Treasury Secretary Steven Mnuchin called-in to Maria Bartiromo earlier today to discuss the overall financial approach of the Trump administration to the COVID-19 impacts.

Mnuchin has been working closely with House and Senate political leadership to structure the financial flow needed for particular sectors and workers inside the Main St economy.  The target date for legislation directing the financial relief is early next week.

The underlying economy is strong. The treasury response is targeted to those who need short-term relief. Short-term economic indicators are no longer valid.

(more…)

As you watch this, you start to realize the national panic hasn’t yet really sunk in.  However, think carefully about the instability of Mr. Slavitt and how he expresses it.

Former Obamacare official Andy Slavitt appears on MSNBC in a state of panic to demand that all medical masks and equipment throughout the nation be sent to New York City; while accusing other states, including Texas, of “hoarding” critical healthcare supplies.

Former FEMA Administrator Craig Fugate recognizes that participating in any discussion with this level of emotional panic is not going to be helpful, he walks off set. WATCH:

.

Panicked NYC resident and visibly unstable former ACA official Andy Slavitt, is talking about medical equipment when he demands all masks and supplies be redirected to New York with a sense of urgency.  However, imagine *if* the shortage *was* food. Prepare yourselves and your family accordingly.

(more…)

During the task force briefing President Trump announced authorizing to the FDA to relax regulationsto speed up clinical trials for several anti-viral remedies to treat coronavirus. Specifically citing a therapudic drug known as chloroquine President Trump noted trials are underway and could be made available for treatment “almost immediately.”

Now, a drug called chloroquine — and some people would add to it “hydroxy-.” Hydroxychloroquine. So chloroquine or hydroxychloroquine. Now, this is a common malaria drug. It is also a drug used for strong arthritis. If somebody has pretty serious arthritis, also uses this in a somewhat different form.

FDA commissioner Stephen Hahn told reporters scientists still have to conduct clinical trials to see if chloroquine, hydroxychloroquine, and several other anti-viral medications are effective against coronavirus.  However, since chloroquine and hydroxychloroquine are already FDA approved to treat malaria & arthritis, they could be used to treat other conditions, including coronavirus, in an “off label” basis.

(more…)

After signing an executive order directing HHS as part of the invocation of the Defense Production Act, President Trump meets with representatives of American nurses.

Participants included: Robyn Begley,CEO, American Organization of Nurse Leaders; David Benton,CEO, National Council of State Boards of Nursing; Theresa Davis,Clinical Operations Director, American Association of Critical Care Nurses; Debbie Hatmaker, Chief Nursing Officer, American Nurses Association; David Hebert, CEO, American Association of Nurse Practitioners; Ron Krause,Vice President and President-Elect, Emergency Nurses Association; Cara Krulewitch,Epidemiologist, American College of Nurse-Midwives; Dave Mason, Senior Policy Director, National Association of Nurse Practitioners in Women’s Health; Suzanne Miyamoto,President and CEO, American Academy of Nursing; Randall Moore II,CEO, American Association of Nurse Anesthetists
Brenda Nevidjon,CEO, Oncology Nursing Society; Dr. Deborah Trautman,President and CEO, American Association of Colleges of Nurses. [Video and Transcript]

.

[Transcript] – THE PRESIDENT: Well, thank you very much. And today I welcome the great nurses of our country to the White House and express our gratitude for those on the frontlines in our war against the global pandemic. And it’s been something, but we’re winning it. We will win. It’s a question of when, and I think it’s going — it’s going to go quickly. We hope it’s going to go quickly. I think we all agree.

(more…)

…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.

(more…)

Earlier today President Trump announced he was invoking sections of the Defense Product Act to help mitigate COVID-19 (Chinese Coronavirus) in the U.S.  The act empowers the government with greater authority to control specific sectors of the U.S. economy, and specific industries, needed to respond to national emergency needs.

The three main components of the Defense Production Act include:

♦ Companies are required to accept and prioritize contracts from the government and to prioritize “materials, services, and facilities to promote the national defense or to maximize domestic energy supplies.” While this provision has historically been used to ramp up military production, in the midst of the COVID19 pandemic the act will be used for medical supplies.

♦ The second provision in the act provides financial measures, such as loans, loan guarantees, purchases, and purchase commitments, to speed up the production of materials “needed to support national defense and homeland security procurement requirements.”

♦ The act also addresses voluntary agreements – or what the government says is “an association of private interests, approved by the Government to plan and coordinate actions in support of the national defense.” The proviso permits business competitors to work together to plan and coordinate measures to increase the supply of materials as directed by the U.S. government.

Immediately after invoking the act, President Trump signed an executive order to prioritize Health and Medical resources (masks, respirators, medical equipment).

(more…)

President Trump and Vice-President Mike Pence lead the daily briefing of the coronavirus task force from the White House briefing room. [Video Below – Transcript ADDED]

.

[Transcript] –  THE PRESIDENT: Thank you very much. I would like to begin by announcing some important developments in our war against the Chinese virus.

We’ll be invoking the Defense Production Act, just in case we need it. In other words, I think you all know what it is, and it can do a lot of good things if we need it. And we will — we will have it all completed, signing it in just a little while. Right after I’m finished with this conference, I’ll be signing it. It’s prepared to go. So we will be invoking the Defense Production Act.

(more…)

This is a big sector hit to the U.S. economy.  All of the major U.S. auto manufacturers have agreed to shut down all production facilities, through March 30th, in the latest thunder-shock to the economy.

DETROIT – Ford Motor Co., General Motors and Fiat-Chrysler will close their plants due to the coronavirus (COVID-19) outbreak.

Ford said in a statement Wednesday that its U.S., Canadian and Mexican manufacturing facilities will be halted after Thursday evening’s shifts through March 30 to “thoroughly clean and sanitize the company’s plants.”

(more…)

The entire nation is being impacted by a multitude of consequences from coronavirus; millions of Americans concerned about lost work, lost wages and possibly lost jobs; the largest economy in the world at a near standstill; trillions of wealth lost and rippling economic consequences yet to be properly quantified;…. and yet the White House press pool is worried about calling COVID-19 the “Chinese coronavirus”?

Amid all of the seemingly unending and insufferable nonsense from American journalists, this is, yet again, reaching an all time high of stupidity.  WATCH:

.

Nuts !

(more…)

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