Predictably odd, generally sketchy, and Tucker Carlson favorite, Representative Tulsi Gabbard, suspended her campaign for the 2020 democrat presidential nomination today while endorsing Joe Biden.  According to her brother posting on Facebook, Bernie Sanders refused the accept an endorsement.  Go figure.

Announcement – “[T]oday, I’m suspending my presidential campaign, and offering my full support to Vice President Joe Biden in his quest to bring our country together.”

I will continue to advocate for a 21st century foreign policy. One based on mutual respect and cooperation instead of confrontation, where we as a community of nations can work together to overcome the challenges that our people face — preventing and stopping pandemics like the coronavirus that is now affecting all of us, tackling climate change, combating terrorism, and removing the existential threat of nuclear war which hangs over the heads of all of us.

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…there had to be a point where the value of the Wall St economy surpassed the value of the Main St economy… Part I Here

We now look forward, and consider the question: How would the multinational underwriters, the multinational financial systems, reset all transactional tables (the bookkeeping systems underneath the valuation) if the U.S. stock market was ever forced to re-value economic nationalism over multinational globalism?

To first answer the “how” question, we must visit the “why” question. Why would the multinational financial underwriters want to reset their valuations?

Obviously, the global financial system does not act altruistically. What would motivate the global wealth valuation authority (various market investment indexes) to want, or need, a reset.

The answer to the “why” question might not be as challenging as it appears.

First, there has been a seismic shift in how the world looks at the economic exploitation of multinational systems, or globalism.  See Bernie Sanders?  See those yellow vests in France?  See what happened with the U.K. Brexit referendum?  See the shrinking EU influence?  See the open/public confrontation and push-back against China? See Trump? All examples are consequences of the rise of economic nationalism.

Secondly, the original Wall Street corporate motive (during decades of mergers and acquisitions) to shift product manufacturing to Southeast Asia (ASEAN nations) was driven by a lower cost of overall business, higher profit margins and greed.

As a direct outcome economic wealth was shifted from the U.S. to ASEAN nations, and particularly China. Low wages, low regulation, cheap operational costs, incentives and subsidies from Asia equals cheap TV’s, sneakers, furniture and durable goods.

Even with high fuel prices and overseas shipping costs, there was a big difference between U.S. and ASEAN manufacturing costs.  As hundreds of U.S. Wall Street multinationals chased profits the rust-belt was created.

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A very big picture discussion requires a considerable baseline.

The stock market is not the U.S. economy; the stock market is an investment instrument that determines valuations of economic activity company by company. The valuation is considerably arbitrary, based on the determinations of the arbiters (investors). This is empirically true.

However, that said, how would the multinational underwriters, the multinational financial systems, reset all transactional tables (the bookkeeping systems underneath the valuation) …if the U.S. stock market was every forced to re-value economic nationalism over multinational globalism?    Enter “Coronavirus”.

Four years ago CTH first explained a new way to look at the U.S. economic system and how Main Street was/is disconnected from Wall Street.  We presented a metaphor to explain. Before going deeper into the discussion of tomorrow; and at the request of several people who now accept the era of “deglobalization” is upon us,  I first present that prior reference & then will use this as the baseline to describe what could come next.

There is a key phrase at the fulcrum of everything past:

…there had to be a point where the value of the second economy (Wall Street) surpassed the value of the first economy (Main Street).

What we are going to outline in part II is the possibility what happens when this natural truism is reversed.  The objective is to answer: How, specifically would Wall Street reset its evaluative systems if Main Street once again emerged as the priority?

But first, a baseline revisit is needed.

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Tonight Florida, Illinois and Arizona are holding their 2020 democrat presidential primary.  Ohio Governor Mike DeWine cancelled/postponed the Ohio primary due to Wuhan virus fears.

The polls began to close in Florida at 7pm ET/ panhandle polls will be closed in FL at 8pm ET.

Polls also close in in Illinois at 8pm ET, and in Arizona at 10pm ET.

Bernie Sanders is expected to get crushed in Florida as a result of his supportive politics toward Fidel Castro and Cuba, the only question will be the size of the Biden win.  However, Illinois and Arizona might fare better for Bernie depending on turnout.

New York Times Election Results Here

CNN Election Results Here

Politico Election Results Here

National Economic Council Director Larry Kudlow discusses what economic options the U.S. government has to mitigate and assist businesses and individuals dealing with the financial impacts of coronavirus.

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Note to Mr. Kudlow: Do not trust Dr. Anthony Fauci.

Fauci is a purposeful panic seller. His goals are not the administrations goals.

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It took some digging but we found it. The 2020 Coronavirus Response Act is H.R.6201 [SEE HERE].

Speaker Nancy Pelosi is saying the Democrats and White House have made an agreement to pass the content of the Coronavirus Response Act.  However, there is no confirmation from the White House (yet).

President Trump is meeting with Treasury Secretary Steven Mnuchin in the White House right now.

WASHINGTON – House Democrats and the Trump administration reached agreement on a coronavirus response package Friday after a day of grueling negotiations, House Speaker Nancy Pelosi said.

“We are proud to have reached an agreement with the Administration to resolve outstanding challenges, and now will soon pass the Families First Coronavirus Response Act,” she wrote to Democrats after hours of back-and-forth with Treasury Secretary Steven Mnuchin.

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The White House has announced that magnanimous big tech firm Google has ‘voluntarily’ joined the federal government (within the national state of emergency) to assist citizens with the effort to voluntarily ‘test’ for the coronavirus.

As announced the details are under rapid construction, but don’t worry during a crisis there’s no need for prudent pause.  Trust is a currency.

President Trump noted today that over 1,700 data collection engineers from ‘big tech’ Google have been assigned by tech executives to create the system.

Google is undertaking this effort as a ‘free service’ to the American public. Everything is free, including the test.

Soon you will be able to use your hand-held transponder to sign-up, register for testing, and find your local neighborhood testing (dna collection) site.

Also noted, in a partnership with big corporate multinationals like Wal-Mart, CVS and Walgreens, citizens will be able to drive up to their local parking lot and have coronavirus ‘testing’ done without ever leaving your vehicle.  There will likely be instructions to bring your transponder (phone) with you to facilitate a faster ‘check-out’ process.

As soon as the other big tech and social media companies recognize the proactive nature of the system it’s likely Apple, Facebook, Twitter and all social media platforms will create links to the Google HHS data-hub to assist with citizen registration and fulfillment.  Lots of that pesky red-tape eliminated under the necessary framework of a national emergency.

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The House Rules Committee previously released the text of proposed changes to FISA (full pdf).  The “deal” is intended to reauthorize the FISA “business records provision”, the “roving wiretap” provision, the “lone wolf” provision, and the more controversial bulk metadata provisions [Call Detail Records (CDR)], all parts of the Patriot Act.  However, key Senators and President Trump say not enough being done to change it.
The current FISA authorities expire on March 15th; it looks like they will lapse as Mitch McConnell tries to regroup for a possible vote next week.  McConnell was forced to delay consideration past the expiration date after Senators Mike Lee (R), Rand Paul (R) and  Ron Wyden  (D) said they would object.

WASHINGTON DC – President Trump told Sen. Mike Lee (R-Utah) on Thursday that he does not support a House-passed surveillance bill— raising fresh questions about the fate of the legislation.
A spokesman for Lee confirmed the conversation and that the president told the Utah Republican that he does not support the House legislation. Officials speaking for the White House did not immediately respond to a request for comment.

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The White House Coronavirus Task Force includes: Vice President Mike Pence; Ambassador Debbie Brix, White House Corona Virus Response Coordinator; Secretary Alex Azar, Department of Health and Human Services; Dr. Robert Redfield, Director, Centers for Disease Control and Prevention; Dr. Anne Schuchat, Principal Deputy Director, Centers for Disease Control and Prevention; Dr. Stephen Hahn, Commissioner of Food and Drugs, Food and Drug Administration; and Dr. Anthony Fauci, Director, National Institute of Allergy and Infectious Diseases.
Earlier today Dr. Anthony Fauci gives an update on coronavirus outbreak and how the White House is trying to combat the spread.

Elania Plott is a CNN analyst who notes in her conversations with supporters of President Trump the disdain and distrust in media is worse than any time she can remember:

Perhaps this short recap video will help explain.  CNN is now claiming that anyone who uses the term “Wuhan Virus” or “Chinese Corona Virus” is being xenophobic and racist.  The Media Research Center looked into it and captured some rather stark hypocrisy: