washingtonpost--2020-04-05--Analysis | What I Learned From Trying to Cut My Own Hair

I had a similar epiphany this week while trying to cut my own hair — it turns out my regular $ 30 haircut isn ’ t as essential as I ’ d thought .
Preparing a meal for my family later that evening made me think that eating out or getting dinner delivered isn ’ t as rewarding as home cooking .
Right now the do-it-yourself version also feels a whole lot safer , and probably will do for a while .
Compared to the courage shown by medical workers and those in other essential functions , and the devastation @ @ @ @ @ @ @ , many of us in the western world have it easy .
We ’ re asked to do no more than stay home .
But in between worrying about our jobs , our parents and how to entertain or home-school children , we ’ re reevaluating priorities .
What will we do differently when this is over ?
What will we prize more and what will we give up ?
Two themes stand out : Instead of visiting far-flung places and seeking out mass entertainment , I ’ m sure there will be @ @ @ @ @ @ @ activities .
And where the coronavirus has exposed dependency or vulnerability , as with the business world ’ s complex cross-border supply chains , we ’ ll seek more security and resilience .
Looming above all of this is the damage that the lockdowns are inflicting on people ’ s incomes .
The longer the economic shutdown lasts , the more reluctant the world ’ s consumers will be to spend , period .
With more than 10 million Americans filing new unemployment claims in the past fortnight , the omens aren ’ @ @ @ @ @ @ @ such as travel , hospitality and leisure , businesses are already facing a bleaker future .
Increased consumer awareness about the negative environmental and social impact of mass tourism has now been compounded by the realization that people on planes and pleasure boats carried the virus around the globe .
Lufthansa AG ’ s boss , Carsten Spohr , thinks the German airline will have to shrink because the economy will be smaller than before .
Easyjet Plc ’ s founder , Stelios Haji-Ioannou , said similar this week when calling on the @ @ @ @ @ @ @ Airbus SE .
Fitness is another industry that relies on cramming people into confined spaces .
Until recently it was booming but customers are discovering much cheaper ways to work out .
Having sampled online classes and the time-saving benefit of exercising at , or close to , home , some memberships won ’ t be renewed .
Good news for Peloton Interactive Inc. ’ s indoor cycling business , perhaps not for Planet Fitness Inc. or The Gym Group Plc .
Until coronavirus came along , the tech world seemed hell-bent on @ @ @ @ @ @ @ ownership to the dustbin .
Why learn to cook when you can have food delivered in 30 minutes ?
Why own a car when you can take an Uber ?
Why look after your gadgets , when those nice people at Apple will fix them for you .
But as my colleague Adam Minter pointed out this week , it ’ s only in a crisis that you discover the drawbacks of not being able to repair your own phone .
There will be winners from this realignment too .
Right now , @ @ @ @ @ @ @ you can ’ t go to a showroom and you ’ re not meant to drive far , but the freedom and security of owning a vehicle might cause sales to rebound more quickly than other discretionary purchases ( provided of course that governments can curb unemployment ) .
In China , emerging from the first virus wave , cautious consumers have begun returning to car dealers .
Home improvement stores saw a brisk trade from customers wanting to fix up their homes , balconies and allotments whilst on lockdown , and some @ @ @ @ @ @ @ housing market reopens , urbanites may decide they ’ ve had enough of crowded cities and tiny apartments .
The countryside is suddenly more appealing — the more so if employers become more trusting of those who want to work from home .
Coronavirus has exposed our vulnerability and it won ’ t be the last crisis .
Our planet-warming emissions mean more pain is preordained .
Faced with uncertainty or disaster , humans respond by trying to strengthen their communities .
We ’ ll also seek more control over our lives .
@ @ @ @ @ @ @ health services , paying key workers properly and securing supplies .
As individuals , it means out-sourcing fewer decisions and mastering things for ourselves .


washingtonpost--2020-03-26--Analysis | What You Need to Know About the Coronavirus Pandemic

It ’ s been described as “ insidious ” because many infected people are well enough to go about their daily business , unwittingly spreading it to others .
The estimated median length of time between infection and the onset of symptoms is five to six days , and some of those who are infected don ’ t develop symptoms at all .
A study of 191 patients in China found that the median duration of infectiousness was 20 days with a maximum of 37 days .
A Japanese study suggested that a substantial proportion of infections are spread by @ @ @ @ @ @ @ can make it difficult to identify the people they had close contact with during the time they were infectious so that they can take precautions against further spread .
Estimates of the fatality rate are unreliable in the early stages of an outbreak because there may be many people with mild cases who go uncounted .
Anthony Fauci , director of the U.S. National Institute of Allergy and Infectious Diseases , said March 11 that the new coronavirus is 10 times more deadly than the seasonal flu , which has a mortality rate @ @ @ @ @ @ @ put it at about 1 % , similar to other projections .
A related coronavirus killed 9.5 % of patients in the 2002-2003 epidemic of severe acute respiratory syndrome , or SARS , and another known as MERS-CoV has led to death in 34 % of the 2,499 cases recorded since 2012 .
In those outbreaks , however , the viruses didn ’ t transmit from one person to another as efficiently as this new one does , and they didn ’ t spread as widely .
In the worst pandemic in recent @ @ @ @ @ @ @ died from the 1918 influenza that had a case-fatality ratio of about 2 % and infected as much as a third of the world ’ s population .
The last pandemic , an outbreak of a new strain of H1N1 flu ( swine flu ) in 2009 , infected an estimated 61 million people in the U.S. alone and killed an estimated 12,469 of them in the first year it circulated .
It appears to cause a mild illness lasting about two weeks in children , adolescents and younger adults in most cases @ @ @ @ @ @ @ three to six weeks in older people .
In a Chinese study , 81 % of confirmed cases were mild , 14 % were severe and 4.7 % critical .
Frequently reported early signs are fever , dry cough and tiredness .
A sudden , unexplained loss of taste and smell is an early symptom reported among some patients .
Sputum production is another sign , if the virus stays in the nose and throat , which it does for the majority of people infected .
Danger starts when it reaches the lungs @ @ @ @ @ @ @ breathing and other severe complications , while 6 % become critically ill .
These patients typically suffer failure of the respiratory and other vital systems , and sometimes develop septic shock , according to a World Health Organization report .
In severe cases , studies suggest the virus invades cells in the lower respiratory tract , causing difficulty breathing and the inflammation and congestion associated with pneumonia .
In an early study , more than a quarter of hospitalized patients developed a complication known as acute respiratory distress syndrome .
Apparently the elderly @ @ @ @ @ @ @ Many of the fatalities have been in patients with other illnesses such as high blood pressure , diabetes or cardiovascular disease .
A Chinese study of 72,000 cases found that 81 % of deaths occurred in patients over 60 years old ; in another study of about 4,000 cases in the U.S. , 80 % of those who died were 65 or older .
( By contrast , in the H1N1 pandemic , about 80 % of those who died were younger than 65 , according to the CDC . )
A Lancet @ @ @ @ @ @ @ hospital found that those with a relatively high virus count in the back of the nose and throat at the time of admission tended to develop more severe illnesses and remain infectious longer .
That suggests viral load might be a useful marker for making a prognosis , it said .
By coming into contact with virus-containing droplets that are emitted when an infected person coughs or sneezes , according to the WHO ’ s first comprehensive report on Covid-19 .
These droplets can be transferred directly to someone else in close proximity @ @ @ @ @ @ @ study concluded that the novel coronavirus can survive four hours on copper , 24 hours on cardboard , 48 hours on stainless steel and 72 hours on plastic .
Simple disinfectants kill it .
There ’ s a theoretical risk the virus can spread through feces or in tiny particles known as aerosols .
In a preliminary study , researchers who aerosolized it found active virus can float in the air for as long as three hours .
Epidemiologists try to gauge contagiousness by estimating the number of additional people likely to be @ @ @ @ @ @ @ .
That measurement , called a basic reproduction number or r0 ( pronounced “ r naught ” ) , is one indicator of how difficult an epidemic is to control .
A study of an outbreak aboard a cruise ship estimated that the r0 for Covid-19 was 2.28 during the early stages .
That would make it more infectious than seasonal flu , which has an r0 of about 1.3 and killed an estimated 61,000 people in the U.S. in the 2017-18 season .
There ’ s no evidence of that .
But @ @ @ @ @ @ @ give that impression .
A study published March 12 showed that a small proportion of recovered patients may test positive again days after discharge .
The authors theorized that it may take a few days for the immune system to completely eliminate residual viruses , which can be hard to detect .
During that period , the virus may briefly rebound and , depending on the patient ’ s general health , there is a risk of a relapse .
That doesn ’ t necessarily mean that the patient who retests positive is @ @ @ @ @ @ @ investigation and post-discharge surveillance .
Just because outbreaks of influenza wilt with seasonal changes doesn ’ t mean a different respiratory virus will behave in the same way , though there is some indication it may .
The easing of flu outbreaks in the summer doesn ’ t mean the virus dies out .
Some evidence suggests it migrates to the opposite hemisphere , before returning again with cooler weather .
So , even if the coronavirus does subside in the summer , it could return in the fall .
As long as @ @ @ @ @ @ @ , yes .
If enough people in a community develop immunity through prior illness or vaccination , so-called herd immunity can become established .
That reduces the number of susceptible people to a level at which transmission slows and eventually stops .
The necessary percentage depends on the r0 .
However , researchers at Imperial College London have warned that , in the absence of a vaccine , a “ second wave ” of infections is possible once quarantines and other intervention measures are lifted .
Some 60 million people in Wuhan and @ @ @ @ @ @ @ Hubei province were quarantined in late January .
Makeshift hospitals were built and the production of medical equipment was ramped up .
Some treatment centers have started to pack up as patients there have recovered .
Numbers of new cases in China have dropped dramatically , leading some officials to say the current outbreak there is “ generally over.
” China is now among many countries restricting some inbound flights to combat imported cases .
Production lines at factories are restarting .
Hubei province has begun lifting the mass quarantine in a show @ @ @ @ @ @ @ been neutralized .
But its exclusion of people who test positive but show no symptoms from its official count is renewing concerns over whether its outbreak has truly come under control .
As Covid-19 spread , officials switched from trying to stop its spread to preparing for it amid shortages of testing kits , face masks and other equipment .
Italy , the worst-hit country in Europe , was the first to attempt a nationwide lockdown , later shutting down factories and non-essential businesses .
India told its 1.3 billion people to stay @ @ @ @ @ @ @ such effort at isolation .
Schools have been closed in many places .
U.S. President Donald Trump declared a national emergency and has significantly restricted international travel .
The National Guard has been deployed to help states cope .
People in several states including California and New York were told to stay home .
Emergency hospitals are being set up .
European leaders are restricting most travel into the continent in an unprecedented move , while Hong Kong and Singapore banned tourist arrivals or transit passengers .
Governments around the world have pledged @ @ @ @ @ @ @ the coronavirus and shore up financial markets and businesses , and the U.S. is teeing up $ 2 trillion more .
The U.K. government said it would contribute to salaries of people whose jobs were threatened and step in to save the country ’ s railways .
Reactions to China ’ s response have been mixed .
The country did not immediately release genetic information about the virus and has struggled to explain changes in the way it counts new cases .
But China ’ s strict quarantine likely bought the rest of @ @ @ @ @ @ @ prepare for the virus and averted many infections , according to the WHO .
The initial U.S. response failed to stop the virus ’ s spread despite Trump ’ s tweet in late February that it was “ very much under control.
” His assertion a month later that he wants to see Americans back to work by Easter -- April 12 -- was met skeptically by some local and state officials on the front lines .
Italy ’ s hospitals are being overwhelmed , and some in the U.S. worry they could @ @ @ @ @ @ @ appears to have slowed its epidemic by testing people at a faster rate than any other country .
Italy ’ s Disruptions in supply chains , reductions in travel , work-from-home orders and extreme market volatility have slowed economic activity , especially in China and its many trading partners .
China could see its first quarterly contraction in decades , although its leaders have begun to speak of a rapid rebound .
A Bloomberg Economics model suggests a 53 % chance that the 11-year economic expansion in the U.S. will end within a @ @ @ @ @ @ @ Germany , France and Italy were already shrinking or stalled before the virus outbreak , and the U.K. is wobbling amid Brexit uncertainty .
Financial markets have gyrated .
The U.S. Federal Reserve cut interest rates in its first emergency move since the financial crisis , then cut again , joined by many others .
A Group of Seven summit set for June was switched to a video-conference .

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washingtonpost--2020-03-26--Here’s What’s in the $2 Trillion Virus Stimulus Package

• About $ 500 billion will be dedicated to loans and assistance to companies affected by the virus , as well as state and local governments .
The Treasury Department will be charged with administering the program .
• Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year .
The companies also would have to limit executive bonuses and take steps to protect workers .
In addition , borrowers have to make a “ good faith certification ” that they will stay neutral in @ @ @ @ @ @ @ of the loan .
• The deal includes $ 17 billion in loans for companies deemed critical to national security , which is intended to assist Boeing Co. though the legislation doesn ’ t mention the company by name .
• For airlines , there will be $ 25 billion in grants , with conditions , and $ 25 billion in loans to passenger carriers , $ 3 billion to airline contractors providing ground staff such as caterers , while cargo haulers would see $ 4 billion in grants .
• Small businesses @ @ @ @ @ @ @ in aid , but they must agree to retain workers .
Some business groups have already expressed concern about how long it will take for the businesses to get the money .
• Individuals are eligible for checks up to $ 1,200 and married couples filing jointly are eligible for checks up to $ 2,400 , with an extra $ 500 for each child .
The higher the income , the less money is received , with a cutoff for individuals earning more than $ 99,000 and couples with income above $ 198,000 @ @ @ @ @ @ @ providers , some of which are already under strain because of coronavirus outbreaks , will be provided $ 150 billion for equipment and supplies .
• Assistance given to companies will be monitored by a congressional panel and an inspector general who will work out of the Treasury Department but must be confirmed by the Senate .
• Democrats won language that would bar any business owned by President Donald Trump or his family from getting loans from Treasury .
Businesses owned by members of Congress , heads of executive departments and Vice @ @ @ @ @ @ @ .
• Scheduled cuts to Medicare and Medicaid will be rolled back , a step that would give providers billions more dollars in coming months , and extend until November federal programs such as community health centers that are working on the front lines of the outbreak .
• Unemployment insurance would be enhanced by $ 600 weekly for four months , something that drew objections from some Republican senators .
Eligibility would be expanded to cover more workers .
• Distillers that are using their facilities to produce hand sanitizer during the @ @ @ @ @ @ @ in the bill that eliminates the federal excise taxes they would normally owe .
The Distilled Spirits Council pushed for the change .


washingtonpost--2020-03-26--Analysis | With Everyone Working From Home, Go Easy on Netflix

The laughter , however , doesn ’ t resolve the difficulties that many are experiencing as millions more people head into self-isolation and log on from home .
For all of the telecommunications operators ’ assertions that their networks can cope with the peak loads , there are still things you can do to reduce the likelihood of dropped calls or spotty connections .
More than that , the small changes you make can lessen the load on telecoms networks more broadly .
Britain ’ s regulator Ofcom on Tuesday proffered advice on how best to stay connected during Covid-19 @ @ @ @ @ @ @ reading in its entirety , but top of the list was using your landline or Wi-Fi when possible , rather than a mobile connection .
Because most of the top video-calling apps are made by U.S. firms , they ’ re built for users with ready access to high-speed mobile connections , since unlimited data plans are more common there than in Europe or Asia , according to Nick McQuire , head of enterprise research at market intelligence firm CCS Insight .
He says the app conferencing companies have neglected the issue of @ @ @ @ @ @ @ numbers of people use video calls — not just for work , but family visits with the grandparents , third-grade art class and virtual happy hours — those problems risk being highlighted .
That ’ s one reason why Ofcom is encouraging the use of landlines .
Spikes in network usage mean operators are having to lean on more and more servers to manage the load than usual , Italian data from network analysis firm Tutela Technologies Ltd. show .
In the age of Covid-19 , video conferencing is an important channel for @ @ @ @ @ @ @ are easier on the network than others .
Stuck at home like many others in London , I carried out a series of tests to see how much data each of the most popular apps required for the same calls , as scientifically as I could given the circumstances .
On average , Zoom Video Communications Inc. ’ s eponymous service and Google Inc. ’ s Hangouts used more than twice as much data as Apple Inc. ’ s FaceTime or Cisco Systems Inc. ’ s Webex .
To use FaceTime , though @ @ @ @ @ @ @ device — not a given when a top-of-the-range iPhone starts at $ 1,000 .
And Webex isn ’ t exactly easy to use , as my girlfriend grumbled while she helped me test : “ The setup for this is definitely the worst.
” With Zoom , the data requirements dropped significantly when we tried it around 5 p.m. , when usage seems to peak — it appeared to throttle its needs as network capacity became limited .
At times it might actually be better to use the mobile network instead of Wi-Fi @ @ @ @ @ @ @ Since Italy went into full lockdown on March 12th , the mobile network has on average provided a better quality of service ( 1 ) until about 2 p.m. , after which Wi-Fi connections have given a more reliable connection .
That differs by country , of course , but the trend elsewhere is similar .
On March 24th , the first day after British Prime Minister Boris Johnson outlined stricter self-isolation measures , the U.K. ’ s mobile networks provided better service until about 9 a.m. , after which the Wi-Fi was @ @ @ @ @ @ @ Alphabet Inc. ’ s YouTube , Amazon.com Inc. and Walt Disney Co. are already reducing their streaming services ’ bandwidth consumption in Europe to alleviate the load on the region ’ s networks .
Using video conferencing smartly could not only make your calls more reliable , but also preempt any limitations being imposed on that technology .
And for goodness sake , if you ’ re on a conference call and not talking , make sure you mute yourself .
You know who you are .
( 1 ) Tutela considers the @ @ @ @ @ @ @ thresholds if it meets all the following criteria : 5 Mbps or greater download speed 1.5 Mbps or greater upload speed 50ms or less one-way latency 30ms or less jitter 1 % or less packet loss


washingtonpost--2020-03-26--Senate Passes $2 Trillion Virus Rescue Plan: Congress Update

The package includes an unprecedented injection of loans , tax breaks and direct payments to help the U.S. economy get through an abrupt shutdown as people avoid social interaction and businesses close to keep from spreading the coronavirus .
More than 68,000 Americans have been infected with the deadly respiratory disease and some economists warn that unemployment could hit 30 % .
Sanders , a candidate for the Democratic presidential nomination , said he would block the legislation himself if the Republicans did not relent .
Sanders says he wants tougher oversight on aid for corporations and wants to require @ @ @ @ @ @ @ offshoring jobs .
“ If the federal government accidentally incentivizes layoffs , we risk life-threatening shortages in sectors where doctors , nurses , and pharmacists are trying to care for the sick , and where growers and grocers , truckers and cooks are trying to get food to families ’ tables , ” the senators said in a statement .
-- Erik Wasson Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year .
They also would have @ @ @ @ @ @ @ to protect workers .
The Treasury Department would have to disclose the terms of loans or other aid to companies and a new Treasury inspector general would oversee the lending program .
-- Laura Litvan


washingtonpost--2020-03-26--U.S. Is Poised to Top China With Most Infections: Virus Update


washingtonpost--2020-03-26--Winners and Losers in Congress’s $2 Trillion Virus Rescue Plan

Companies receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year .
They also would have to limit executive bonuses and take steps to protect workers .
The Treasury Department would have to disclose the terms of loans or other aid , and a new Treasury inspector general would oversee the lending program .
The bill carves out more than $ 350 billion in aid for small businesses , much of which would be in loans through the Small Business Administration and banks , guaranteed by the @ @ @ @ @ @ @ forgiven provided the businesses meet certain requirements , including limiting reductions in pay and layoffs , though with more flexibility for employers than the original Senate bill .
Unemployment insurance payments were bolstered and recipients would be eligible to receive those funds for an average of four months , up from three in the prior GOP plan .
It also would extend eligibility to the self-employed and workers in the gig economy such as drivers for Uber Technologies Inc .
The legislation calls for $ 117 billion for hospitals and veterans ’ health @ @ @ @ @ @ @ billion for personal protective equipment , ventilators and other medical supplies for federal and state response efforts .
It also includes $ 11 billion for vaccines , therapeutics , diagnostics and other medical needs , and at least $ 250 million to improve the capacity of health-care facilities to respond to medical events , according to a summary by the Senate Appropriations Committee .
The bill would require insurers to cover tests for Covid-19 .
Labs would be required to post cash prices for the tests on public websites , and insurers would @ @ @ @ @ @ @ privately negotiated rate .
Any vaccines or other preventive services would have to be covered with no cost-sharing .
Commercial borrowers with federally backed loans could potentially skip payments for at least 30 days with a possible extension of up to 60 additional days .
Unlike individual consumers , businesses would have to document financial hardship and they would be barred from evicting tenants as long as they are missing mortgage payments .
The stimulus package includes up to $ 23.5 billion in farm aid .
It would provide $ 9.5 billion in @ @ @ @ @ @ @ producers and growers of specialty crops such as fruits and vegetables .
And it would authorize $ 14 billion in new borrowing authority for the U.S. Agriculture Department ’ s Commodity Credit Corp. , a Depression-era entity the Trump administration has used for its farm-bailout programs the past two years .
Anne Bradbury , head of the American Exploration and Production Council that represents independent oil producers , said the group is “ confident that DOE will be able to meet the president ’ s directive to purchase as much as $ 3 @ @ @ @ @ @


washingtonpost--2020-04-07--Collapsing Sentiment, Easing Lockdowns, More Stimulus: Eco Day

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washingtonpost--2020-04-07--SBA Computers Crash in Fresh Blow to Companies Seeking Virus Aid

An SBA official said later that the system was up and running and said it ’ s not accurate that the system crashed , without elaborating .
SBA continues to process , approve and guarantee billions of dollars in loans per hour and continues to add lenders to the system , the official said .
Jim Engel , Chief Executive and president of Aquesta Bank in Cornelius , North Carolina , said he was notified about 1 p.m. New York time that E-Tran was down for a few hours .
“ The system is just inundated with users , ” @ @ @ @ @ @ @ Bank said the system was down in the morning and later was back up .
Houston-based Prosperity Bank said it couldn ’ t access the E-Tran platform Monday morning , and it finally came online after lunch , said vice president Cullen Zalman .
The bank , which serves Texas and Oklahoma , also just today got some much-needed guidance on how to prepare loan documents , he said .
The system is used by SBA-approved lenders to send applications to SBA to get a loan registered and receive a guarantee number .
@ @ @ @ @ @ @ to participate in the program .
“ They can ’ t get into the system , ” said Johnnie Green , national president of The American Federation of Government Employees Local 228 , referring to lenders .
According to Green , his union represents more than 1,000 SBA employees .
Green said he was told by SBA employees that a fix was expected Monday , but he wasn ’ t sure whether the issue had been corrected .
Amazon Web Services , the largest provider of cloud computing services and a major seller @ @ @ @ @ @ @ was brought on last week as subcontractor by a company working to build a new software tool for banks participating in the SBA program , according to a person familiar with the matter .
That project , designed to expedite lenders seeking to become registered to participate in the program , isn ’ t finished yet , the person said .
A spokesman for AWS declined to comment .
Republican Senator Marco Rubio of Florida , chairman of the Senate Committee on Small Business and Entrepreneurship , said in a tweet Monday evening @ @ @ @ @ @ @ lenders “ remains a major problem ” and that he ’ s askedSBA for its plan to improve access .
“ This MUST be corrected ASAP , ” he said .
But the ability of lenders to connect with SBA on Monday -- both SBA-approved lenders trying to process loans and those trying to get registered to participate in the program -- seemed to be about the same as it was on Friday , said Paul Merski of the Independent Community Bankers of America .
The ICBA sent a letter to SBA and @ @ @ @ @ @ @ technology and a “ myriad of unanswered questions and lack of clear instruction on how to complete loans through the SBA.
” The group made several recommendations , including enhancing SBA systems .
Merski said community lenders are still looking for guidance from SBA on how to complete some loans , including when a firm ’ s officers are also on a lender ’ s board or serve as a director .
The National Federation of Independent Business , the largest group representing small businesses in the country , is aware of loans @ @ @ @ @ @ @ of a member that has received cash yet from a loan , said Karen Harned , executive director of the NFIB Small Business Legal Center .
“ I have no idea what to expect now on how long approvals are going to take and how long cash out the door is going take , ” Harned said .
“ I just don ’ t know.
” Harned said another issue that continues to frustrate small businesses is some banks saying they won ’ t accept applications unless they already have a lending relationship @ @ @ @ @ @ @ prompted backlash from Rubio and others over concerns that some firms could get shut out of the program , which was billed as helping all small businesses .
Rubio said in a statement on Saturday that , based on initial calculations , funding for the program could run out before June 30 and that Congress will need to appropriate more money .
Both Trump and Treasury Secretary Steven Mnuchin have promised to ask Congress for more funding if needed .


washingtonpost--2020-04-07--Analysis | Viktor Orban Profits From Friends and Funds from the European Union

Sadly , it also speaks to the ineffectiveness of the European Union — founded on the values of freedom , democracy and the rule of law — in reining in abuses in its patch .
The bloc ’ s response to Orban ’ s new powers has been meek .
Without naming Hungary , 13 of 27 member states have expressed concern about the risk of rule-of-law violations , while the Commission , the EU ’ s executive body , has said it will evaluate the emergency law .
After a decade of strongman tactics from Orban and foot-dragging from @ @ @ @ @ @ @ the same impact as anti-Vietnam War art , which Kurt Vonnegut once equated to that of “ a custard pie dropped from a stepladder six-feet high.
” For one of Orban ’ s most experienced European sparring partners , former Commission Vice-President Viviane Reding , it is a disappointing yet predictable turn of events .
She calls it “ business as usual.
” Her career has given her a front-row seat from which to watch Orban ’ s Fidesz party turn Hungary from a bright liberal hope for post-Soviet democracy into an authoritarian @ @ @ @ @ @ @ circle of insiders .
Despite Reding ’ s efforts to hold Orban to account as the Commission ’ s top justice official in the early 2010s — the Commission took Hungary to court over several rule-of-law abuses , including Fidesz ’ s attempt to force out hundreds of judges — he has won the long game .
By cajoling EU critics with concessions while sticking to his overall plan — something journalist Paul Lendvai has called the “ peacock dance ” — Orban has avoided serious censure and consolidated his power .
“ @ @ @ @ @ @ @ again and again , ” Reding , currently a member of Luxembourg ’ s parliament , tells me .
Orban ’ s ability to retain his grip on Hungary is one thing — the country ’ s historical scars , a fragmented opposition with its own share of scandals and extremism , and the relentless undermining of civil society all play their part .
But how is such a tiny state , accounting for less than 1 % of the EU ’ s GDP , able to run rings around its larger European @ @ @ @ @ @ @ ?
There are a few reasons .
For one , member states like Poland aren ’ t going to enforce ongoing sanctions procedures against Hungary — launched in 2018 over persistent breaches of EU values — when they themselves face the same sanctions .
Significantly , Orban ’ s years of networking across Europe have brought him the endorsement of its biggest parliamentary bloc , the European People ’ s Party ( EPP ) , which includes parties such as Angela Merkel ’ s CDU .
When the EPP suspended Fidesz in 2019 @ @ @ @ @ @ @ philanthropist George Soros and Jean-Claude Juncker ( an EPP member who was then-head of the Commission ) , it stopped short of expulsion .
Fidesz has votes , and Orban ’ s self-styled defense of a “ Christian ” Europe and skill at exploiting popular fears about immigration still have their admirers in the ranks of his political family — such as France ’ s Republicains , historically the party of Nicolas Sarkozy and Jacques Chirac .
It ’ s high time Orban ’ s EU friends take a more proactive stance .
@ @ @ @ @ @ @ s Party in Luxembourg , along with 12 other EPP members , last week called for a full expulsion of Fidesz from the parliamentary bloc .
There ’ s no unanimity for this yet , and booting out Fidesz wouldn ’ t stop it turning up elsewhere in parliament .
But it ’ s the right call : The longer the EPP walks this tightrope , the more likely it is to fall off .
Not only are its own pro-European values being undermined , but politically Orban ’ s tactics and rhetoric @ @ @ @ @ @ @ EPP colleagues — which include European Commission President Ursula von der Leyen .
The next action to take , according to Reding , is to crack down on Orban ’ s financial support .
Hungary received more than 6 billion euros ( $ 6.5 billion ) of EU funding in 2018 , equivalent to 5 % of the country ’ s GDP , while contributing only 1 billion euros .
A majority of state contracts are funded by the EU , feathering the bed of business elites allied with Fidesz .
The EU @ @ @ @ @ @ @ cases of misuse of the money , but more needs to be done .
Funding should be tied to respect for the rule of law , enforced by existing EU tools as well as new ones in the bloc ’ s forthcoming multiyear budget , Rutgers University ’ s R. Daniel Kelemen and Princeton University ’ s Kim Lane Scheppele have argued .
Obviously , a pandemic is hardly the ideal time to start a new EU bust-up when several crises are raging already .
But long-term , rule-of-law abuses can corrode the @ @ @ @ @ @ @ union bound by laws and not by force , as Reding puts it .
Left unchecked , a “ multispeed Europe ” in terms of democratic values would wreck havoc on a lot of things : Trust between member states , confidence in the ability of national legal systems to fairly implement EU law , and consistency in the common market .
As long as Orban keeps profiting from EU friends , and EU funds , that scenario draws nearer .


washingtonpost--2020-04-07--Analysis | Health Can Be a Way Out of the Middle-Income Trap

JPMorgan Chase & Co. economist Jahangir Aziz stirred up a debate late last year when — taking his cue perhaps from the U.S-China trade tensions — he said that the “ game is over ” for emerging markets that were “ addicted to globalization.
” India , he argued , refuses to accept that it ’ s just another developing economy that grew on the back of globalization .
The coronavirus outbreak has only deepened India ’ s vulnerability .
Trade in goods has slowed the world over .
Movement of people has halted .
Even the dollar , the @ @ @ @ @ @ @ finding it hard to go where it ’ s needed .
India ’ s edge in software services will be blunted if swathes of Western industrial capacity get rescued by taxpayers , who will demand that firms stop outsourcing and create jobs at home .
Indian startups will struggle to raise money from global private equity firms , which are busy angling for a public bailout of their portfolio companies , as my colleague Shuli Ren has noted .
Then there ’ s geopolitics .
The mistrust between Washington and Beijing has gone @ @ @ @ @ @ @ game around the pandemic .
To the extent the East Asian model of export-led growth requires a wealthy core economy buying cheap widgets from a periphery it hopes to be able to control , it has run its course .
There won ’ t be a next China .
So how should New Delhi navigate this scared new world ?
In dealing with the virus and its aftermath , the Indian government is bound to shed fiscal restraints , and rely on the central bank to fund its spending .
Once it ’ @ @ @ @ @ @ @ monetization , neither India nor the rest of the world will want to get off .
This won ’ t matter as long as India can demonstrate that public spending is boosting productive capacity .
One way to do that , as a senior financial services executive put to me , was to make public health the engine of a state-funded investment drive .
A highly contagious outbreak can overwhelm even the most sophisticated of medical systems , but as Fitch Solutions says , with 8.5 hospital beds and 8 physicians per 10,000 @ @ @ @ @ @ @ is particularly at risk .
By comparison , Japan and South Korea have 120 to 130 beds for 10,000 people .
That explains the severity of Prime Minister Narendra Modi ’ s 21-day shutdown , which has caused enormous hardship for the urban poor and migrant workers .
Modi ’ s “ Make in India ” slogan rings hollow when doctors have to don raincoats and helmets in the absence of protective equipment .
To say that even the U.S. is short of gear and tests only proves that the flawed American healthcare @ @ @ @ @ @ @ World Bank has fast-tracked a $ 1 billion loan for India to speed up coronavirus detection and treatment .
But the bulk of the future investment in new hospitals and emergency rooms must come from the state .
Expensive private medical education paid for with hefty student loans must give way to scaled-up subsidized training .
Just reversing the 1:2 ratio of government versus out-of-pocket health spending will unleash purchasing power .
Two decades ago , when India was shaking off the vestiges of its socialist past , 31 % of medicine in @ @ @ @ @ @ @ public hospitals .
Now , when market forces rule , the share of free drugs is down to less than 9 % .
Imagine the anxiety it breeds among the poor who are one mishap away from destitution .
It ’ s unclear whether the current crisis will prompt the U.S. to drop its deep resistance to a single-payer health system .
India , which has no qualms about being a welfare state , could emulate the Korean or Taiwanese model in which a single national insurer , funded by budgetary support as @ @ @ @ @ @ @ , pays service providers and drug companies .
As for the rest of the economy , emphasizing domestic demand doesn ’ t mean import substitution .
Nor does it imply unwarranted export pessimism .
A long hiatus in globalization won ’ t preclude opportunities for India to boost its share of world exports .
With a health-centered investment agenda , India can supply doctors , nurses , paramedics , technicians and other medical professionals to the world .
It can also supply valuable data and analytics .
Even with the country busy fighting @ @ @ @ @ @ @ thinking of tomorrow ’ s battles .
In India ’ s case , one of its biggest weaknesses could also be its growth plan .


washingtonpost--2020-03-20--Analysis | What You Need to Know About the Coronavirus Pandemic

It has been described as “ insidious ” because many infected people are well enough to go about their daily business , unwittingly spreading it to others .
A study of 191 patients in China found that the median duration of infectiousness was 20 days with a maximum of 37 days .
As of March 3 , the fatality rate was about 3.4 % based on globally reported cases , the World Health Organization said .
However , such numbers are unreliable in the early stages of an outbreak because there may be many people with mild cases who go @ @ @ @ @ @ @ the U.S. National Institute of Allergy and Infectious Diseases , said March 11 that the new coronavirus is 10 times more deadly than the seasonal flu , which has a mortality rate of about 0.1 % .
That would put it at about 1 % , similar to other projections .
A related coronavirus killed 9.5 % of patients in the 2002-2003 epidemic of severe acute respiratory syndrome , or SARS , and another known as MERS-CoV has led to death in 34 % of the 2,499 cases recorded since 2012 .
In @ @ @ @ @ @ @ didn ’ t transmit from one person to another as efficiently as this new one appears to do .
Certainly , they didn ’ t spread as widely as fast .
In the worst pandemic in recent history , an estimated 50 million people died from the 1918 influenza that had a case-fatality ratio of about 2 % and infected as much as a third of the world ’ s population .
The last pandemic , an outbreak of a new strain of H1N1 flu ( swine flu ) in 2009 , infected @ @ @ @ @ @ @ U.S. alone and killed an estimated 12,469 of them in the first year it circulated .
Symptoms begin to appear on average five to six days after infection .
The virus appears to cause a mild illness lasting about two weeks in children , adolescents and younger adults in most cases , and potentially more severe disease lasting three to six weeks in older people .
In a Chinese study , 81 % of confirmed cases were mild , 14 % were severe and 4.7 % critical .
Frequently reported early signs are @ @ @ @ @ @ @ sputum production if it stays in the nose and throat , which it does for the majority of people infected .
Danger starts when it reaches the lungs .
One in seven patients develops difficulty breathing and other severe complications , while 6 % become critically ill .
These patients typically suffer failure of the respiratory and other vital systems , and sometimes develop septic shock , according to a WHO report .
In severe cases , studies suggest the virus invades cells in the lower respiratory tract , causing difficulty breathing and @ @ @ @ @ @ @ .
In an early study , more than a quarter of hospitalized patients developed a complication known as acute respiratory distress syndrome .
It appears to be the elderly and those with underlying health issues .
Many of the fatalities have been in patients with other illnesses such as high blood pressure , diabetes or cardiovascular disease .
A Chinese study of 72,000 cases found that 81 % of deaths occurred in patients over 60 years old ; in another study of about 4,000 cases in the U.S. , 80 % of those @ @ @ @ @ @ @ In the H1N1 pandemic , about 80 % of those who died were younger than 65 , according to the CDC .
By coming into contact with virus-containing droplets that are emitted when an infected person coughs or sneezes , according to the WHO ’ s first comprehensive report on Covid-19 .
These droplets can be transferred directly to someone else in close proximity or via hands and surfaces .
A study concluded that the novel coronavirus can survive four hours on copper , 24 hours on cardboard , 48 hours on stainless @ @ @ @ @ @ @ Simple disinfectants kill it .
There ’ s a theoretical risk the virus can spread through feces or in tiny particles known as aerosols .
In a preliminary study , researchers who aerosolized it found active virus can float in the air for as long as three hours .
People who are still incubating the virus and show no symptoms may spread it .
Epidemiologists try to gauge contagiousness by estimating the number of additional people likely to be infected by an individual with the virus .
That measurement , called a basic @ @ @ @ @ @ @ r naught ” ) , is one indicator of how difficult an epidemic is to control .
A study of an outbreak aboard a cruise ship estimated that the r0 for Covid-19 was 2.28 during the early stages .
That would make it more infectious than seasonal flu , which has an r0 of about 1.3 and killed an estimated 61,000 people in the U.S. in the 2017-18 season .
There ’ s no evidence of that .
But “ false negative ” test results could give that impression .
A study published @ @ @ @ @ @ @ of recovered patients may test positive again days after discharge .
The authors theorized that it may take a few days for the immune system to completely eliminate residual viruses , which can be hard to detect .
During that period , the virus may briefly rebound and , depending on the patient ’ s general health , there is a risk of a relapse .
That doesn ’ t necessarily mean that the patient who retests positive is contagious , but the researchers suggested further investigation and post-discharge surveillance .
Just because @ @ @ @ @ @ @ doesn ’ t mean a different respiratory virus will behave in the same way , though there is some indication it may .
The easing of flu outbreaks in the summer doesn ’ t mean the virus dies out .
Some evidence suggests it migrates to the opposite hemisphere , before returning again with cooler weather .
So , even if the coronavirus does subside in the summer , it could return in the fall .
The virus emerged in early December in Wuhan , an industrial city of 11 million and capital @ @ @ @ @ @ @ on a seafood market where live animals were also sold , but about a third of the first 41 cases were found to have no link to it .
The viral genome is closely related to several coronaviruses found in bats .
Diseases transmissible from animals to humans , sometimes referred to as zoonoses , comprise a large percentage of all newly identified infectious diseases .
There is always concern when a new human pathogen emerges because people typically lack immunity to it and there usually aren ’ t specific treatments or vaccines @ @ @ @ @ @ @ in humans before -- represent a particular concern because they have been known to spark complicated outbreaks that have sickened thousands of people , as SARS did as it swept across the globe from southern China .
As long as people can ’ t get it twice , yes .
If a sufficient percentage of people in a community develops immunity to an infectious disease through prior illness or vaccination , so-called herd immunity can become established .
That reduces the number of susceptible people to a level at which transmission slows and @ @ @ @ @ @ @ on the basic reproductive number .
Patrick Vallance , the U.K. government ’ s chief scientific adviser , said March 13 that 60 % of the country ’ s population could become infected with the new coronavirus , which would help build up a degree of herd immunity .
However , researchers at Imperial College London have warned that , in the absence of a vaccine , a “ second wave ” of infections is possible once quarantines and other intervention measures are lifted .
Some 60 million people in Wuhan and more @ @ @ @ @ @ @ have been quarantined since late January .
New hospitals were built from the ground up in days , and the production of medical equipment was ramped up .
( Some makeshift treatment centers have started to pack up as patients there have recovered . )
With Covid-19 showing up in more places , officials began to switch their goal from stopping its spread to preparing for it amid shortages of testing kits , face masks and other equipment .
Italy , the worst hit country in Europe , was the first to attempt @ @ @ @ @ @ @ .
Schools have been closed in many countries .
In mid-March U.S. President Donald Trump declared a national emergency and has significantly restricted international travel , later warning Americans not to travel abroad and recommending that those who are overseas come home .
California told its 40 million residents to stay home ; New York City ordered the country ’ s largest school system to close .
European leaders are restricting most travel into the continent in an unprecedented move , as several countries joined Italy in enacting curfews and lockdowns .
London @ @ @ @ @ @ @ a pandemic , which can help mobilize international responses .
Governments around the world have pledged more than $ 1.9 trillion to contain the coronavirus and shore up financial markets and businesses .
The Trump administration is pushing Congress to pass a massive stimulus package .
The World Bank has allocated $ 12 billion in virus aid for developing economies .
Numbers of new cases in China have dropped dramatically .
A spokesperson for China ’ s National Health Commission said March 12 that the peak of the current outbreak in the country @ @ @ @ @ @ @ now restricting flights into the country to combat imported cases .
Reactions to China ’ s response have been mixed .
The country did not immediately release genetic information about the virus and has struggled to explain changes in the way it counts new cases .
But China ’ s strict quarantine likely bought the rest of the world two to three weeks to prepare for the virus and averted many infections , according to the WHO .
The initial U.S. response failed to stop the virus ’ s spread despite Trump ’ @ @ @ @ @ @ @ was “ very much under control.
” Italy ’ s hospitals are being overwhelmed , and some in the U.S. worry they could face the same fate .
South Korea appears to have slowed its epidemic by testing people at a faster rate than any other country .


washingtonpost--2020-06-07--Analysis | Saudi Arabia Lays Down the Law to the Oil Market

The drama centered around the failure of key countries to make all the output cuts they had promised when the group met by videoconference the previous month .
Of the 20 countries participating in that deal , 19 agreed to reduce their production by 23 % from agreed-upon baselines .
Only Mexico held out , and eventually the others gave in to its demand for a smaller reduction .
Saudi Arabia was done turning a blind eye to the cheats .
It spent a week threatening and cajoling them .
In the end , as well as agreeing to extend @ @ @ @ @ @ @ other countries promised to compensate for the barrels they failed to remove in May , and would fail to cut in June , by making deeper cuts in the third quarter .
Four countries , in particular , were held to account — Iraq , Nigeria , Angola and Kazakhstan .
Iraq and Nigeria have long histories of failing to make the cuts they promised under previous OPEC+ agreements .
Angola ’ s production last year was well below its target , and Kazakhstan met its obligations on average over the period , @ @ @ @ @ @ @ its biggest oil fields .
But neither cut quite as much as they had pledged last month .
Iraq especially angered the Saudis by admitting that , not only had it failed to meet its obligations in May , but it wouldn ’ t be able to get output down to its target level until the end of July .
On the other hand , Nigeria had insisted that its production numbers were reported incorrectly by the secondary sources that OPEC relies on to monitor production , but its oil minister eventually admitted @ @ @ @ @ @ @ had cut production by 216,000 barrels a day — 52 % of the reduction it had promised .
All four countries eventually agreed to the principle of making additional compensatory output cuts in the coming months .
The real tests will be whether they do , and how Saudi Arabia reacts if they don ’ t .
Back in March , when Russia refused to accept deeper output cuts championed by Saudi Arabia , the kingdom threatened to bring the whole OPEC+ edifice crashing down , rather than go on without Russia ’ @ @ @ @ @ @ @ ’ s bluff , and the Saudis proceeded to boost their oil production to more than 12 million barrels a day in early April — just as the destruction of global oil demand by the Covid-19 pandemic reached its peak .
The kingdom seems to have threatened to do the same again , if it didn ’ t get its way ahead of Saturday ’ s meetings .
But Iraq and Nigeria learned from Moscow ’ s mistake — at least well enough to say the right things to appease Saudi Arabia .
@ @ @ @ @ @ @ new goal , as it will be aided in the task : Maintenance being conducted on at least one of its major offshore oil fields means production will run at reduced rates and shut down completely for several days .
Iraq , though , will find it more difficult .
In fact , I don ’ t see any way that it can meet its obligations by the end of September .
Assuming its production falls steadily between now and the end of July to reach its target level , Iraq would still @ @ @ @ @ @ @ September by more than 1.3 million barrels a day from what it pumped in April — taking production down to a level not seen in six years .
That is going to be a very tough sell for the newly installed government in Baghdad .
But after the disastrous meetings in March and April , Saudi Arabia looked strong in the run-up to Saturday ’ s gathering , holding Iraq and Nigeria to account .
Maybe those countries will find a way to do what they ’ ve promised .
But even if @ @ @ @ @ @ @ not matter so much .
Because by demanding extra cuts and getting promises that they will come , the Saudi oil minister has sent a warning to other would-be backsliders : They , too , will be called out if they fall short .
Plus , the oil market could look very different by July .
Brent crude is already above $ 40 a barrel , demand is slowly recovering and supply has been reduced significantly .
They may be able to meet their promises simply by maintaining cuts while others slowly increase @ @ @ @ @ @ @ has shown that it can exercise a degree of authority over the other OPEC members and instill some discipline , or promises of it .
Even that is a big step toward restoring credibility to OPEC and OPEC+ after a couple of bruising meetings earlier this year .


washingtonpost--2020-06-07--Analysis | A New Kind of Hedge-Fund Activism Has Arrived

In Asia , the trends are similar .
Restructurings are picking up and covenant quality – or the level of investor protection in bonds — is improving after deteriorating for much of the past decade .
Singapore-based mining company Geo Energy Resources Ltd. is asking creditors to waive certain clauses .
China ’ s Dr Peng Telecom & Media Group Co. secured a year-and-a-half extension on its bonds due in 2020 by paying investors over 2 percentage points more , along with returning the principal in installments .
That ’ s just the beginning — there will be more .
@ @ @ @ @ @ @ have more opportunities to push for operational efficiency and stronger corporate governance , as well as to hold debtors accountable .
Unlike their equity-side activist peers , creditors love firms sitting on cash and want to keep companies alive by boosting their value.Gregory Nini , a finance professor at Drexel University , says companies have to make their lenders happy , especially now , noting that “ incumbent creditors have a fair amount of power.
” His research has found that , on average , firms improve their operations and performance after negotiations @ @ @ @ @ @ @ to slim down until pressured to do so .
Creditor intervention can amount to activism – after all , they don ’ t seek returns now , and wish to protect their claims .
Cash management is their forte and they don ’ t want companies to go bust .
Largesse after the 2008 financial crisis offers a lesson this time around .
In the U.S. , over 80 % of the syndicated leveraged-loan market is covenant-lite , or without financial maintenance requirements , according to Moody ’ s Investors Service Inc. Debt @ @ @ @ @ @ @ losses first , shrank to 18 % last year from 33 % pre-crisis .
Because heaps of such debt already exist , recovery from the Covid-19 disaster will be far slower , the rating agency expects.Nini notes that a big concern now , given the terms that investors signed up for in recent years , is that companies will — and can — stumble along until a conversation is forced upon them .
The flip side , as leveraged loan defaults rise sharply , is that creditors are presented with an opportunity .
@ @ @ @ @ @ @ with debt-for-debt exchanges or shifting of collateral outside their control , or potentially risk ending up in a subordinated position in the capital stack .
Especially in times like these , even if they sympathize and give waivers , lenders can put in stringent covenants on capital spending and asset sales .
That ’ s a start .
Another takeaway from post-2008 : Don ’ t kick the can down the road .
As companies struggled , they missed a chance to crisis-proof their capital structures , relying on out-of-court distressed exchanges of @ @ @ @ @ @ @ bankruptcy proceedings and restructurings .
Moody ’ s analysts looking at the past three decades say that more than 40 % of the time , such exchanges don ’ t save troubled firms from another default .
Meanwhile , investors accepted terms , because liquidity was flush and rates were low , that didn ’ t insulate them from future difficulties .
Now , recoveries will struggle on the legacy of such debts .
No one imagined a global pandemic .
When businesses will be able to move on from the one-time impact @ @ @ @ @ @ @ guess .
But it ’ s clear that they need to be prepared for their new reality .
Creditors , this may be your time .


washingtonpost--2020-06-17--Analysis | How a T-Mobile Outage Got Mistaken for a Cyber Attack

Internet and phone connectivity has never been more important than it ’ s been in the last three months , with many Americans still working from home and social distancing to stem the spread of Covid-19 , and yet so little information is ever disseminated about the status of the country ’ s networks .
Helpful third-party websites track things like internet speeds around the U.S. , but they all use different methodologies and there isn ’ t any official authority for such data — not even at the FCC .
It ’ s often left up to the network @ @ @ @ @ @ @ disclose publicly .
T-Mobile is known for having a highly active Twitter presence and for communicating directly with customers in a way that most other companies don ’ t .
That culture , which has earned it high regard with consumers , was created by former CEO John Legere , who stepped down in April as T-Mobile completed its acquisition of Sprint Corp .
But when it came to Monday ’ s technological difficulties , which began just after noon New York time , the company was initially vague .
Later that day @ @ @ @ @ @ @ president of technology , tweeted only that “ engineers are working to resolve a voice and data issue that has been affecting customers around the country.
” Meanwhile , confused subscribers took to social media to complain about issues making and receiving calls and texts , including some AT & T Inc. and Verizon Communications Inc. users who mistakenly thought the connection issues were on their end .
Because sites like DownDetector.com scrape Twitter for these types of reports , it wasn ’ t long before a scary-looking map of a mass internet @ @ @ @ @ @ @ it wasn ’ t just a T-Mobile problem .
The map helped to inadvertently fuel false theories about a giant cyber attack on U.S. tech institutions broadly .
And by Monday evening , Instagram feeds — where many young people get their news — were riddled with posts like this from meme accounts spreading misinformation : In a post to the news section of its website at around 9:30 p.m. New York time on Tuesday , T-Mobile explained that there was a circuit failure at one of its third-party fiber providers in the @ @ @ @ @ @ @ overloading the network .
The situation “ was then compounded by other factors , ” Ray wrote .
“ Our engineers worked through the night to understand the root cause of yesterday ’ s issues , address it and prevent it from happening again.
” In some ways , it ’ s too little , too late , and that ’ s partly a result of Pai ’ s generally hands-off approach to regulation that entails asking questions later and giving slaps on the wrists after companies trip up .
That can be @ @ @ @ @ @ @ neutrality — the concept of treating all web traffic equally — and , alongside Makan Delrahim , the Justice Department ’ s chief antitrust enforcer , approving T-Mobile ’ s takeover of Sprint with difficult-to-enforce concessions .
It ’ s an administration that has prioritized the possibilities of faster 5G networks over the potential harm of market consolidation .
It ’ s also been more concerned about content on the internet than the behavior of internet providers themselves , even though the whole of the U.S. economy is virtually dependent on their services @ @ @ @ @ @ @ start of April , as the virus lockdowns were getting under way , Pai checked in with companies such as T-Mobile , AT & T , Verizon and Comcast Corp. to see how their networks were holding up amid the sudden onslaught of demand .
By March 21 , BroadbandNow had found that 88 of the top 200 cities had “ some degree of network degradation , ” with places such as Austin , Texas , parts of California , Rochester , New York , and even Sprint ’ s home of Overland @ @ @ @ @ @ @ in internet speeds ( they later improved ) .
Still , the message from the carriers at the time was that everything ’ s all good , and Pai seemed comfortable taking their word for it , which he summarized in his own upbeat public statement .
FCC Commissioner Jessica Rosenworcel , an outspoken advocate for greater oversight of the telecommunications industry , has called for the agency to issue daily updates on network status amid the Covid-19 crisis , just as it would during a hurricane or other events that activate its @ @ @ @ @ @ @ a few reports using different methods from a handful of companies is useful , but it ’ s not enough , ” Rosenworcel said in a statement in April responding to questions sent to her office .
Things sometimes go wrong with technology , and that ’ s to be expected .
But this week ’ s breakdown in communications — digital and verbal — shows why consumers would benefit from better industry oversight and a more formal system for reporting network failures with greater urgency and transparency .


washingtonpost--2020-06-17--Analysis | Why the World Worries About a Covid-19 ‘Second Wave’

It ’ s not a scientific term with well-defined parameters .
Rather , it ’ s used to refer to a subsequent , serious increase in cases that occurs after the original surge has ebbed in a given area .
Pandemics are caused by new pathogens that the vast majority of humans have no immune protection against .
That ’ s what allows them to become global outbreaks .
Pandemics are uncommon , but influenza is one of the more frequent causes .
What often happens is that a novel variant of flu virus spreads around the world and then @ @ @ @ @ @ @ .
A few months later , it comes back and spreads around the world , or large parts of it , again .
Most countries responded to the coronavirus pandemic by restricting movement , which slows the virus ’ s spread but leaves many people vulnerable to infection once they begin to venture out again .
Parts of the U.S. including Texas , California and Florida have seen localized outbreaks weeks into their re-openings .
However , as Anthony Fauci , director of the U.S. National Institute of Allergy and Infectious Diseases , @ @ @ @ @ @ @ Wall Street Journal , the U.S. is still in the first wave of its coronavirus outbreak -- it hasn ’ t yet receded .
Countries in Asia that have had more success containing the virus have also seen flareups .
A burst of cases in Beijing prompted Chinese authorities to restore some containment measures in the capital city in June .
China ’ s Jilin province , on the border with Russia , saw a brief uptick in cases in May -- a month after the country ’ s first lockdown ended in @ @ @ @ @ @ @ began easing its social distancing measures in April , suspended plans for further relaxation in June as new infections emerged .
Influenza pandemics can be temporarily beaten back by the change of seasons , moving to the southern hemisphere when the northern half of the globe heats up during its summer , and vice versa .
The virus may also have infected a huge portion of people in most areas , giving them immunity from re-infection and possibly creating so-called herd immunity , which protects those who haven ’ t been infected by @ @ @ @ @ @ @ In the case of the coronavirus that causes Covid-19 , countries around the world adopted movement restrictions on an unprecedented scale and social-distancing measures that combined kept people far enough apart that the virus couldn ’ t easily spread .
Lifting containment measures too quickly may allow cases to start rising anew .
Other factors could lead to a more dramatic increase that might be clearly recognizable as a second wave .
In the case of influenza , there ’ s the onset of cool weather , a factor that may affect the @ @ @ @ @ @ @ can mutate .
This is another feature of flu , which evolves more or less constantly .
In the latter part of 1918 , a second wave of the historic influenza outbreak occurred and caused most of the deaths in that pandemic .
Some researchers believe it was brought about by a mutation that made the virus again unrecognizable to most people ’ s immune systems .
Another important variable is the movement of the virus to populations that haven ’ t been exposed before and don ’ t have immunity .
The @ @ @ @ @ @ @ stages to test the effect of each before moving to greater openness .
In any case , experts say , the key to keeping infections low without locking down everyone is to scale up testing and contact tracing .
Health authorities need to find infected people , isolate them and identify their recent contacts , so they can be tested as well and isolated if necessary .
Eventually , it ’ s possible that enough people will become exposed to the coronavirus that herd immunity will develop and it will stop spreading , @ @ @ @ @ @ @ be licensed .
The 2002-2003 outbreak of severe acute respiratory syndrome in Asia never reached the scope of a pandemic .
Though caused by a coronavirus , it wasn ’ t as contagious as the one responsible for Covid-19 .
Its spread was mainly restricted to hospitals and other settings where people came in close contact with the body fluids of infected patients .
Ebola is another pathogen relatively new to humans .
There have been periodic outbreaks in Africa , but while the virus is highly contagious in some settings , it @ @ @ @ @ @ @ spread around the world like the coronavirus .


washingtonpost--2020-06-17--Biden Calls On Trump to ‘Wake Up’ to Coronavirus Crisis

Trump , Biden suggested , is more interested in holding campaign rallies , beginning with one on Saturday in Tulsa , Oklahoma , his first since the pandemic struck .
Biden has stuck to small events , such as the ones Wednesday , which included just a dozen invited guests sitting more than six feet apart .
As of Wednesday , the U.S. had 2.1 million cases of coronavirus and more than 117,000 people have died .
National health officials are warning about the risk of infections beyond the initial U.S. hot spots , led by New York and New @ @ @ @ @ @ @ have doubled in Arizona and surged in Florida and Texas , which were among the first states to reopen .
Vice President Mike Pence , the head of the White House ’ s coronavirus task force , has backed Trump ’ s efforts to move on from the crisis .
There is no “ second wave ” of the virus , Pence wrote in a Tuesday op-ed in the Wall Street Journal .
Pence argued that efforts to slow the virus ’ spread have worked and that “ thanks to the leadership of @ @ @ @ @ @ @ of the American people , our public health system is far stronger than it was four months ago , and we are winning the fight against the invisible enemy.
” Biden said the country is still ill-prepared for the health and economic challenges of the pandemic , which he said won ’ t subside until there is a vaccine , a reality that he said Trump is ignoring .
“ Bad management on top of bad planning on top of neglect is totally unacceptable for a great nation like ours , ” he @ @ @ @ @ @ @ the crisis .
“ Just like he couldn ’ t wish Covid-19 away in March , just like he couldn ’ t tweet it away in April , he can ’ t ignore it away in June.
” Biden repeated his call for continued federal support for small businesses and the unemployed , as well as a larger federal role in setting out health guidelines and helping Americans implement them .
Earlier , meeting with small business owners at Carlette ’ s Hideaway , a bar and soul food restaurant on the edge @ @ @ @ @ @ @ Pennsylvania , Biden offered the same message .
“ One of the problems in my opinion is nobody is taking responsibility , ” he said of the president and his administration ’ s senior officials .
Scott Richardson , the owner of Occasionally Yours Cafe in Swarthmore , Pennsylvania , told Biden that he ’ d voted for Trump in 2016 because of his business background but had been disappointed by his virus response .
“ I felt like we did not do any long-range planning .
Anything that we ’ ve done @ @ @ @ @ @ @ a reactive thing .
It seems we ’ ve been totally reactive , ” Richardson said of Trump .
Biden has argued that he would have been more aggressive at every step of the crisis , from beginning to fight the virus weeks if not months earlier than Trump to doing better planning for reopening and to prevent new outbreaks .
He released a reopening plan last week that calls for increasing Covid-19 testing , ensuring workers have access to personal protective equipment , guaranteeing paid sick leave and launching a national contact-tracing @ @ @ @ @ @ @ to spend a significant amount of money to assist businesses in reopening with safety precautions in place .
He ’ s also said the government should fund child care costs , medical research and increased salaries for health care workers .
The former vice president warned that without the investment , the economy would not recover .


washingtonpost--2020-06-16--Fed Adapts as Congress Urges More Credit Risk on Corporate Loans

And it ’ s starting to make Powell wary , as he hinted at a press conference last week , saying that one day , the management of the Main Street program could move out of the Fed , perhaps to Treasury or a third party .
Their revenues were flattened .
They didn ’ t have access to capital markets .
Collectively these firms employ millions of Americans , and if they failed there would be fewer jobs to go back to once the pandemic subsided .
Senior officials at the Federal Reserve , the Treasury Department and on @ @ @ @ @ @ @ considering stimulus legislation , agreed that someone would have to find a way to bridge loan America ’ s mid-size businesses through the crisis .
A consensus developed that the best place to put the program would be the Federal Reserve , according to people familiar with the matter .
The central bank could leverage whatever money Congress appropriated and it could partner with the banking system to make loans .
The Fed took a moment to consider the proposal , which is understandable because it took them way outside the normal limits @ @ @ @ @ @ @ as early as February , Fed staff had identified risks to local businesses as they considered coronavirus scenarios .
They endorsed the idea , and announced the Main Street Lending Facility on March 23 , even before the $ 2 trillion CARES Act was approved .
That legislation included a whopping $ 454 billion for the Treasury to leverage through Fed programs , and Treasury Secretary Steven Mnuchin applied $ 75 billion to the Main Street facility .
“ The reputation of the Fed is all about Wall Street , but its jurisdiction @ @ @ @ @ @ @ greater , ” Senator Sherrod Brown , an Ohio Democrat , said in an interview , noting that the independence and non-partisanship of the Fed also weighed into the decision to place the program there .
Powell “ is a man of integrity , ” he said .
The Main Street facility opened registration on Monday for banks who want to participate and the Fed urged them to start making loans “ immediately.
” Last time Powell appeared before the Senate panel , both Republicans and Democrats urged him to take risks with @ @ @ @ @ @ @ is a difficult one for central banks .
Most of the lending they do is for liquidity needs -- short term credits backed by good collateral .
They don ’ t have big departments with loan officers specializing in the particular credit risk of the retail or energy industries , for example.Main Street loans will be made by banks that do have that expertise .
But banks will sell a large portion of those loans to the Fed , and they could sit on the central bank ’ s balance sheet for as @ @ @ @ @ @ @ the prospect that the Fed could be in a position of modifying credits or forcing defaulted borrowers into bankruptcy .
Powell ’ s wariness with that prospect was on display at his June 10 press conference.
“ We don ’ t really want to be part of the decisions that have to be made to manage such a portfolio , ” he said .
“ So we ’ d be looking to have that done either someplace else or , you know , by a third party , or at the Treasury Department.
@ @ @ @ @ @ @ how to deal with systemic risk and stood up liquidity facilities for the financial system “ quickly and aggressively , ” said Kathryn Judge , a professor at Columbia Law School .
“ I have been concerned about how well suited they are to play these other roles ” such as industrial lending , Judge added .
“ The Fed has no track record of being successful in that space.
” The business lending programs are also rife with political consequences .
Risk too little helping mid-sized businesses , and large corporations and @ @ @ @ @ @ @ t achieve its mission to keep America ’ s job creators afloat .
Risk too much and the Fed could be in a position where the Treasury has to kick in more funds.That could invite more congressional scrutiny , and a desire by lawmakers to have more say over what the Fed does in this area , said George Selgin , a senior fellow at the Cato Institute in Washington .
“ We could lose all of our capital , and we ’ re prepared to do that , ” he told the @ @ @ @ @ @ @ , the Treasury ’ s base case is that they will only take “ some losses.
” There are plenty of signs of the Fed learning by doing and remaining strongly committed to a broad program that takes some risk.The Fed lowered Main Street loan minimums to $ 250,000 from $ 500,000 .
Businesses participating in the program will be able to defer principal payments on their loans for two years , up from the previously announced one year .
It also trimmed the required loan retention by banks to 5 % from @ @ @ @ @ @ @ other modifications .
Powell is also expanding the program to non-profit organizations.
“ They know that the potential damage to the economy is very large if they don ’ t act , ” said Laura Rosner , a partner at MacroPolicy Perspectives LLC in New York .
“ It is important to preserve as much economic infrastructure as possible .
”


washingtonpost--2020-06-17--Powell Fiscal Call, EU Counters China, G-7 on Hong Kong: Eco Day

• G-7 foreign ministers urged China to reconsider its plan to impose a new national-security law on Hong Kong .
Mao ’ s ‘ magic weapon ’ is casting a dark spell over the city , Businessweek reports • President Xi Jinping faces fresh test for China ’ s response to the pandemic : a rapidly growing outbreak in Beijing .
Here ’ s why the world is worrying about a second wave of Covid-19 • Taiwan may have avoided going into lockdown , but the central bank is likely to cut its benchmark rate again this year as shrinking @ @ @ @ @ @ @ weigh on the economy • Over in Indonesia , the central bank is expected to resume lowering interest rates after a two-month pause • The Philippines is weighing a bevy of new taxes to fund anti-virus economic stimulus -- with the risk that these levies could slow activity even further • Here ’ s a wrap of Bloomberg Economics ’ insights to everything from the U.S. growth outlook to China ’ s worries about spillovers • The U.S. has spent more than half of $ 3 trillion in economic rescue funds passed by @ @ @ @ @ @ @ intended to ensure the money goes to the right places • The Swiss National Bank looks like an oasis of calm compared with other central banks , but it ’ s been waging a battle with investors • Brazil cut its interest rate by 75 basis points to a record low as the pandemic hollows out inflation expectations .
Economy Minister Paulo Guedes warned Brazil could fall into a depression if policy makers fail to resume a pro-market reform drive • Prime Minister Narendra Modi has vowed India will defend its sovereignty in @ @ @ @ @ @ @ its contested border with China resulted in the deaths of 20 Indian soldiers • Former National Security Advisor John Bolton writes in a new book that President Donald Trump asked Xi Jinping to help him win re-election by buying more U.S. farm products For more articles like this , please visit us at bloomberg.com


washingtonpost--2020-06-17--Trillions in Stimulus Go Unchecked With Watchdogs Kept Toothless

The sheer size of the pandemic response means there ’ s a wide swath of issues to investigate .
But mistrust in Washington is so deep that the oversight groups ’ investigations are already mired in politics .
Leaders of both parties have failed to agree on a chairman to lead the congressional oversight panel .
And Democrats are already voicing concerns on whether Trump ’ s hand-picked special inspector general for the stimulus can be independent from his former boss .
While the U.S. Chamber of Commerce frets that lawmakers ’ oversight will be tainted by politics , Democrats @ @ @ @ @ @ @ , an advocate of the watchdogs ’ role , say the cash is already flowing to undeserving recipients .
The legislation passed by Congress is worth about $ 3 trillion over a decade , though some of the cost would be recouped in later years so the amount of money going into the economy now will be closer to $ 4 trillion , according to the Committee for a Responsible Federal Budget .
Sherrod Brown of Ohio , the top Democrat on the Senate Banking Committee , said Miller had been “ evasive @ @ @ @ @ @ @ Trump for removing several agency inspectors general when he testified in front of the Senate panel .
Brown and Senate Minority Leader Chuck Schumer sent Miller a letter on Tuesday saying they were concerned he couldn ’ t be independent from Trump .
Miller must convince Democrats and the Trump administration that he ’ s tough , fair , and someone they should pay attention to , said Neil Barofsky , the first special inspector general who oversaw the Troubled Asset Relief Program , or TARP , amid the 2008 financial crisis .
@ @ @ @ @ @ @ chance to prove his independence will be his first public report , due in August .
Congress ’ s economic rescue plan , enacted in four bills during March and April , is circulating money into the economy that came to a near-standstill during the coronavirus lockdowns .
The measures provide forgivable loans to small businesses , stimulus checks for individuals , expanded unemployment benefits , payments for health care providers , and money for the Federal Reserve to leverage and lend to businesses .
“ There ’ s already growing concern that @ @ @ @ @ @ @ companies or sectors that various elected officials will view as unworthy of assistance , irrespective of whether they qualify under the terms of the programs in question , ” Neil Bradley , chief policy officer at the Chamber of Commerce , said earlier this month at a hearing of a separate accountability committee made up of federal agency watchdogs .
Pelosi and McConnell have been unable to agree on the chairman for more than a month .
Pelosi said last Thursday a choice would be announced “ very soon , ” though she @ @ @ @ @ @ @ weeks .
The congressional panel has published one report so far , mostly laying out targets for future work , and has another due Wednesday .
But without a chairman or funds to hire staff , the group has largely been unable to focus on oversight , according to people familiar with the matter .
An earlier congressional oversight panel , during the response to the 2008 financial crisis , took at least several months to begin running smoothly , said Kenneth Troske , a member of the panel led by Warren before @ @ @ @ @ @ @ ceased operating in 2011 .
The third major oversight body -- the Pandemic Response Accountability Committee made up of federal agency inspectors general -- got a jolt in early April when Trump ousted Glenn Fine , the Pentagon watchdog who had been cast to lead it .
It was the first of Trump ’ s five dismissals of inspectors general he considered insufficiently loyal .
“ I am very concerned that it will have a chilling effect , ” said Cynthia Schnedar , who has served as deputy inspector general and acting inspector @ @ @ @ @ @ @ I don ’ t think the firings are going to scare most IGs .
They will do their jobs , but he can pick them off one by one.
” However , the Trump administration ’ s stance could keep the panel from getting much of the information Congress said must be made public .
The law says recipients of at least $ 150,000 in stimulus money should report details on how they spent the money .
The watchdog panel said in a letter to the House Oversight and Government Reform Committee that @ @ @ @ @ @ @ s Office of General Counsel and concurred with by Office of Management and Budget would keep PRAC from getting the “ the breadth and depth ” of data needed to oversee the “ full range of programs ” it ’ s supposed to study .
OMB said in a statement it is working the PRAC and agency inspectors general to ensure proper reporting and transparency .


washingtonpost--2020-06-22--MTA Chief Says Agency Set to Run Out Of U.S. Cash by August


washingtonpost--2020-05-01--Analysis | Five Questions for Warren Buffett

In a live-streamed interview that evening , Buffett will answer questions submitted by investors , including presumably how the conglomerate ’ s various lines of business have been affected by the pandemic .
But what listeners are really tuning in for are the Oracle of Omaha ’ s broader views on the world during a time like this .
Here are five questions for him : Or has he essentially done so ?
For the first time , Buffett is doing the Q & A jointly with Greg Abel , a Berkshire vice chairman , rather than his usual sidekick @ @ @ @ @ @ @ years old and resides in California .
Buffett , who will turn 90 in August , even joked in his February letter to shareholders that he and Munger are in “ the urgent zone.
” All signs point to Abel being the next CEO of Berkshire , but Buffett hasn ’ t spelled out the succession plan yet .
It was going to be hard enough for shareholders to get comfortable with anyone other than him someday being the steward of their money .
With all the uncertainty caused by the pandemic , @ @ @ @ @ @ @ to clarify why Abel is best suited to manage the conglomerate , even through a crisis like this .
If Buffett isn ’ t using his enforced isolation at home to hunt for another elephant-sized acquisition , is that because the Covid-19 shutdowns are causing him to reevaluate what types of businesses will recover ?
Or is he perhaps grappling with the potential for long-term changes in customer behavior ?
Taking a stake in the Kroger Co. supermarket chain late last year proved to be prescient ; buying preferred stock in oil producer @ @ @ @ @ @ @ Those circumstances would still seem to be temporary .
Air travel , on the other hand , is an example of an industry where a return to normal could take awhile — or never even come .
Buffett has a tormented history with airlines .
After getting burned once by a US Airways investment , Buffett swore off the industry in 2001 , saying : “ Now if I get the urge to invest in airlines , I call an 800 number and I say : Hello , my name is Warren , @ @ @ @ @ @ @ Well , Buffett apparently lost that number and went all in on airline stocks in 2016 .
Berkshire is now the largest shareholder of Delta Air Lines Inc. , the second-largest owner of United Airlines Holdings Inc. and Southwest Airlines Co. , and has the third-biggest stake in American Airlines Group Inc.
They ’ ve all plunged this year as the pandemic wreaked havoc on air travel — or any travel at all .
On March 10 , during a Yahoo Finance interview , Buffett said he “ won ’ t be selling @ @ @ @ @ @ @ shutdowns .
A few weeks later , Berkshire reduced its Delta and Southwest positions , although it ’ s still the No .
1 and No .
2 investor in each .
An update on his thinking would be especially illuminating now .
Buffett himself employs a lot of essential workers : They ’ re manning freight trains that are still pushing goods around the country , as well as manufacturing Duracell batteries .
Lubrizol — which makes chemicals used for everything from coating car interiors to yoga pants — has helped to @ @ @ @ @ @ @ the Loom switched to making protective face masks .
Berkshire is also the largest shareholder of food giant Kraft Heinz Co. , one company helping to keep supermarkets stocked .
Even though Buffett agrees with letting the system function the way it does , “ we don ’ t want people left behind , ” he said .
The billionaire has often advocated for an expansion of the Earned Income Tax Credit as a better way of putting more money in the pockets of low-income families than through hiking the minimum wage .
@ @ @ @ @ @ @ backfire by increasing unemployment .
The EITC just doesn ’ t have the same ring to it as $ 15 , and it ’ s not as easily understood as earning more per hour .
Buffett has also called for higher taxes on the ultra-wealthy , like himself .
Buffett has seen his share of crises , and they ’ ve never seemed to shake his optimism that the U.S. will continue to prosper in the long run .
“ America ’ s best days lie ahead , ” is a mantra he @ @ @ @ @ @ @ shareholders .
But Buffett has been unusually quiet during the pandemic — in terms of a lack of both TV appearances ( perhaps due to virus fears ) and deal activity .
Investors could use a reminder of how the country ’ s biggest cheerleader and hungriest dealmaker feels about its long-term prospects .
Is it possible they are changing ?


washingtonpost--2020-05-01--BofA CEO Says U.S. Consumer Spending Is Starting to Inch Up

“ It ’ s starting to grow a little bit , ” the CEO said .
“ You ’ re seeing the start of a little bit more spending in some areas , in some of the states that have opened up a little bit .
So we ’ ll see where that leads us , because it ’ s still pretty early on.
” Moynihan also gave an update on the bank ’ s participation in the government ’ s Paycheck Protection Program run by the Small Business Administration .
“ This has been a heck of a week @ @ @ @ @ @ @ ” he said .
“ The SBA ’ s working posture this week started off a little tough , but has improved dramatically.
” Bank of America now has more than 231,000 loan numbers from the SBA , a requirement before the loans can be funded .
Over the next 48 hours , it expects to send out 180,000 promissory notes to businesses for a total of as much as $ 20 billion , according to Moynihan .
Customers will have to execute the documents , send them back to the bank , @ @ @ @ @ @ @ account relatively quickly , ” he said .
The Charlotte , North-Carolina based lender has about 10,000 people working around the clock on the small-business relief program , he said .
• “ We ’ ll continue to buy our stock back , because at the end of the day , that is capital that we ’ re generating that we don ’ t need to support the business , ” Moynihan said .
The nation ’ s eight biggest banks temporarily suspended share buybacks for the first and second quarters .
“ @ @ @ @ @ @ @ to serve the customers.
” • The trend toward digital and remote work , which started before the pandemic , will reduce the need for physical space , he said .
“ We ’ ll have less real estate demand.
” For more articles like this , please visit us at bloomberg.com


washingtonpost--2020-05-01--Analysis | The U.S. Would Benefit From a Sovereign Wealth Fund

For the U.S. government , a sovereign wealth fund would ease two persistent problems that have been highlighted by Covid-19 .
The first is that big business occasionally needs help through a crisis .
Indeed , corporate bailouts have become a regular feature of crisis management in the U.S. Just in the last two decades , airlines needed rescuing in 2001 after the Sept. 11 terrorist attacks .
Then came banks and carmakers during the 2008 financial crisis .
Now , broad swaths of the U.S. economy are teetering , including travel , leisure , transportation and energy .
Bailouts @ @ @ @ @ @ @ For starters , big corporations aren ’ t the only ones who need help during crises , but they routinely receive most of the money .
Salil Mehta ran the analytics department for the Troubled Asset Relief Program , or TARP , the 2008 bailout of the financial sector .
“ By dollar amount , it was a 3-to-1 ratio between Wall Street and Main Street , ” Mehta said in an e-mail .
“ Between monetary and fiscal stimulus , the coronavirus bailouts are also likely to be in the neighborhood of @ @ @ @ @ @ @ and individuals are just as deserving , of course , and perhaps more so .
Their taxes help pay for bailouts .
They also have fewer resources to prepare for downturns .
Big companies raked in record profits during the just-ended boom , while many workers struggled to eke out a living .
There ’ s also the issue of moral hazard .
It ’ s one thing to help companies that stumble through no fault of their own ; it ’ s yet another to rescue those that flout risk .
But @ @ @ @ @ @ @ tell the difference .
Many companies distributed profits to shareholders through share buybacks in recent years .
Some of them are now short of cash .
While they couldn ’ t have seen the lockdown coming , should they have retained more of their profits for a rainy day , and are they now less deserving of help ?
And let ’ s not forget the opportunity cost .
Bailouts have generally been poor investments , particularly given the risk around distressed companies .
For example , the U.S. Treasury invested $ 426 @ @ @ @ @ @ @ 441 billion when the program ended in December 2014 , generating a return of less than 1 % a year .
That money would have been better invested almost anywhere else .
Even the S & P 500 Financials Index — the epicenter of the financial crisis — produced an annual return of 5.3 % a year during the period , including dividends .
A sovereign wealth fund would address many of those issues .
Like any private investor , the fund would buy the equity or debt of struggling companies at deeply @ @ @ @ @ @ @ owners or creditors of those companies and imposing the same onerous terms one would encounter in private-sector deals .
That would remove questions about whether and which companies deserve to be bailed out because investment would be motivated by profit rather than charity .
It would also allow the government , and all Americans by extension , to fully participate in the gains when companies turn around .
Which raises the second problem highlighted by coronavirus : Working Americans bear the brunt of crises .
A sovereign wealth fund could help with that @ @ @ @ @ @ @ its profits to individuals and small businesses that are hardest hit during downturns .
Think of it as a national Robin Hood , extracting value from big business and passing it on to the little guy .
The benefits of a sovereign wealth fund would endure well beyond the occasional crisis .
The fund could retain the equity stakes it acquires during downturns and make additional investments as opportunities arise .
If such a fund had been created two decades ago , it would already own a broad assortment of U.S. companies , @ @ @ @ @ @ @ dividends it generates could be used for education or research or even a universal basic income .
All of this raises some obvious questions , but none that ought to be obstacles .
One is funding .
The U.S. will spend more than enough on bailouts during this crisis to seed a sovereign wealth fund .
That money could be invested by a newly created fund rather than handed directly to companies .
The fund could also be seeded with new debt .
With interest rates near zero , it should have little @ @ @ @ @ @ @ cost of borrowing if managed competently .
That ’ s another question — can the government run such a fund ?
Working for a federal sovereign wealth fund would be prestigious and well-paying , so it shouldn ’ t have any trouble attracting talent .
And rather than starting over with each crisis , it would have the advantage of accumulating institutional expertise over time .
The fund ’ s prestige would also attach to companies in which it invests , which may translate into better deals and terms relative to private-sector investors @ @ @ @ @ @ @ put in place to thwart corruption or self-dealing , but those risks are present any time the government doles out money .
Recent efforts to provide emergency aid haven ’ t exactly gone according to plan .
There ’ s a better way to help businesses and individuals through a downturn than ad hoc bailouts .
Like all crises , this one presents opportunities for bold changes .
One of them should be a federal sovereign wealth fund .


washingtonpost--2020-06-13--On Some Streets of Seattle, More Circus Than Siege

After many nights of protest , the police briefly abandoned their precinct in the center of the zone in an effort to de-escalate tensions with protesters who had gathered after the murder of George Floyd in Minneapolis .
The move largely worked .
And the autonomous area -- CHAZ , as it sometimes called -- is more street fair in the rain with tarps and soggy food than a place given over to ISIS-like mobs , as the lieutenant governor of Texas bizarrely suggested .
Some police officers have returned to work at the precinct but not at full capacity @ @ @ @ @ @ @ On a walk through the neighborhood last week , I ran into Seattle Fire Chief Harold Scoggins , who frequents the area and is greeted warmly by protesters and passersby .
He is worried about the place ; his department provides medical support on the periphery , but not so far inside the zone .
Seattle Mayor Jenny Durkan was there as well , talking to organizers , trying to find a way , her spokeswoman says , for Seattle to lead the nation on criminal justice and police reform .
Durkan , @ @ @ @ @ @ @ U.S. attorney who led the charge for Seattle to reform its police department , is in some political hot water for her handling of the current unrest .
Protesters are unhappy , for example that she promised during one night of dissent last week to discontinue the use of tear gas for crowd control , only to turn around and allow it two nights later .
Then came the Trump tweet : “ Radical Left Governor @ JayInslee and the Mayor of Seattle are being taunted and played at a level that our @ @ @ @ @ @ @ Take back your city NOW .
If you don ’ t do it , I will .
This is not a game .
These ugly Anarchists must be stooped IMMEDIATELY .
MOVE FAST.
” Businesses seem largely supportive , with “ Black Lives Matter ” signs in most windows .
There is a van providing free medical care and a tented speaking area where people can hear poems .
Everyone is filming everybody .
Eltana bagels , advertising itself as “ Hole Foods , ” closed during part of the day so workers @ @ @ @ @ @ @ nearby protest .
Mostly , the zone is filled with a diverse group of people , with different issues and grievances .
A man leaning against a plastic barricade identified himself as Sunbeam Virtuous , age 38 , a recent arrival from Portland .
“ I ’ m so honored to be here , ” he said .
“ We have been begging on our knees for change .
Please don ’ t kill our black brothers and sisters , please don ’ t kill black trans women , please don ’ t @ @ @ @ @ @ @ spot in front of the police precinct , a man calling himself J.D .
who slept outside the night before , discussed whether the Black Lives Matter message was getting lost in too many other movements .
The coronavirus may not be one of the issues on these people ’ s minds , but cases are creeping upward again in many states , including Washington , although not enough time has passed to determine if the protests themselves prompted a spike .
This is obviously a time of great disequilibrium for many people @ @ @ @ @ @ @ of Seattleites at least for a moment when the president and his off-the-wall description brought them together , a solidarity that grew even more pronounced when they learned that Fox News had hyped its coverage with digitally altered photos of their city .