The Angry Bear

We Need a Shadow Government Republican rule in the US is a horror show.  We get incoherent ramblings from our president on injecting bleach into our veins, calls for the states to file for bankruptcy from the Senate majority leader, a veto of modest IMF support for developing countries hammered financially by the virus, and a complete absence of guidance on the most crucial aspects of public health. We already know this. The greater tragedy is that the...

by New Deal democrat Weekly Indicators for April 19 – 23 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. The coincident and short term leading indicators, as expected, continue to be awful — probably the worst since the Great Depression. Whether this downturn can be turned off relatively quickly, or whether it metasticizes into something far worse and far longer is going to be determined by the wisdom – or lack thereof – of those few...

Heads up for tomorrow! Tomorrow morning I have a very long post quoting about 20 medical articles at length, explaining (what we think we know so far about) the whole biochemistry of how the novel coronavirus attacks the body. By the time you finish reading it, you will understand a lot about why the disease attacks the organs it does, why it progresses in the order it does, why it produces some extremely unusual complications in victims who otherwise...

This was the first pass (Ernie Tedeschi of Evercore prepared the data) and it is arranged by the percentage of loans completed in each state. As you can see Nebraska received ~81% of the loans applied for by the small businesses in Nebraska. One million, 35 thousand and 86 SBA PPP Loans (1,035, 086) were approved by April 13 totally $247, 543, 397, 521 by 4,664 lenders. Seventy percent of the funds were already allocated by April 13. Some Applicant...

The WHO warns that it is not proven that we acquire immunity to Sars Cov2. If we don’t we are pretty much doomed. However, I don’t see how people could recover without developing immunity or develope immunity without memory with human immune systems. Here, as often, the burden of proof is placed on the optimistic hypothesis. Here again (third time) I dare to be optimistic (third time’s a charm). At Daily Kos Mark Sumner has an excellent post on the...

I missed this when it first came out: We think that the debate regarding extreme social distancing has a clear verdict — it is imperative that we should engage in this social distancing (shelter in place for all but essential workers) at least for the foreseeable short-term, but for reasons that both sides have missed. Our country does not need to decide today whether it is worth shutting down the economy for a prolonged period to protect against...

The House yesterday approved the Payroll Protection Program and Health Care Enhancement Act.  The PPP part of the law quite literally just increases the amount of money allocated to the program.  That’s it.  The law does almost nothing to fix the serious defects of the program in the original CARES act.  This is remarkable because the initial law was so poorly drafted: The sign-up process was first come, first served, which favored larger businesses with...

Jobless claims still point to over 20,000,000 lost jobs in April, 15%+ unemployment rate As I’ve written in the past few weeks, the number of initial jobless claims correlates roughly with the number of net new jobs added or subtracted in any given month. Normally there is too much noise for it to be of much value, but with the huge spike in the past month, the signal will come through much more strongly. Here’s what the crude correlation looks like...

The actual US coronavirus trajectory: “flattening the curve” at least until 2021 “Flattening the curve” was not such an appetizing option either, because it meant that *everybody* got infected with the disease during the period of flattening, and so the death toll would still be horrifying, perhaps 1% to 3%. It also meant that the period that the infection would curtail society was extended to several years. Shortly a much better alternative, based on...