Treasury Secretary Steven Mnuchin announces via Twitter the IRS has delayed the deadline for tax filing to July 15th. However, anyone expecting a refund should file asap for obvious reasons.
The White House coronavirus task force briefing is being held today at 11:45am ET.
UPDATE: Video Added
Former White House Council of Economic Advisers Chairman Kevin Hassett is returning to the administration as a senior economic advisor to President Trump during the COVID-19 response.
Kevin Hassett is very sharp and a happy warrior by disposition. Hassett was excellent as CEA Chair and no doubt his rejoining the economic team with an advisory position to President Trump will bring a great voice back to the crew.
If Mitt Romney and Hillary Clinton had a child, it would be Nikki Haley. Ms. Haley and her paid staff of political wind-testers, are constantly scanning the horizon for optics and issues that might upend her aspirations to the presidency. Today she quits the board of Boeing after the likelihood of a government bailout starts to rise….
(Via CNBC) Former U.N. Ambassador Nikki Haley stepped down from Boeing’s board of directors after less than a year because she opposes government aid to help the aircraft manufacturer weather the coronavirus crisis, the company said Thursday.
Boeing earlier this week said it is seeking $60 billion in government aid for itself and its massive supply chain because of the virus. The manufacturer’s suppliers include United Technologies, General Electric, Spirit Aerosystems and dozens of others. The administration hasn’t yet said what Boeing, a top U.S. military contractor could receive.
President Donald Trump this week threw his support behind the manufacturer, saying: “We have to protect Boeing.”
Comrade citizens, California governor Gavin Newsome announced today he has issued a statewide “stay at home” order. California residents can only leave their homes when necessary and/or critical during the coronavirus pandemic.
Public gatherings are not allowed. [Executive Order HERE] Under the order California residents can travel alone and visit: Gas stations, Pharmacies, Grocery stores, farmers markets, food banks, convenience stores, take-out and delivery restaurants; Banks and Laundromats/laundry services.
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We are entering into phase-3 of the supply-chain distribution shortages within the retail food sector. Phase-1 was immediate impact. Phase-2 was the spread to the warehouse and distribution. Phase-3 impacts are further upstream, processing & suppliers.
The current shelf-stock shortages are not soon to reconcile; however, the shortages are still in the regional phase. Meaning there is a big difference in the availability of products depending on the type of distribution network, and the specific retailers, in your area.
The ‘spider-spread effect’ happens when large metropolitan chains, serving large urban and megalopolis areas (1 million+ residents in 50 mile radius), reach a critical shortage in their supply network; and those residents then drive distances to locate their needs. This is going on now across the country as regional supply chains try to keep up with demand.
Most consumers are not aware food consumption in the U.S. is now a 50/50 proposition. Approximately 50% of all food was consumed “outside the home” (or food away from home), and 50% of all food consumed was food “inside the home” (grocery shoppers).
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.
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.
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]
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[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.
…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.