ECONOMY

2:00PM Water Cooler 10/18/2024 | naked capitalism


By Lambert Strether of Corrente.

Bird Song of the Day

Blue-and-white Mockingbird, Location, PN Cañón del Sumidero, Tuxtla Gutiérrez, Chiapas, Mexico.

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In Case You Might Miss…

  1. Friday Charts: RCP chart; shows Big Mo shifting toward Trump; Covid charts show nothing but good news.
  2. Walz fabricator vanishes.
  3. Trump cancellations.
  4. Boeing waits on SEC approval for stock and bond offering; FAA opens new safety review.

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Politics

“So many of the social reactions that strike us as psychological are in fact a rational management of symbolic capital.” –Pierre Bourdieu, Classification Struggles

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2024

Less than three weeks to go!

Friday’s RCP Poll Averages:

Big Mo shifts toward Trump, this week, even in WI (that is, if you ignore the entire concept of margin of error). Of course, we on the outside might as well be examining the entrails of birds when we try to predict what will happen to the subset of voters (undecided; irregular) in a subset of states (swing), and the irregulars, especially, who will determine the outcome of the election but might as well be quantum foam, but presumably the campaign professionals have better data, and have the situation as under control as it can be MR SUBLIMINAL Fooled ya. Kidding!.

“Most say they are worse off than four years ago: Gallup” [The Hill]. “The Gallup poll, released Friday, found that 52 percent of Americans said they and their family are worse off today than they were four years ago. Another 39 percent said that they were better off while 9 percent said they felt the same now as they did back then. The responses varied based on the person’s party affiliation. Around 72 percent of Democrats say they were better off in 2024 than 2020, according to the survey. The numbers were much lower for independents, 35 percent, and Republicans, 7 percent. Gallup’s monthly Economic Confidence Index (ECI), which ranges from -100 to +100, was currently at -26 with 39 percent saying they were better off financially four years ago. For comparison, in 2020, around 55 percent said the economy was better — and the ECI was -4…. Approximately 46 percent of Americans say their current economic conditions are “poor,” some 29 percent described them as ‘only fair,’ while 25 percent said they were ‘good’ or ‘excellent.’ Additionally, 62 percent said the economy is ‘getting worse,’ a higher figure than 32 percent who said it is ‘getting better,’ according to the survey.” • Yikes! Somehow I don’t think more media appearances will solve this problem.

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Kamala (D): “The Person Promoting a Lurid Claim About Tim Walz Vanishes, Leaving the Lie Behind” [Mother Jones]. “The ‘Black Insurrectionist’ profile began claiming last week that he’d been in touch with a former student of Walz who baselessly alleged the Minnesota governor sexually abused him years ago when he was a teacher and football coach. The @Docnetyoutube account seems to have been deleted sometime on the evening of Thursday, October 17. It’s unclear if the user deleted the account or the company did: under Elon Musk’s ownership, X no longer responds to journalists and could not be reached for comment.” I remember, back in the 2008, Larry Johnson peddling the story that he had a tape of Michelle Obama saying “whitey,” but it never materialized. But Larry Johnson persisted, as we say. @Docnetyoutube did not, lending a bit of credence to my paranoid theory that the account was a sort of honey trap, designed to get Trump to, er, trumpet the accusation. Then would come the rugpull. But Trump didn’t take the bait. And so the account — despite its big follower count — disappeared, its job done. More: “Earlier this week, a video began circulating on the platform claiming to depict Walz’s alleged victim. One of the most widely-seen tweets promoting the video was also recently deleted. It came from an X user calling himself @TheWakeninq, who uses variations of the name “QAnon76″ on other websites. But the video, as BBC journalist Shayan Sardarizadeh noted, had obvious hallmarks of being a deepfake, with distorted facial features and a foreign-accented voice that was out of sync with the speaker’s movements. While the alleged victim is a real person who, according to his social media presence, did graduate from the school where Walz once taught and coached, other videos on his Facebook account capture someone who looks different and speaks with an American accent. According to his Facebook account, the now-adult former student—who did not immediately respond to a request for comment—has previously experienced homelessness; a Gofundme from 2021 said that he was living in Hawaii and trying to ‘get off the streets.’ The video is still up on @TheWakeninq’s Rumble page, where it has been viewed by at least 6,000 people. A local Texas Republican official named Sarah Fields, who also describes herself as a journalist, shared the video on Wednesday, claiming the student had come forward and ‘officially’ accused Walz of abuse. She claimed to have filed public record requests with Walz’s old school, before adding that ‘Reportedly, a lawsuit is soon to be filed. I will keep you all updated. I’m watching this very closely.’ ‘I was able to confirm with multiple sources within the Trump campaign that THEY believe there is truth to these allegations, and have begun their own investigation,’ she wrote.” • I follow plenty of right wing sources, but NONE of them are promoting @TheWakeninq’s video, so I’n guessing the Texas Republican can be dismissed (although the public records report might turn up other stuff, for example on the DUI). Anyhow, from the breathtaking chutzpah and “bearing false witness” standpoints, the “Black Insurrectionist” fabrication (Republican) and the “Vance had carnal relations with a couch” (Democrat) stories weigh in the balance more or less equality, although an accusation of ped0philia is obviously an order of magnitude more vicious. Anyhow, you saw it unfold here!

Kamala (D): “Biden tells Obama ‘she’s not as strong as me’ — and ex-prez agrees ‘that’s true’ at Ethel Kennedy service” [New York Post]. Off-mike incident: “‘She’s not as strong as me,’ said Biden, 81, according to the translation, which was produced by [by a professional lip reader] analyzing the on-video lip movements during the discussion. “I know … that’s true,” the popular former president agreed, adding, ‘We have time.’ ‘Yeah, we’ll get it in time,’ said Biden. Moments earlier, Obama said, ‘it’s important that we have some time together’ in a possible reference to campaigning alongside Harris. • I dunno. “Time” to do what?

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Trump (R): “Trump cancels a streak of events with only days until election” [Axios]. “Former President Trump’s planned appearance at a National Rifle Association event next week was cancelled Thursday, the latest in a slew of scuttled public appearances and interviews by the former president in recent weeks. With only 17 days to go until Election Day, the spate of cancellations gives voters fewer chances to hear from Trump before heading to the polls in a coin toss race.” • Hmm.

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“Kamala Harris continues to underperform in critical states” [The Hill]. “Pick any average from the multitude of polling views — two-way, multicandidate, battleground states, and even individual battleground states — and Harris is running consistently below where Joe Biden was in 2020 and Hillary Clinton in 2016. So it’s no surprise Democrats are growing nervous…. Democrats have only two hopes. One is that today’s polls are more accurately gauging the electorate, and that Harris is therefore at least close to where she needs to be. The other is that by suddenly coming out of hiding to take friendly interviews, she can convince an electorate that seems unconvinced. Neither should be a source of comfort for Democrats. But hope is not a strategy. That’s why Harris’s campaign managers are changing theirs. They know she is losing now, and absent significant improvement, she will lose in November.”

Realignment and Legitimacy

Hmm:

Stoller’s essay is worth a clickthrough. See at least the material on Kamala.

Syndemics

“I am in earnest — I will not equivocate — I will not excuse — I will not retreat a single inch — AND I WILL BE HEARD.” –William Lloyd Garrison

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Covid Resources, United States (National): Transmission (CDC); Wastewater (CDC, Biobot; includes many counties; Wastewater Scan, includes drilldown by zip); Variants (CDC; Walgreens); “Iowa COVID-19 Tracker” (in IA, but national data). “Infection Control, Emergency Management, Safety, and General Thoughts” (especially on hospitalization by city).

Lambert here: Readers, thanks for the collective effort. To update any entry, do feel free to contact me at the address given with the plants. Please put “COVID” in the subject line. Thank you!

Resources, United States (Local): AK (dashboard); AL (dashboard); AR (dashboard); AZ (dashboard); CA (dashboard; Marin, dashboard; Stanford, wastewater; Oakland, wastewater); CO (dashboard; wastewater); CT (dashboard); DE (dashboard); FL (wastewater); GA (wastewater); HI (dashboard); IA (wastewater reports); ID (dashboard, Boise; dashboard, wastewater, Central Idaho; wastewater, Coeur d’Alene; dashboard, Spokane County); IL (wastewater); IN (dashboard); KS (dashboard; wastewater, Lawrence); KY (dashboard, Louisville); LA (dashboard); MA (wastewater); MD (dashboard); ME (dashboard); MI (wastewater; wastewater); MN (dashboard); MO (wastewater); MS (dashboard); MT (dashboard); NC (dashboard); ND (dashboard; wastewater); NE (dashboard); NH (wastewater); NJ (dashboard); NM (dashboard); NV (dashboard; wastewater, Southern NV); NY (dashboard); OH (dashboard); OK (dashboard); OR (dashboard); PA (dashboard); RI (dashboard); SC (dashboard); SD (dashboard); TN (dashboard); TX (dashboard); UT (wastewater); VA (wastewater); VT (dashboard); WA (dashboard; dashboard); WI (wastewater); WV (wastewater); WY (wastewater).

Resources, Canada (National): Wastewater (Government of Canada).

Resources, Canada (Provincial): ON (wastewater); QC (les eaux usées); BC (wastewater); BC, Vancouver (wastewater).

Hat tips to helpful readers: Alexis, anon (2), Art_DogCT, B24S, CanCyn, ChiGal, Chuck L, Festoonic, FM, FreeMarketApologist (4), Gumbo, hop2it, JB, JEHR, JF, JL Joe, John, JM (10), JustAnotherVolunteer, JW, KatieBird, KF, KidDoc, LL, Michael King, KF, LaRuse, mrsyk, MT, MT_Wild, otisyves, Petal (6), RK (2), RL, RM, Rod, square coats (11), tennesseewaltzer, Tom B., Utah, Bob White (3).

Stay safe out there!

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Non-Pharmaceutical Interventions

“The flu shot is different this year, thanks to COVID” [NPR]. “This year’s flu shot will be missing a strain of influenza it’s protected against for more than a decade. That’s because there have been no confirmed flu cases caused by the Influenza B/Yamagata lineage since spring 2020. And the Food and Drug Administration decided this year that the strain now poses little to no threat to human health. Scientists have concluded that widespread physical distancing and masking practiced during the early days of COVID-19 appear to have pushed B/Yamagata into oblivion.” • No, not “thanks to Covid,” you morons. Thanks to non-pharmaceutical interventions!

Elite Maleficence

“Column: Can Stanford tell the difference between scientific fact and fiction? Its pandemic conference raises doubts” [Michael Hiltzik, Los Angeles Times]. One pearl of many: “During the opening panel, moderator Wilk Wilkinson, a blogger on the concept of ‘personal accountability,’ offered the astonishing criticism that public health leaders ‘focused very narrowly on deaths from COVID, and often it came at the expense of other social values’ such as ‘being able to visit people, … or putting children in school as they normally would go to school, or attend funerals.’” • Like Jesus said: Infect thy neighbor as thyself.

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TABLE 1: Daily Covid Charts

Wastewater
This week[1] CDC October 5 Last Week[2] CDC (until next week):

Variants [3] CDC October 12 Emergency Room Visits[4] CDC October 12

Hospitalization
New York[5] New York State, data October 17: National [6] CDC September 28:

Positivity
National[7] Walgreens October 14: Ohio[8] Cleveland Clinic October 5:

Travelers Data
Positivity[9] CDC September 30: Variants[10] CDC September 30:

Deaths
Weekly Deaths vs. % Positivity [11] CDC October 12: Weekly Deaths vs. ED Visits [12] CDC October 12:

LEGEND

1) for charts new today; all others are not updated.

2) For a full-size/full-resolution image, Command-click (MacOS) or right-click (Windows) on the chart thumbnail and “open image in new tab.”

NOTES

[1] (CDC) Still some hot spots, but I can’t draw circles around entire regions this week. Good news!

[2] (CDC) Last week’s wastewater map.

[3] (CDC Variants) KP.* very popular. XEC has entered the chat.

[4] (ED) Down, but worth noting that Emergency Department use is now on a par with the first wave, in 2020.

[5] (Hospitalization: NY) Definitely down.

[6] (Hospitalization: CDC). I see the “everything in greenish pastels” crowd has gotten to this chart.

[7] (Walgreens) Big drop continues!

[8] (Cleveland) Dropping.

[9] (Travelers: Positivity) Up, though lagged.

[10] (Travelers: Variants).

[11] Deaths low, positivity down.

[12] Deaths low, ED down.

Stats Watch

“United States Housing Starts” [Trading Economics]. “Housing starts in the United States eased by 0.5% from the previous month to an annualized rate of 1.354 million units in September of 2024, in line with market expectations, trimming the downwardly revised 7.8% increase in August.”

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Manufacturing: “Boeing’s Multi-Billion Dollar Offering Waiting on SEC Nod” [Bloomberg]. “The company’s shelf registration on Tuesday, a filing to pre-register the securities, had not been deemed effective by the US Securities and Exchange Commission, according to the document. While that clearance is typically automatic for companies as big as Boeing, regulatory issues surrounding its disclosures about aircraft safety may prevent it from getting speedy approval, securities lawyers said. Without the SEC’s green light, Boeing cannot launch its hotly-anticipated sale that stands to shore up depleted funds and help it maintain a credit rating that is now hovering just above junk. The SEC can take 5 to 10 business days to let a company know if its registration will need a more formal review, the lawyers said. The review, in turn, could take days or weeks depending on the depth of the inquiry.”

Manufacturing: “Don’t bow down to striking workers, Ryanair boss urges Boeing” [Telegraph]. “[Ryanair boss Michael O’Leary] said: “They have to see out this strike and if that means all of our deliveries get delayed by a couple of months, frankly we would support that.” And: “The Ryanair chief said: ‘The timing of the existing contract running out was unfortunate given the state that Boeing is in, and that’s being exploited by the unions. Even if they do offer more, the unions won’t agree to a deal at the moment.’ He also claimed that the IAM had also been ‘incompetent’ in negotiating a 25pc settlement that it agreed to put to workers, only for it to be rejected in a formal vote.” The union leadership, yes indeed. More: “Boeing also faces a tough political background to the dispute. Mr O’Leary said: ‘It’s very difficult to resolve that strike when there’s a presidential election in three weeks’ time. The political situation is difficult over there.’”

Manufacturing: “The FAA is opening a new review of safety at Boeing” [Associated Press]. “The Federal Aviation Administration said Friday it will open a three-month review of Boeing’s compliance with safety regulations… The auditor said FAA has failed to ensure that Boeing and its suppliers make parts that meet engineering and design requirements and to investigate claims that Boeing puts improper pressure on employees who are authorized to conduct safety inspections. The FAA has closed only 14 of 34 reports of undue pressure, with the others remaining open for more than a year on average, according to the report.” • It’s a shame those reports are still open. Good hitmen are so hard to find these days!

Manufacturing: “NASA further delays first operational Starliner flight” [Space News]. “NASA will use SpaceX’s Crew Dragon for its two crew rotation missions to the International Space Station in 2025 as it continues to evaluate if it will require Boeing to perform another test flight of its Starliner spacecraft…. ‘The timing and configuration of Starliner’s next flight will be determined once a better understanding of Boeing’s path to system certification is established,’ NASA said in its statement about the 2025 missions. ‘NASA is keeping options on the table for how best to achieve system certification, including windows of opportunity for a potential Starliner flight in 2025.’” • Oh.

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Today’s Fear & Greed Index: 74 Greed (previous close: 71 Greed) [CNN]. One week ago: 74 (Greed). (0 is Extreme Fear; 100 is Extreme Greed). Last updated Oct 18 at 1:18:07 PM ET.

Gallery

The poor kid doesn’t have matching socks:

The painting is dated 1958, but I don’t know if it represents England in that time, or Lowry’s memory.

Zeitgeist Watch

Runways, first on my timeline:

Events on runways, later on my timeline:

Algo doing its job, I guess!

News of the Wired

“Own and control the next Bandcamp” [Subvert]. From the FAQ: “Bandcamp’s back-to-back acquisitions—first by Epic Games in 2022, then by Songtradr in 2023—have its community feeling betrayed and concerned about the platform they once relied on. Bandcamp’s trajectory illustrates a depressing reality of the contemporary internet: platforms position themselves as artist-friendly alternatives, only to seemingly abandon their core values and community. It’s time for a new model – one we collectively own and control. A cooperative, or co-op, is a business owned and democratically controlled by its members. Subvert is owned by its membership base of artists, labels, supporters, and workers.” • Should launch in 2025. Interesting fundraising model: A physical newspaper.

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Contact information for plants: Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, to (a) find out how to send me a check if you are allergic to PayPal and (b) to find out how to send me images of plants. Vegetables are fine! Fungi, lichen, and coral are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. From Wukchumni:

Wukchumi writes: “Mineral King fall colors.” Indeed!

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About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered.
To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.





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