ Editorial Page (@WSJopinion) June 23, 2020

Anger at the killing of George Floyd has spurred useful reflection about race and perhaps some important police reform. But the political and cultural forces have transformed in recent weeks into something far less healthy—a ferocious campaign of political conformity sweeping across American artistic, educational, business and entertainment institutions.

This coercive cultural turn threatens to devour what remains of America’s civic comity and push durable social progress on race and politics out of reach.

***

We describe this as a Jacobin moment because it has the fervor and indiscriminate judgment of the revolutionary mind. The guillotine isn’t in use, but the impulse is the same to destroy careers, livelihoods and reputations. The wave of resignations, firings, disavowals and forced apologies at institutions large and small is moving so fast it is difficult to keep track...

Social comity in a polarized society will not be achieved through coercion and struggle sessions. If liberals won’t stop the Jacobin left, expect a political backlash and social fracture that will make Donald Trump’s Presidency look like a tea party.

RTWT.

Ryan James Girdusky and Harlan Hill, They're Not Listening

At Amazon, Ryan James Girdusky and Harlan Hill, They're Not Listening: How The Elites Created the National Populist Revolution.

Richard Wright, Native Son

At Amazon, Native Son.

Interactive Cover

Click through, at the New Yorker:

An early look at next week’s cover, "Say Their Names," by @KadirNelson: https://t.co/Nj3q09OrOL pic.twitter.com/a3w3l1XESb

— The New Yorker (@NewYorker) June 14, 2020

Also:

Like men who saw the scroll of #MeToo testimonies & interrogated women, asking “Is it really that bad?,” the shock of Floyd’s death is itself a barometer of inequality, evidence of who has moved through life free of the burden of such terrible knowledge. https://t.co/7Ci2bv3ToO

— jelani cobb (@jelani9) June 14, 2020

It's performative journalism.

Brooks Nader

Wow!

No #SundayScaries here! https://t.co/Fv2BwN2hSw pic.twitter.com/HDWTHzEyS1

— Sports Illustrated Swimsuit (@SI_Swimsuit) May 31, 2020

Shop Today

At Amazon, Today's Deals: New deals. Every day. Shop our Deal of the Day, Lightning Deals and more daily deals and limited-time sales.

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BONUS: Dave Canterbury, Bushcraft 101: A Field Guide to the Art of Wilderness Survival.

Professor William Jacobson on Laura Ingraham's Show (VIDEO)

Professor Jacobson is so mild-mannered it's almost funny. That this man is a "threat" to black lives is hilarious.



And in case you missed it, at Legal Insurrection, "There’s an effort to get me fired at Cornell for criticizing the Black Lives Matter Movement."

BONUS: From Jonathan Turley, "Cornell Professors Declare 'Informed Commentary' Criticizing the Protests as Racism."

Louis Auchincloss, The Rector of Justin

Louis Auchincloss, The Rector of Justin: A Novel.

Shop Today's Deals

At Amazon, Today's Deals: New deals. Every day. Shop our Deal of the Day, Lightning Deals and more daily deals and limited-time sales.

More, Reapr 11003 44 Inch Survival Spear, Black - Tactical Survival Spear/Martial Arts Weapon - Fiberglass Staff & Precision Cut Stainless Steel Staff Weapon, Hunting Spear, or Survival Blade.

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Still more, Fox M1112 12-Inch by 36-Inch Gunsmithing Lathe.

And, CamelBak HydroBak Hydration Pack 50 oz.

Here, Mountain House Classic Bucket.

Finally, Mainstay Emergency Food Rations - 3600 Calorie Bars (Single).

BONUS: James Wesley Rawles, Patriots: A Novel of Survival in the Coming Collapse.

The Defund the Police Lies (VIDEO)

A great segment, with Laura Ingraham:

Jennifer Delacruz's Weekend Weather

This is yesterday's forecast, from the lovely Ms. Jennifer, still broadcasting from home.

At ABC 10 News San Diego:

Dana Loesch, Grace Canceled

At Amazon, Dana Loesch, Grace Canceled: How Outrage is Destroying Lives, Ending Debate, and Endangering Democracy.

Defund the Police Movement Based on Lies

At NYP, "The movement to defund police is based on nothing but lies."

https://t.co/TpGXVxQ7SY

— Kyle Smith (@rkylesmith) June 7, 2020

'Not My Responsibility'

Not sure why this woman is so repressed about her body, since she's obviously got enviable assets.



BONUS: At Celeb Jihad, "BILLIE EILISH."

Bella

At Taxi Driver, "Bella Thorne Shares in a Blue Bra Up Close."

Excuse me 😍 pic.twitter.com/XhQPEPoul4

— BITCHIMBELLATHORNE (@bellathorne) May 26, 2020

BONUS: "NEW BELLA THORNE VIDEO."

Celebrity Protests

Interesting that you'd never notice these big stars in a protest crowd, especially with the face coverings.

At Drunken Stepfather, "CELEBRITIES PROTESTING OF THE DAY."

Curfew is Costly for Night-Shift Workers

It's hard out there, and leftists make it harder for everybody.

At LAT, "For night-shift workers, curfews can be costly."

For night-shift workers, curfews can be costly https://t.co/vsh7cgsYlR

— Los Angeles Times (@latimes) June 5, 2020

The Systemic Collapse of American Society

Wow.

This is something else, at the Unz Review, "The Systemic Collapse of the US Society Has Begun."

"The systemic collapse of the US society has begun" - the Saker https://t.co/2rbW3ZD36u

— The Unz Review (@UnzReview) June 5, 2020

Women in Personal Protective Equipment

At Drunken Stepfather, "GIRLS IN PPE OF THE DAY."

Terrifying Collapse of Rule of Law Across America

I've been waiting for this, from Heather Mac Donald, at City Journal, "Darkness Falls: The collapse of the rule of law across the country, intensified by Antifa radicals, is terrifying":

Savagery is spreading with lightning speed across the United States, with murderous assaults on police officers and civilians.

Welcome to a real civilization-destroying pandemic.

My latest @CityJournal https://t.co/mTZef4vnZP

— Heather Mac Donald (@HMDatMI) June 1, 2020

This pandemic of civil violence is more widespread than anything seen during the Black Lives Matter movement of the Obama years, and it will likely have an even deadlier toll on law enforcement officers than the targeted assassinations we saw from 2014 onward. It’s worse this time because the country has absorbed another five years of academically inspired racial victimology. From Ta-Nehisi Coates to the New York Times’s 1619 project, the constant narrative about America’s endemic white supremacy and its deliberate destruction of the “black body” has been thoroughly injected into the political bloodstream.

Facts don’t matter to the academic victimology narrative. Far from destroying the black body, whites are the overwhelming target of interracial violence. Between 2012 and 2015, blacks committed 85.5 percent of all black-white interracial violent victimizations (excluding interracial homicide, which is also disproportionately black-on-white). That works out to 540,360 felonious assaults on whites. Whites committed 14.4 percent of all interracial violent victimization, or 91,470 felonious assaults on blacks. Blacks are less than 13 percent of the national population.

If white mobs were rampaging through black business districts, assaulting passersby and looting stores, we would have heard about it on the national news every night. But the black flash mob phenomenon is grudgingly covered, if at all, and only locally.

The national media have been insisting on the theme of the allegedly brutal Minneapolis police department. They said nothing as black-on-white robberies rose in downtown Minneapolis late last year, along with savage assaults on passersby. Why are the Minneapolis police in black neighborhoods? Because that’s where violent crime is happening, including shootings of two-year-olds and lethal beatings of 75-year-olds. Just as during the Obama years, the discussion of the allegedly oppressive police is being conducted in the complete absence of any recognition of street crime and the breakdown of the black family that drives it.

Once the violence began, any effort to “understand” it should have stopped, since that understanding is inevitably exculpatory. The looters are not grieving over the stomach-churning arrest and death of George Floyd; they are having the time of their lives. You don’t protest or mourn a victim by stealing oxycontin, electronics, jewelry, and sneakers...

RTWT.

Economic Relief Programs Will Soon End, and Then Watch Out for the Coming Political Earthquake

This is interesting, and it's almost exactly what I've been thinking since the lockdown started in March.

Even before classes ended and we went to online instruction --- for about a week --- I was starting my sections everyday with the Wall Street Journal on the overhead projector, showing the huge front-page charts of the crash of the Dow Jones Industrial Average. It was shocking at the time, and I told my students it was reminiscent of the Great Depression.

While the Crash of '20 is different, it's certainly going to bring about some fundamental changes in politics, and frankly I don't think Trump is a shoo-in for reelection, no matter how bad Biden is. That said, if leftists keep burning down cities all summer long, Trump can run on an aggressive "law and order" platform, highlighting racial issues, as he's did with illegal immigration in 2016 to victorious effect.

At WSJ, "The Covid Political Earthquake":

Within weeks direct payments will end & @HolmesJosh writes:

"...an emerging cultural and economic time bomb is about to explode. There has never been a wider gap between average Americans’ perception of their own economic situation & the reality of it."https://t.co/DvJnJzPyWB

— Laura Strickler (@strickdc) May 29, 2020

The political press is preoccupied with the electoral implications of the virus crisis, and pundits insist the 2020 election will be about the Trump daily soap opera. But an emerging cultural and economic time bomb is about to explode. There has never been a wider gap between average Americans’ perception of their own economic situation and the reality of it. America could soon have its most combustible political environment in recent history.

Something that should alarm everyone: Neither the stock market nor the political preferences of those who have been hit hardest by this Covid-induced economic crisis have fundamentally changed since the crisis began. The American economy has shed more than 30 million jobs in the past eight weeks, and poll numbers haven’t moved an inch. According to Gallup, President Trump’s approval rating was 49% on Feb. 16, with 48% disapproving. Three months and the largest job loss in American history later, those numbers are exactly the same: 49% to 48%.

How is that possible? Is the political climate so partisan that the loss of your livelihood can’t change your political perspective? To some extent that could be true. But most of America is living in an illusion that masks the inevitable pain of this pandemic.

To the credit of the president and Congress, the Cares Act was passed before many Americans missed paychecks. The administration distributed the cash quickly enough that Americans had access to expanded unemployment compensation and a direct payment before their financial situation became dire. For the 40% of people making under $40,000 who have lost their jobs since March, according to Federal Reserve Chairman Jerome Powell, the Cares Act ensured that their financial situation isn’t worse than it was in February. In some cases, it’s better, thanks to the $600-a-week unemployment bonus.

Much of economically vulnerable America has been insulated from economic reality. A recent Washington Post poll shows that 77% of those who lost their jobs believe they will be heading back to the same jobs following the health crisis. Pew Research reports that 68% of Americans who lost their jobs are concerned about reopening the economy too early, rather than too late.

In short, if your family hasn’t lost a loved one to Covid-19, your bank account probably looks basically the same, and you believe your job is awaiting your return, the past 10 weeks have been an extended inconvenience. Your political views are still informed by the same economic inputs that formed them in February.

Still more.

Randall Jacobs Obituary

Althouse blogged it, "'Uncle Bunky... spoke in a gravelly patois of wisecracks, mangled metaphors, and inspired profanity that reflected the Arizona dive bars, Colorado ski slopes, and various dodgy establishments'..."

Fuckin A, I'm getting misty and I didn't even know the guy pic.twitter.com/klrFykKBtN

— Vince Mancini (@VinceMancini) May 20, 2020

Venice Beach Skatepark Reopens

The skaters pulled together to clean out the sand, which the city had dumped there hoping to crush the independent spirit of the locals.

The current state of affairs in CA is that skaters are the voice of reason. Amazing times we live in. pic.twitter.com/BWUb3WKD7M

— Paul Thacker (@paulthacker11) May 26, 2020

Class Differences in Education

At NYT, "College Made Them Feel Equal. The Virus Exposed How Unequal Their Lives Are":

This is a sobering piece that will give insight into the plight of those trying to improve their lot. College Made Them Feel Equal. The Virus Exposed How Unequal Their Lives Are. https://t.co/kYNuiLDp3M

— Jose de Jesus Ortiz (@OrtizKicks) April 4, 2020

The political science class was called “Forced Migration and Refugees.” Students read accounts of migrants fleeing broken economies and seeking better futures, of life plans drastically altered and the political forces that made it all seem necessary.

Then suddenly, the subject matter became personal: Haverford College shut down and evicted most students from the dormitories as the coronavirus spread through Pennsylvania.

Like many college courses around the country, the class soldiered on. The syllabus was revised. The students reconvened on a videoconferencing app.

But as each logged in, not everyone’s new reality looked the same.

One student sat at a vacation home on the coast of Maine. Another struggled to keep her mother’s Puerto Rican food truck running while meat vanished from Florida grocery shelves. As one young woman’s father, a private equity executive, urged the family to decamp to a country where infections were falling, another student’s mother in Russia couldn’t afford the plane ticket to bring her daughter home.

“Now Russia is about to close its borders,” Sophie Chochaeva told her classmates, in the days before the country did. She was one of 135 students still on campus, in a dorm room she called “the cozy foxhole,” as the world outside became a ghost town. “This crisis is exposing that a lot of people don’t have anywhere to go.”

The outbreak of the coronavirus — and the accompanying economic devastation that has left 10 million people almost instantly unemployed — has put America’s class divide on full display. Gig employees were the first to suffer, with many of their jobs vanishing without unemployment benefits. Office employees retreated to work-from-home arrangements while janitors cleaned the buildings they fled and delivery workers brought packages to their doorsteps.

But college was meant to be different. For decades, small liberal arts schools like Haverford, a short ride from Philadelphia, prided themselves on being the “great equalizer,” offering pedigrees not just to the scions of East Coast elites but also to the children of first-generation immigrants. Scholarships filled in for family money. Students ate the same cafeteria food in the morning and bunked in the same creaky beds at night.

No longer — at least not while the virus spreads through the country.

“It’s as though you had a front-row view on American inequality and the ways in which it was disguised and papered over,” said Anita Isaacs, the course’s professor who has taught political science at Haverford since 1988. The first gulf war, the Sept. 11 attacks, the Great Recession — she had seen them all through the eyes of her students.

“There’s been nothing like this before,” she said.

Several nights before the class was to reconvene online in late March, Professor Isaacs received an email from one of her teaching assistants, Tatiana Lathion, a college senior whose parents own the food truck. Their source of income was on the verge of liquidation as stay-at-home orders loomed in Jacksonville, Fla., where they lived.

“I’m not sure my savings will allow them both to survive this quarantine and still keep the business,” she wrote. She said she was thinking of getting a part-time job at a grocery store.

Wasn’t college supposed to get her away from all that?

“I have this panic moment that it’s literally for nothing now,” Ms. Lathion wrote to her professor.

Ms. Lathion had not thought she would attend college...

Still more.

Memorial Day Weekend at Lake of the Ozarks

This is just wild.

At NYT, "After Crowding at Lake of the Ozarks, Missouri Officials Urge Quarantine":

Officials in 2 states urged Memorial Day weekend visitors to Lake of the Ozarks to quarantine themselves after videos showed crowds defying Missouri’s social distancing guidelines https://t.co/EAhHU0iBfF

— The New York Times (@nytimes) May 26, 2020

After large crowds gathered at the Lake of the Ozarks over the Memorial Day weekend in defiance of Missouri’s social distancing guidelines, officials in two states urged those visitors to quarantine for two weeks, or until they tested negative for the coronavirus.

The visitors “showed no efforts to follow social distancing practices,” the St. Louis County Department of Health said in a statement on Monday, issuing a travel advisory for people who had been to the popular destination spot.

Video footage from one gathering showed a large crowd of people, most of them in bathing suits and without face masks, at a pool with music blaring overhead and yachts docked at a marina behind them. The videos spread widely on social media over the weekend.

“It’s irresponsible and dangerous to engage in such high risk behavior just to have some fun over the extended holiday weekend,” Lyda Krewson, the mayor of St. Louis, said in a statement on Tuesday.

“Now, these folks will be going home to St. Louis and counties across Missouri and the Midwest, raising concerns about the potential of more positive cases, hospitalizations, and tragically, deaths,” she said. “It’s just deeply disturbing and threatens the progress we’ve all made together to flatten the curve.”

The Kansas department of health on Tuesday echoed that statement and urged state residents who had been there and did not observe social distancing practices to voluntarily self-quarantine for two weeks.

“The reckless behavior displayed during this weekend risks setting our community back substantially for the progress we’ve already made in slowing the spread of Covid-19,” Dr. Lee A. Norman, the agency’s secretary, said in a statement. “If you traveled to Lake of the Ozarks over the weekend, we urge you to act responsibly and self-quarantine to protect your neighbors, co-workers and family.”

On Tuesday, Gov. Mike Parson of Missouri said on Twitter that “there were some poor decisions that were made.”

“When social distancing is not followed, it is potentially dangerous for EVERYONE,” he said. “That said, the Lake of the Ozarks is a small sample of Missouri. While poor choices were made by some at the lake, there were many other Missourians across the state who did make safe and responsible choices over the holiday weekend.”

There have been at least 12,296 known cases of the coronavirus in Missouri, according to a New York Times database. As of Tuesday morning, at least 694 people had died...

Still more.

Old Trapper Beef Jerky

I've been grubbin' this stuff like crazy lately. Yum!

At Amazon, Old Trapper Beef Jerky 10oz, Naturally Smoked, Old Fashioned Original (Pack of 1).

And the large size, Old Trapper Old Fashioned Double Eagle Beef Jerky - Traditional Style Real Wood Smoked - 1 Jar (80 Pieces).

Jennifer Delacruz's Memorial Day Forecast

It's lovely, mild weather for Memorial Day today, but Ms. Jennifer's still doing her forecasts from home, and a lot of would-be beach-goers will be foregoing a day in the sun today as well.

At ABC 10 News San Diego:

Jose Saramago, Blindness

At Amazon, Jose Saramago, Blindness.

A city is hit by an epidemic of "white blindness" which spares no one. Authorities confine the blind to an empty mental hospital, but there the criminal element holds everyone captive, stealing food rations and raping women. There is one eyewitness to this nightmare who guides seven strangers-among them a boy with no mother, a girl with dark glasses, a dog of tears-through the barren streets, and the procession becomes as uncanny as the surroundings are harrowing. A magnificent parable of loss and disorientation and a vivid evocation of the horrors of the twentieth century, Blindness has swept the reading public with its powerful portrayal of man's worst appetites and weaknesses-and man's ultimately exhilarating spirit. The stunningly powerful novel of man's will to survive against all odds, by the winner of the 1998 Nobel Prize for Literature.

'I'm afraid a lot of these stores are going to go out of business. I see that Pier 1 died, but I couldn't understand how it could still be around after all these years. What was all that junk they were selling? Did anyone need anything they had on offer?'

That's Althouse on the economy, "'Retailers that have spent years trying to get customers to linger, in hopes they’ll buy more than they need, are reimagining their stores'..."

Lee Smith, The Plot Against the President

At Amazon, Lee Smith, The Plot Against the President: The True Story of How Congressman Devin Nunes Uncovered the Biggest Political Scandal in U.S. History.

Heat Wave Coming

Well good --- folks need to get out to the beach.

At LAT:

Heat wave to arrive in Southern California just in time for Memorial Day https://t.co/ZPKHr2Ypll

— Los Angeles Times (@latimes) May 22, 2020

'Empty L.A.'

At LAT:

This piece, about AJ Bleyer's empty Los Angeles video, makes me want to drive around the airport loop just to experience no airport traffic. https://t.co/JyWphbG7AA

— Robin Abcarian (@AbcarianLAT) May 22, 2020

The Day Coronavirus Nearly Broke the Financial Markets

At WSJ, "The March 16 stock crash was part of a broader liquidity crisis that threatened the viability of America’s companies and municipalities":

On March 16, coronavirus brought the financial system to the brink. Few realized how close it came to going over the edge entirely. https://t.co/kGg568pU1D

— The Wall Street Journal (@WSJ) May 20, 2020

An urgent call reached Ronald O’Hanley, State Street Corp.’s chief executive, as he sat in his office in downtown Boston. It was 8 a.m. on Monday, March 16.

A senior deputy told him corporate treasurers and pension managers, panicked by the growing economic damage from the Covid-19 pandemic, were pulling billions of dollars from certain money-market funds. This was forcing the funds to try to sell some of the bonds they held.

But there were almost no buyers. Everybody was suddenly desperate for cash.

He and the deputy, asset-management executive Cyrus Taraporevala, had spoken the night before, wrestling with how investors would respond to an emergency interest-rate cut from the Federal Reserve.

Now, they had their answer. In his 34 years in finance, Mr. O’Hanley had weathered plenty of meltdowns, but never one like this.

“The market is fearing the worst,” Mr. O’Hanley told him.

March 16 was the day a microscopic virus brought the financial system to the brink. Few realized how close it came to going over the edge entirely.

The Dow Jones Industrial Average plunged nearly 13% that day, the second-biggest one-day fall in history. Stock-market volatility spiked to a record high. Investors struggled to unload even safe bonds, like Treasurys. Companies and government officials were losing access to the lending markets on which they rely to make payroll and build schools.

Prime money-market funds that are owned by big institutional investors and buy a lot of short-term corporate debt—normally safe and boring—had outflows of $60 billion in the week ending that Wednesday, financial-data firm Refinitiv said, among the worst ever. Some $56 billion in client money fled bond funds.

Interest rates on short-term corporate debt surged, peaking on March 25 at 2.43 percentage points above the federal-funds rate—the highest it has been since October 2008, according to the Federal Reserve Bank of St. Louis.

The financial system has endured numerous credit crunches and market crashes, and memories of the 1987 and 2008 crises set a high bar for market dysfunction. But longtime investors and those who make a living on Wall Street say mid-March of this year was far more severe in a short period. Moreover, the stresses to the financial system were broader than many had seen.

“The 2008 financial crisis was a car crash in slow motion,” said Adam Lollos, head of short-term credit at Citigroup Inc. “This was like, ‘Boom!’ ”

A barrage of government programs has since pulled the system back from collapse. This account of what happened on one of the worst days the financial markets have ever seen, from many of the executives, money managers and Wall Street veterans who lived it, shows why the rescue effort was so urgent.

The Federal Reserve set the stage for the downturn on Sunday, March 15. Most investors were expecting the central bank to announce its latest response to the crisis the following Wednesday. Instead, it announced at 5 p.m. that evening that it was slashing interest rates and planning to buy $700 billion in bonds to help unclog the markets.

Rather than take comfort in the Fed’s actions, many companies, governments, bankers and investors viewed the decision as reason to prepare for the worst possible outcome from the coronavirus pandemic.

A downdraft in bonds was now a rout.

Mr. O’Hanley was in a good position to see the crisis unfold. His bank provides vital, if unheralded, administrative and bookkeeping services for most of the world’s biggest investors, and runs its own trillion-dollar money manager.

Companies and pension managers have long relied on money-market funds that invest in short-term corporate and municipal-debt holdings considered safe and liquid enough to be classified as “cash equivalents.” They function almost like checking accounts—helping firms manage payroll, pay office leases and move cash around to finance their daily operations.

But that Monday, investors no longer believed certain money funds were cash-like at all. As they pulled their money out, managers struggled to sell bonds to meet redemptions.

In theory, there should have been some give in the system. U.S. regulators had rewritten the rules on money funds in the wake of the 2008 financial crisis, replacing their fixed, $1 price with a floating one that moved with the value of their holdings. The changes headed off the panic that could ensue when a fund’s price “breaks the buck,” as one prominent fund had in 2008.

But the rules couldn’t stop a panicked assault like this one. Rumors circulated that some of State Street’s rivals would be forced to prop up their funds. Within days, both Goldman Sachs Group Inc. and Bank of New York Mellon Corp. stepped in to buy assets from their money funds. Both firms declined to comment.

This was bad news for not only those funds and their investors, but also for the thousands of companies and communities dependent on short-term loan markets to pay their employees. “If junk bonds back up, people can rationalize that away,” Mr. O’Hanley said. “There’s very little ability to rationalize trouble in cash.”

A debt-investing unit of Prudential Financial Inc., one of the largest insurance companies in the world, was also struggling with normally safe securities.

When traders at PGIM Fixed Income tried that Monday to sell a batch of short-term bonds issued by highly rated companies, they found few takers. And banks were reluctant to step in as intermediaries.

“The broker-dealer community was frozen,” said Michael Collins, a senior fixed-income manager at PGIM. “It was as bad as at any point during the great financial crisis.”

Across the country in Southern California, the head of the debt-trading desk at investment firm Capital Group Cos., Vikram Rao, tried to make sense of the dysfunction.

Mr. Rao, who was working remotely that Monday, walked down the 20 steps to his home office at 4:30 a.m. to discover the debt markets were already in disarray. He started calling the senior Wall Street executives he knew at many of the big banks.

Executives told him that Sunday’s emergency Fed rate cut had swung a swath of interest-rate swap contracts in banks’ favor. Companies had locked in superlow interest rates on future debt sales over the past year. But when rates fell even further, the companies suddenly owed additional collateral.

On that Monday, banks had to account for all that new collateral as assets on their books.

So when Mr. Rao called senior executives for an explanation on why they wouldn’t trade, they had the same refrain: There was no room to buy bonds and other assets and still remain in compliance with tougher guidelines imposed by regulators after the previous financial crisis. In other words, capital rules intended to make the financial system safer were, at least in this instance, draining liquidity from the markets.

One senior bank executive leveled with him: “We can’t bid on anything that adds to the balance sheet right now.”

At the same time, the surge in stock-market volatility, along with falling prices on mortgage bonds, had forced margin calls on many investment funds. The additional collateral they owed banks was also booked as assets, adding billions more.

The slump in mortgage bonds was so vast it crushed a group of investors that had borrowed from banks to juice their returns: real-estate investment funds.

The Fed’s bond-buying program, unveiled that Sunday, had earmarked some $200 billion for mortgage-bond purchases. But by Monday bond managers discovered the Fed purchases, while well-intentioned, weren’t nearly enough.

“On that first day, the Fed got completely run over by the market,” said Dan Ivascyn, who manages one of the world’s biggest bond funds and serves as investment chief at Pacific Investment Management Co. “That’s where REITs and other leveraged-mortgage products started getting into serious trouble.”

That Tuesday, UBS Group AG closed two exchange-traded notes tied to mortgage real-estate investment trusts. By Friday, a mortgage trust run by hedge-fund firm Angelo Gordon & Co. had warned its lenders it wouldn’t be able to meet its obligations on future margin calls...

Still more.

Tara Westover, Educated

At Amazon, Tara Westover, Educated: A Memoir.

Benjamin J. Cohen, Currency Statecraft

Following-up, "China and the Future of the Dollar."

From my former professor and mentor at UCSB, Dr. Benjamin J. Cohen, Currency Statecraft: Monetary Rivalry and Geopolitical Ambition.