• The Merkel eyeroll. This is delectable. Link
    David Wessel Tue 04 Aug 2020 13:37
  • RT @daveweigel: Everybody cuts the transcript before the part that killed me: "What books? Who's this?" Link
    David Wessel Tue 04 Aug 2020 12:22

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  • @nytimes The company, YRC Worldwide, had lost more than $100 million in 2019 and was being sued by the Justice Department over claims it defrauded the federal government for a 7-year period. But it got a $700-million COVID loan from US Treasury. A winner: Apollo private-equity firm.
    David Wessel Tue 04 Aug 2020 11:57
  • RT @axios: .@jonathanvswan: “Oh, you’re doing death as a proportion of cases. I’m talking about death as a proportion of population. That’s…
    David Wessel Tue 04 Aug 2020 11:52
  • The beginnings of the story of how YRC trucking got a $700 million (that's equal to 1.2 million $600 checks) via @NYTimes Link
    David Wessel Tue 04 Aug 2020 11:17

    The rescue, which was approved on the grounds that YRC was critical to national security, made the company one of the largest recipients of taxpayer money meant to support businesses and workers struggling amid the coronavirus.

  • This is a masterful account of how the US lost the early battles of the war with COVID Link
    David Wessel Tue 04 Aug 2020 11:07

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  • RT @PopRelics: @davidmwessel @jdawsey1 I could post the stories out today about covid-19 spread just among teachers who had just returned t…
    David Wessel Tue 04 Aug 2020 01:41
  • Alabama high school principal Quentin Lee makes a parody video of 1990 MC Hammer classic “Can’t Touch This” to encourage students to stick to the COVID rules. Link
    David Wessel Tue 04 Aug 2020 00:21

    An Alabama high school principal created a parody video of the 1990 MC Hammer classic “Can’t Touch This” to encourage students to stay healthy at school this year.

    Dr. Quentin Lee, principal at Childersburg High School, wrote the rap himself, including lyrics like “COVID! Is stressing me, all the updates from the CDC. Lysol! Can’t be found, I’ve looked all around this town.”

    He told Alabama News Center he wrote the lyrics in 15 minutes, then called film director Jaylen Mitchell of City Vizualz to record it. Volunteers included several students, and teacher Jessica Veazey.

  • How COVID led the Fed to vigorously embrace its role as a global lender of last resort, even more than it did in 2008. Link via @WSJ's @NickTimiraos @SerenaNgWSJ
    David Wessel Mon 03 Aug 2020 20:55

    When the coronavirus brought the world economy to a halt in March, it fell to the U.S. Federal Reserve to keep the wheels of finance turning for businesses across America.

    And when funds stopped flowing to many banks and companies outside America’s borders—from Japanese lenders making bets on U.S. corporate debt to Singapore traders needing U.S. dollars to pay for imports—the U.S. central bank stepped in again.

    The...

  • Fed senior loan officer survey finds banks tightening lending standards across the board. Many say current standards for C&I loans at the “tighter ends” of ranges since 2005. A year ago, they were at the “easier ends” Link
    David Wessel Mon 03 Aug 2020 20:30

    The July 2020 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally corresponds to the second quarter of 2020.1

    Regarding loans to businesses, respondents to the July survey indicated that, on balance, they tightened their standards and terms on commercial and industrial (C&I) loans to firms of all sizes.2 Banks reported weaker demand for C&I loans from firms of all sizes. Meanwhile, banks tightened standards and reported weaker demand across all three major commercial real estate (CRE) loan categories—construction and land development loans, nonfarm nonresidential loans, and multifamily loans—over the second quarter of 2020.

    For loans to households, banks tightened standards across all categories of residential real estate (RRE) loans and across all three consumer loan categories—credit card loans,...

  • Survey of 1,500 students at a large US public university: Due to COVID-19: 13% of students have delayed graduation, 40% lost a job, internship, or a job offer, and 29% expect to earn less at age 35. Link
    David Wessel Mon 03 Aug 2020 19:00

    NBER Working Paper No. 27392 Issued in June 2020 NBER Program(s):Economics of Education, Public Economics

    In order to understand the impact of the COVID-19 pandemic on higher education, we surveyed approximately 1,500 students at one of the largest public institutions in the United States using an instrument designed to recover the causal impact of the pandemic on students' current and expected outcomes. Results show large negative effects across many dimensions. Due to COVID-19: 13% of students have delayed graduation, 40% lost a job, internship, or a job offer, and 29% expect to earn less at age 35. Moreover, these effects have been highly heterogeneous. One quarter of students increased their study time by more than 4 hours per week due to COVID-19, while another quarter decreased their study time by more than 5 hours per week. This heterogeneity often followed existing socioeconomic divides; lower-income students are 55% more likely to have delayed graduation...

  • Capitalism, Trump-style. Or is it socialism with Trump characteristics? Link
    David Wessel Mon 03 Aug 2020 18:45

    WASHINGTON—President Trump confirmed Monday he is open to a deal in which Microsoft Corp. or another U.S. company buys the video-sharing app TikTok, but said the government should receive payment for clearing a purchase.

    Speaking to reporters at the White House, Mr. Trump described the Sunday conversation he had with Microsoft CEO Satya Nadella over the company’s interest in buying TikTok from its Chinese owner, Beijing-based ByteDance Ltd.

    ...
  • RT @deborah91473: The last three paragraphs https://t.co/gkS99aItq9
    David Wessel Mon 03 Aug 2020 16:30
  • Welcome Kristin Broady to @BrookingsEcon as policy director of the Hamilton Project! @KEBroady @hamiltonproj Link
    David Wessel Mon 03 Aug 2020 14:35

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  • RT @sdonnan: And we have another plot twist... Link
    David Wessel Mon 03 Aug 2020 14:35

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  • Roberto Perli @R_Perli of Cornerstone: The odds of deflation are more than twice as large as the odds that inflation will be greater than the Fed’s tolerance threshold.
    David Wessel Mon 03 Aug 2020 14:30
  • Where I am this morning https://t.co/i4tnHXxxAm
    David Wessel Mon 03 Aug 2020 14:20
  • RT @TimDuy: New Fed Watch: It’s All About Fiscal Policy Now Link
    David Wessel Mon 03 Aug 2020 13:50

    If You Don’t Have Any Time This Morning

    The Fed will do what it can to support the economy, but if fiscal policy stumbles, the Fed will have a hard time picking up the slack. And fiscal policy might be about to stumble badly.

    Key Data

    It’s All About Fiscal Policy Right Now

    The second quarter GDP report was, as expected given the sudden stop of activity associated with efforts to contain the pandemic, quite dismal. GDP fell 9.5% during the quarter or 32.9% on an annualized basis, a bit better than market expectations of -34.1%. Consumer spending drove the decline which of course speaks to the nature of the specific shock of the shutdowns early in the quarter. The decline of nonresidential investment was consistent with that of the last recession; inventory reduction and residential investment extended the decline.

    While consumer spending declined for the quarter overall, spending picked up sharply in May and...

  • Welcoming Sanjay Patnaik (mostly recently at GWU Link) to @BrookingsEcon as director of the Center on Regulation and Markets. Link
    David Wessel Mon 03 Aug 2020 13:20

    Sanjay Patnaik is an assistant professor in the Department of Strategic Management and Public Policy. He previously was a visiting lecturer and senior fellow in the Management Department at the Wharton School, Univ. of Pennsylvania. Sanjay earned his doctorate in business administration (strategy) from Harvard Business School in 2012 and he serves on the advisory board for the Initiative for Environmental Leadership (IGEL) at the Wharton School. Prof. Patnaik’s main research and teaching interests include among others non-market strategy, global strategy, environmental economics and international political economy.

    Dr. Patnaik’s current research agenda is aimed at improving our understanding of how firms capture value by engaging with their broader business environment (e.g. government regulators). His main research efforts are focused on the European Union Emissions Trading Scheme (EU ETS), the largest active cap-and-trade program for greenhouse gases in the world....

  • Lachlan Murdoch paid a California record of $150 million for Bel-Air estate once featured on “The Beverly Hillbillies.” Link
    David Wessel Mon 03 Aug 2020 12:20

    With James Murdoch severing the final ties with the family’s media empire, his brother Lachlan -- a prodigal son of sorts -- is left as the last and most likely successor to their billionaire father Rupert Murdoch.

  • RT @kearney_melissa: It all really does make one question our country’s priorities. If kids’ well-being & education were priorities, we s…
    David Wessel Mon 03 Aug 2020 12:10
  • From @NYTimes: Navarro goads Trump into blocking MSFT purchase of TikTok. Mnuchin asks Graham to tweet in favor of MSFT acquisition. Trump sees tweet, talks to Graham, OKs sale in call with Nadella. Link
    David Wessel Mon 03 Aug 2020 11:40

    Microsoft said on Sunday that it would continue to pursue the purchase of TikTok in the United States after consulting with President Trump, clearing the way for a potential blockbuster deal between the software giant and the viral social media phenomenon.

    The announcement came as Mr. Trump has expressed repeated concerns about TikTok and national security in recent weeks because of the app’s Chinese origins and backing; on Friday, Mr. Trump threatened to ban the app entirely within the United States, saying any decision could come as soon as Saturday.

    Those plans appeared to change after several of Mr. Trump’s allies and Satya Nadella, the chief executive of Microsoft, spoke over the weekend with the president.

    “Microsoft fully appreciates the importance of addressing the president’s concerns,” the company said in a statement. “It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United...

  • RT @MeetThePress: We end our show today with Atlanta Journal-Constitution cartoonist @mluckovichajc 's tribute to Rep. John Lewis. @chuckto…
    David Wessel Sun 02 Aug 2020 21:19
  • RT @helenrsullivan: A summary of the Stage 4 restrictions in Melbourne until 13 September: - From 6pm tonight shopping is one person per…
    David Wessel Sun 02 Aug 2020 16:54
  • Fed is preparing to effectively abandon old strategy of preemptively lifting interest rates to head off higher inflation; will allow times with 2%+ inflation, reports @NickTimiraos @WSJ Link
    David Wessel Sun 02 Aug 2020 15:44

    The Federal Reserve is preparing to effectively abandon its strategy of pre-emptively lifting interest rates to head off higher inflation, a practice it has followed for more than three decades.

    Instead, Fed officials would take a more relaxed view by allowing for periods in which inflation would run slightly above the central bank’s 2% target, to make up for past episodes in which inflation ran below the target.

    “It...

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