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On the list: the end of the end of the recessions – The bailout agreement is ready for the final passage – Large union movements are pushing Bernie out – “We have sort of passed the hole on that one”
THE END OF THE END OF THE RECESSIONS
One of the great lines of force in the history of the 20th century is the Kellogg-Briand Pact, the 1929 treaty signed by all the great world powers prohibiting war … 10 years before the start of the deadliest war and the deadliest in human history.
A cornerstone of foreign policy perfectly suited to the Hoover administration – highly idealistic, very modern and completely wrong – it was the result of the tireless work of the Secretary of State Frank Kellogg, a former progressive Republican senator from Minnesota who made his name by exploding big business Teddy rooseveltFrom the Department of Justice.
Not only did the Nazis and the Imperial Japanese care little about the legal power of the two-paragraph document at the time of the war, but the pact itself may even have made it more difficult to thwart such harmful ambitions. When war is prohibited, only outlaws will wage war.
We have thought a lot about dear and kind Secretary Kellogg and his pact over the past six months or so, as we have heard more and more categorical assurances that recessions are a thing of the past. We have been told that, thanks to the bipartisan decision to ignore any apparent spending limits and aggressive intervention by central banks, the normal vagaries of the business cycle and the threat of periodic recessions have been virtually prohibited.
Even during the longest period of economic expansion in American history, Washington and finance leaders were more than bullish. They even used extraordinary measures to stimulate the already growing economy. When the bears have been banished, why not give the bulls their heads?
But no one told the coronavirus.
The tiniest and coarsest organizations exceeded the capacity of the planners of each party and nation. Banks can intervene and governments can borrow, but there is no sensible man or woman in the corridors (or Zoom meetings) of power in Washington and New York who cannot recognize that we are in a serious economic situation. We don’t know how much or for how long, but it’s up to us.
For years, it has not been in anyone’s political interest to complain about the Federal Reserve’s constant incentive borrowing or high sugar levels. President Trump and his Democratic training partners couldn’t agree on how to wind a watch, but they certainly agreed that pouring billions of dollars more into an already growing economy was a good thing.
But that meant that when the recession came, the means we had used to keep the juice growing were insufficient for a real rescue effort. Like antibiotic resistance, reckless use on minor matters requires increasingly extraordinary measures against larger threats.
We can measure the consequences of these escalations not only in dollars, but also in the decline in confidence in the institutions and individuals who are working so feverishly now to save as much of the supposedly unsinkable economy as possible.
There are many reasons why America has been ravaged by spasms of angry populism in the past two decades. The way we communicate, work, live and learn has all undergone massive changes in our young century, so it is only natural that our political life will also be disrupted.
But if you wanted to brandish a few lightning rods – real static collectors of this new populism – you could choose the Troubled Asset Relief Program of 2008 and the American Recovery and Reinvestment Act of 2009. Bank bailout and the president Barack ObamaThe stimulus measures, both intended to respond to the financial panic caused by the collapse of the housing market, have become instant winners.
The government had used extraordinary measures to maintain the economy for years after the dot-com bust and September 11. And when the housing bubble that our leaders themselves helped inflate became a kablooey, they had to pump and pump and pump like never before.
The Occupy Wall Street movement and the Tea Party came from very different places, but they both agreed that the federal government was recklessly rewarding insiders and elites while ignoring the concerns of ordinary Americans. The government was putting the burden on everyone by borrowing money and collecting taxes, but the benefits were only for some.
We do not yet know what components of the coronavirus stimuli will make voters most furious in the upcoming elections. Bailouts for cruise ships? Another $ 20 billion in farm subsidies? Who knows?
But the people in power now – many of whom took office in part because of the anger over past bailouts – are faced with the same types of forks they used in the past. They will say the same thing as their former victims: “But it was a crisis!”
And changing public opinion, now desperate for maximum intervention, will change as the threat subsides. Voters will tend to forget how much they were afraid and get angry with members of a government who did not protect them enough, and then they reacted by pouring money on their friends in high places.
BAALOUT DEAL POISED FOR THE FINAL PASS
NYT: “The Senate advanced on Wednesday to a vote on a drastic measure of approximately $ 2 trillion to respond to the coronavirus pandemic, after the Democrats and Republicans reached an agreement with the Trump administration on direct payments and jobless benefits for individuals, money for states, and a huge bailout fund for businesses. The legislation, which is expected to be enacted in a few days, is the largest fiscal stimulus in modern American history, aimed at providing support to businesses forced to close, relief for lay-off Americans and financial ruin , and essential help to hospitals on the front lines of the rapidly spreading disease. The compromise was a package whose size and scope would have been unthinkable only a few weeks ago. It has touched virtually every aspect of American life and has amounted to hundreds of billions of dollars more than Congress expects for the entire US federal budget in a single year, outside of the nets programs. social Security.
What’s in the plan – Fox News: “The package provides direct financial assistance to Americans in the form of stimulus checks sent to many Americans. The proposal would include a one-time payment of $ 1,200 per adult, $ 2,400 per couple in the United States, and $ 500 per child. … The massive economic assistance plan would provide a $ 367 billion program for small businesses to continue to pay while workers are forced to stay at home. … Much of the bill focuses on public health, including $ 100 billion for a new program to provide direct assistance to healthcare facilities on the front lines of the coronavirus pandemic and $ 16 billion allocated to replenish the national strategic stock of pharmaceuticals, personal protective equipment and other medical supplies… One of the last problems to be closed concerned $ 500 billion for guaranteed and subsidized loans to larger industries, including a fight for the generosity of airlines… ”
And after – WaPo: “House tenant Nancy Pelosi (D-Calif.) Gave an optimistic assessment of the bill early Wednesday, but the logistics of passing legislation through the House are still unclear. Majority Leader in the House Steny Hoyer (D-Md.) Said that members of the House should see the final text of the Senate and would have 24 hours notice before any vote, guaranteeing that it could not happen until Thursday. … Sen. Tim scott (R-S.C.), Ben Sasse (R-Neb.) And Lindsey Graham (R-S.C.) Raised its main concerns on Wednesday. They said that a “drafting error” in the bill would encourage companies to fire workers instead of keeping them on the payroll, citing a problem with how unemployment benefits were changed. “
THE RULE BOOK: $
“Nothing that tends to facilitate relations between states can be considered unworthy of public care.” – James Madison, Federalist # 42
TIME OUT: THE SAGE OF MILLEDGEVILLE
The writer’s almanac: “It was the birthday of the writer who said: ‘You will know the truth, and the truth will make you weird’ and ‘Where you come from went where you thought you would never go there- down and where you are not good unless you can get away from it. “She didn’t want a biography written about her because,” she said, “The lives between the house and the chicken coop don’t make exciting copies. ” Flannery O’Connor, born in Savannah, Georgia (1925). At the age of five, she trained a chicken to back off, and a news company came to her house to make a film about it, which was broadcast nationwide. She said, “I was just there to help the chicken, but it was the highlight of my life. Since then, everything has been anticlimatic. »»
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ESTIMATED DELEGATES FOR DEMOCRATIC APPOINTMENT
[[[[Ed. Note: 1,991 delegates needed to win]
TRUMP JOB PERFORMANCE
Average approval: 45.4 percent
Average disapproval: 49.6 percent
Net score: -4.2 percent
Change in the past week: ↑ 3.8 points
[[[[The average includes: Gallup: 49% agree – 45% disagree; Monmouth University: 48% approve – 48% disagree; NPR / PBS News / Marist: 43% agree – 50% disagree; NBC News / WSJ: 46% agree – 51% disagree; Quinnipiac University: 41% approve – 54% disagree.]
LARGE LABOR MOVES TO GROW BERNIE
Politico: “First came the National Education Association. Then the United Food and Commercial Workers. The American Teachers’ Federation came next, and the American Federation of State, County and Municipal Employees followed. Joe Biden has accumulated approvals from four of the largest – and most politically influential – unions in the past 10 days, a show of force that has strengthened his position as a de facto democratic presidential candidate and dealt a serious blow to Bernie SandersHope falters. “Bernie has a real decision to make,” said AFT president. Randi Weingarten said without explicitly calling Sanders to give up. … The merger of significant union support – including three of the big four public service unions – behind Biden came as the latest blow to Sanders, a union ally whose progressive campaign is designed to help workers. In the absence of an unexpected turn of events, Sanders has little realistic hope of defeating Biden’s considerable advance in the race for enough delegates to clinch the nomination. “
But he is preparing for the next debate – NYT: “Senator Bernie Sanders plans to participate in the Democratic presidential debate in April if he has one, said his campaign on Tuesday, the strongest indication that he plans to continue competing with Joseph R. Biden Jr. in primary school. 2020 for the foreseeable period. future. The National Democratic Committee previously stated that there would be a debate in April, but that it was not planned. The committee did not announce a media partner or host of the site – critical elements which are generally agreed at least one month in advance. The coronavirus crisis has already shaken most facets of the Democratic primary, and there is no guarantee that the debate will take place. Yet the fact that the Sanders campaign has signaled, for the moment, that it would be on the scene of debate in April is a striking sign of the Vermont senator’s determination to exercise political influence and challenge Mr. Biden for the primacy despite the almost insurmountable former vice-president of head of delegation “
Biden struggles with tone and purpose of media tour – AP: “[From] a newly built television studio at his home in Wilmington, Del., Biden sat down for a series of high-profile interviews on Tuesday. The apparitions were a glimpse of a more public role he hoped to assume in the coming weeks as he emerges as Trump’s counter-democrat. In an interview with CNN, Biden took an increasingly aggressive stance against the president’s response to the coronaviruses, urging him to “ stop talking and listening to the medical experts. ” He sounded similar themes in an afternoon interview on MSNBC, and in an earlier appearance on ABC’s The View, where Biden said he was trying to balance his critics of Trump against anything that would appear to undermine the president during a crisis. “I did not criticize the president, but I did point out the disagreements over how to proceed,” said Biden. “When the president says things that are not right, we should not say,” You are lying. “We have to say,” These are not the facts. “”
RNC steams up for Charlotte convention – National review: “President of the GOP of North Carolina Michael Whatley said the Republican National Committee “is firmly committed to moving forward” with its presidential convention, to be held in Charlotte in late August, despite concerns over the coronavirus. “For the moment, the RNC is firmly determined to advance the RNC Convention to be held from August 24 to 27 in Charlotte,” said an open letter to the Republicans in North Carolina. “However, the RNC is closely monitoring conditions regarding the COVID-19 outbreak and is working closely with federal, state and local governments to determine if they will need to make any changes to the schedule.” The Democrats also insisted that their convention, due to be held in Milwaukee in mid-July, is still in progress, despite reports that they were already planning a backup, sources informing Politico that the planned visits to the convention site have been delayed and the convention organizing staff are currently working from home. “
PLAY BY GAME
Montana Republicans Funded Green Party – KTVH
Georgia is moving towards a primary by mail for May – AJC
Nevada goes to elementary only by mail – The Nevada Independent
Trump gets approval boost – Gallup
Pro-life groups push administration to end planned abortions as parents during health crisis – National review
AUDIBLE: LOVE YOUR BODY
“Democrats need few precursors beyond his physical presence.” – Subtitle on an Atlantic room by former MSNBC presenter Alex Wagner declaring the presumed democratic candidate Joe Biden personally irrelevant but conceptually useful.
“[Tuesday’s Time Out headline] What is a nine letter word for puzzle? Answer: “Conundrum” P.S. As a price, just send toilet paper or hand sanitizers. “- Ken Levine, Lionville, Pa.
[[[[Ed. Note: We thought “crossword puzzles”, Mr. Levine, but you’ve got us there! But you will still need to squeeze your own Charmin …]
“I don’t know about Michigan ginger beer, but you have to get the South Carolina Blenheim Ginger Ale. I heard it described as “like having a mouthful of yellow jackets”. “- Mary Martin Bowen, Decatur, Ga.
[[[[Ed. Note: Oh, I do, Ms. Bowen. NYT in 1998 cited John T. Edge from the Center for the Study of Southern Culture at the University of Mississippi calling Blenheim “ a slap in the face of a rejected lover. It’s funny that with the new love of mule cocktails from Moscow I haven’t seen more than one resurgence from Blenheim. It’s so spicy that it would make vodka the sweetest component of the drink!]
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“WE ARE OVER THE HOLE ON THIS ONE”
KPVI: “Six years ago, Rubicon Dental Associates in Billings [Mont.] was growing rapidly … The growing company had a little trouble maintaining its practices, which were supplied with medical equipment, including masks. One of the founders of the company, dentist Remington Townsend, traced the source of the masks the company bought from a factory in China and ordered a shipping container full of supplies, not fully realizing the size of a shipping container. “We sort of got past the hole on that one,” Townsend joked. Fortunately they did. With the spread of the coronavirus, the masks are suddenly in short supply and the dental group was seated on more than 700,000 masks in storage. They made their good fortune known and soon provided the surrounding hospitals with essential masks at cost price. … A hospital could not wait for shipment and sent an employee to Billings to load several boxes of masks into a horse trailer. “
AND NOW A WORD FROM CHARLES…
“Make no mistake. It’s not that football is decadent. To say that in the era of Twisted Sister and low calorie dog food would be unfair. The problem with football is that ‘it is imperial.’ – Charles Krauthammer (1950-2018) written in the Washington Post on January 25, 1985.
Chris Stirewalt is the political editor of Fox News. Brianna McClelland contributed to this report. Want a FOX News half-time report in your inbox every day? Register here.