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Following Up: New Podcasts On-Line Covering the U.S.-China Trade War & Beijing’s U.S. Politics Meddling

27 Thursday Aug 2020

Posted by Alan Tonelson in Following Up

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decoupling, economy, election 2020, elections, Following Up, Frank Morano, Gordon G. Chang, Obama, The American Conservative, The John Batchelor Show, Trade, trade war, Trump, WABC AM

I’m pleased to announce that the podcasts of two recent radio appearances are now on-line, and both focus on headline-making China-related issues.

The first is a recording of my interview last night on John Batchelor’s nationally syndicated radio show.  Click here for an incisive update on the fast-evolving trade and tech conflict between the world’s two largest economies provided by John, co-host Gordon G. Chang, and me.

The second reprises my session this morning with Frank Morano of New York City’s WABC-AM radio spanning a wide range of topics, from comparisons of the Trump and Obama economies to my new American Conservative article on China’s massive and massively under-reported efforts to interfere with U.S. politics and elections.  Here’s the link; my segment comes in at about the 7:40 mark.

And keep checking in with RealityChek for news of upcoming media appearances and other events.

Making News: New Daily Caller Piece On-Line on the CCP Virus and the Economy

01 Monday Jun 2020

Posted by Alan Tonelson in Uncategorized

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bankruptcies, CCP Virus, consumers, coronavirus, COVID 19, DailyCaller.com, deflation, economy, exports, Im-Politic, Jobs, manufacturing, public health, real estate, recession, recovery, rent, reopening, restart, restaurants, retail, small business, testing, travel, unemployment, vaccines, Wuhan virus

I’m pleased to announce that my latest freelance article has just been published on the popular DailyCaller.com news site.  The title pretty much says it all:  “Don’t Expect A V-Shaped Recovery From Coronavirus,” and you can read it at this link.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Im-Politic: How Much Did the Lockdowns Really Help?

26 Tuesday May 2020

Posted by Alan Tonelson in Im-Politic

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African Americans, CCP Virus, coronavirus, COVID 19, economy, Georgia, hospitalizations, Im-Politic, lockdowns, public health, reopening, shutdown, Virginia, Washington Post, Wuhan virus

Is it time to start putting the CCP Virus economy-reopening debate shoe on the other foot, at least when it comes to one key measure of progress or backsliding against the pandemic? More specifically, is it time to put less emphasis on finding out whether states that have reopened relatively quickly have seen their virus situations worsening, and more on whether states that closed early and/or have stayed largely closed have achieved progress that’s been any better?

This question occurred to me this morning upon reading in my Washington Post that when it comes to new infections and fatalities, Virginia has just seen record highs recently whether we’re talking about single day totals or the more informative seven-day averages. That’s striking because Virginia has been one of those states that shutdown substantially quite early, and has reopened very slowly.

So I began wondering how Virginia’s record compares with a state that reopened very early – Georgia. And the numbers clearly show that their performances over the most relevant timeframes have been…pretty comparable. Which represents new evidence that the economically devastating lockdowns have been under-performers for containing the virus’ spread.

Virginia and Georgia are particularly interesting to compare because of their similarities. The latter’s total population is estimated this year at 8.63 million while the latter’s is a not greatly bigger 10.74 million.

Both states also have relatively big populations of African-Americans – who have been among the virus’ biggest victims. Blacks represent 31.03 percent of all Georgians, and 18.81 percent of all Virginians.

That Washington Post Virginia article did mention one area of continuing improvement for the state: new hospitalizations. They’re especially important both because fears of hospitals getting overwhelmed by the pandemic were prime justifications for the original shutdown orders, and because they’re the best measures of whether the virus is being contained or not. After all, numbers or new cases seem to depend heavily on increases in testing (which naturally reveal more and more infections). And controversies over identifying genuine CCP Virus-induced deaths remain heated – in large part because methodologies vary so greatly state-by-state.

By contrast, there have been no debates over how many patients with virus symptoms have been admitted to healthcare facilities. The only uncertainties are those stemming from how promptly these facilities report their admissions to state health departments.

That kind of uncertainty is still clouding Virginia’s data. As of today, (see this link and scroll down till you see the option for hospitalization data) the state has only reported new hospitalizations through May 20, and these data are divided between confirmed cases and probably cases. (The former are the great majority, though.)

Even so, because of Virginia’s lockdown policy – which began in earnest at the end of March, began easing in phases for the state’s least populous areas in mid-May, but which largely continue for its most populous areas (those closest to the District of Columbia)– it should be among the gold standard states for virus progress if turning off most economic activity is considered crucial. (Here’s an unusually informative lockdown timeline for Virginia, Maryland, and the District.)

Its interactive hospitalization chart is a little hard to read, but it seems to show that on March 31, the seven-day moving average of new admissions stood at just under 59, and through early May (when the lockdown began to be lifted). moved up steadily to a little over 81. So they rose by just under 39 percent. By May 20, this average had decreased all the way to just under 45. In other words, daily hospitalizations dropped by a little less than 45 percent. And for the entire period, the seven-day moving average for new hospitalizations dipped by 2.34 percent.

Georgia’s lockdown began only a bit later than Maryland’s (on April 2) but serious easing began much earlier (on April 24). Indeed, Governor Brian Kemp was widely pilloried for the decision.

During its three weeks of lockdown, Georgia’s seven-day average daily hospitalization numbers went from about 80 to about 130. (The non-interactive chart below is even harder to read precisely than Virginia’s interactive graphic, but check it out for yourself below.)

This roughly 62.50 percent rise in daily hospitalizations was much higher than Virginia’s during its lockdown period Did this discrepancy mean that Georgia ended its lockdown too soon? Or was its somewhat heavier African-American population density the major difference? Search me.

Georgia’s reopening has been more aggressive than Virginia’s, and that could well explain why its seven-day average hospitalization figure remained just about flat from the start of this phase through May 22.

But I’m not entirely persuaded that the lack of improvement during this period means that Georgia’s relatively fast reopening has flopped. Because for the first three weeks of this reopening, the state’s seven-day average new hospitalization figure fell by about half – faster than Virginia’s during its slower reopening. And as the Post has reported, despite Virginia’s caution, daily (although not yet seven-day averages) have been rising recently, too.

The fairest conclusion to me seems that the hospitalization data give an edge to Virginia’s more cautious lockdown-reopening strategy, but that the edge is on the modest side. And most important, it’s far from clear that this margin justifies both the economic and healthcare costs of relatively longer and/or more thorough lockdowns.

 

 

Making News: Breitbart Interview Podcast Now On-Line on the Virus and Economic Reopening

12 Tuesday May 2020

Posted by Alan Tonelson in Making News

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Breitbart News Tonight, CCP Virus, coronavirus, COVID 19, economy, John Binder, lockdown, Making News, pandemic, Rebecca Mansour, reopening, restart, shutdown, stay-at-home, Wuhan virus

I’m pleased to announce that the podcast of an interview last night on “Breitbart News Tonight” is now on-line. Click here and scroll down till you see my name for a timely, lively discussion with co-hosts Rebecca Mansour and John Binder on when and how the U.S. economy can reopen even as the CCP Virus pandemic continues.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Im-Politic: Trends that are Trump’s Reelection Friends?

30 Monday Dec 2019

Posted by Alan Tonelson in Im-Politic

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Adam Schiff, Barack Obama, Bernie Sanders, economy, election 2020, Elizabeth Warren, Gallup, Im-Politic, independents, Jobs, Joe Biden, Kamala Harris, Nancy Pelosi, Trump, Tulsi Gabbard

Don’t look now, but Gallup has just given President Trump two major end-of-the-year gifts in two separate sets of poll results it’s just published. Gift Number One: Mr. Trump this year moved into a tie with his White House predecessor, Barack Obama, as the man most admired by Americans. Gift Number Two: The state of the U.S. Economy, widely viewed as one of the most important determinants of Americans’ votes for President, has faded notably in their minds as a top national concern.

Impeachment, and the nonstop political coverage of Mr. Trump’s alleged wrongdoing, surely have been America’s leading political stories this year. But all the same, the President and Obama jointly headed the list of the country’s most admired man. Better yet for Trump-ers:  The survey was conducted in early December, so respondents had lots of time to digest the impeachment drama. And the possible icing on the cake – the tie was produced by a one percentage point reduction in the Obama score from 2018 (when he won this contest – and for the twelfth time!) and a five percentage point rise in the Trump score.

Further, although trend data isn’t available, Mr. Trump was named most admired by 10 percent of independents. That figure trailed the Obama total (12 percent), but not by much. And the former President won’t be on any ballots this year. 

The results for some of the President’s other major opponents and critics are bound to cheer him, too. House Intelligence Committee Chair Adam Schiff, the California Democrat who’s helped spearhead the impeachment drive, increased his score from 2018 – but only by less than one percent to one percent. House Speaker Nancy Pelosi also rose in the poll – but only from one percent to two percent.

As for the group of Democratic contenders for Mr. Trump’s job, the best performers in this survey were Vermont Independent Senator Bernie Sanders, Massachusetts Senator Elizabeth Warren, Hawaii House Member Tulsi Gabbard, and California Senator Kamala Harris (who recently dropped out). Yet they all garnered only one percent of Americans’ votes. Nonetheless, all did better than former Vice President Joe Biden, whose backers for this title declined from one percent in 2018 to less than one percent this year.

As for the economy, since the global financial crisis produced the Great Recession starting at the end of 2007, it’s been rated as “the most important problem in the U.S.” in Gallup surveys seven times (the last coming in 2016). In addition, “jobs” was mentioned among the top four most important problems nine times. (I find it odd that the two are presented separately by Gallup as well.)

But since the Trump inaugural, the economy has vanished from the ranks of the top four national problems, and the only appearance made by jobs was in 2017 (when it came in fourth).

Even if polling was more of a science than an art, none of these results would guarantee President Trump’s reelection. One potential trouble spot: During each of his years in office so far, “government” has topped Americans’ lists of the country’s most important problems. The Gallup results indicate that respondents assign about equal blame for Washington dysfunction to Mr. Trump and the Republicans in Congress on the one hand, and to the Democrats in Congress on the other. But during the Trump administration, the percentages prioritizing this concern have risen overall from previous levels – and markedly.

The big takeaway for me is that if the President turns and keeps his focus to at least a reasonable extent on substantive issues like the economy, and shoots off fewer dumbbell and wholly unnecessary tweets and remarks (here’s a prime recent example), and if no new misconduct-related bombshells emerge, he’ll calm the nerves of the independents he needs to win back from their 2018 defection to the Democrats, in particular relieve their Trump Exhaustion Syndrome, and win reelection pretty handily. The big fly in this ointment, of course, is that the above prescription so far has never been followed by Mr. Trump.

Making News: Two Podcasts of National Radio Trade War & Economy Interviews…& an Eye-Opening Look at Amazon.com!

07 Saturday Dec 2019

Posted by Alan Tonelson in Making News

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Amazon.com, Breitbart News Tonight, economy, election 2020, Gordon G. Chang, Henry George School of Social Science, Hong Kong protests, Jobs, jobs report, Making News, manufacturing, publishing, Rebecca Mansour, Rick Manning, Robin Gaster, Smart Talk, The John Batchelor Show, Trade, trade war, Trump

I’m pleased to announce that just out on-line are two podcasts of national radio interviews on the Trump trade wars and a video on an especially startling aspect of Amazon.com’s stunning rise to business titan status.

The latest interview now available was conducted last night on “Breitbart News Tonight” and can be found at this link.  Once you’re there, scroll down a fair ways till you see my name on a December 6 segment – a discussion with hosts Rebecca Mansour and Rick Manning that ranged from the last (excellent) U.S. jobs report to the Hong Kong protests to the intensifying presidential election campaign.

The previous interview was broadcast Wednesday night on “The John Batchelor Show.”  Click here to listen to a conversation with John and co-host Gordon G. Chang on how well the U.S. manufacturing sector is faring as President Trump keeps trying to revamp U.S. trade policy.

The video shows me reversing roles and interviewing economist Robin Gaster on the implications of Amazon.com’s efforts to disrupt yet another major U.S. industry, and one playing an especially important role in American culture – the book publishing industry.  Click here to watch, and keep in mind that the interview is posted in two parts.

Incidentally, this interview is the latest in the “Smart Talk” series sponsored by the Henry George School of Social Science – a New York City-based economic research and education institute on whose Board I’ve served as a Trustee for several years.  “Smart Talk” has featured some of the world’s leading economic thinkers, and if you search around its section on the website, I’m sure you’ll find some fascinating and important material.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Making News: Video of Presidential Campaign Economics Interview Now On-Line!

05 Saturday Oct 2019

Posted by Alan Tonelson in Making News

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Tags

Democrats, economy, election 2020, Elizabeth Warren, Liquid Lunch, Making News, NewsmaxTV.com, Wall Street

This past week has been so crazy news-wise that I’d completely forgotten to post a link to a video of an interview I did for NewsmaxTV.com two Fridays ago. The subject: some recent economy-related developments in the current and intensifying presidential campaign!

So click here for a great (and still timely!) discussion on the “Liquid Lunch” program focusing in particular on Massachusetts Senator Elizabeth Warren’s rise to just-about-front-runner status among the Democratic contenders – and on an apparently strong reaction from Wall Street.

And keep checking with RealityChek for news of upcoming media appearances and other developments.

Making News: Talking Economy and Recession Chances on Breitbart Radio Tonight…& More!

27 Tuesday Aug 2019

Posted by Alan Tonelson in Making News

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Breitbart News Tonight, China, economy, i24News, Making News, recession, Sirius XM Patriot radio, trade war

I’m pleased to announce that I’m scheduled to return to Breitbart News Tonight to talk about not only the Trump trade wars, but about the state of the economy and recession fears.  The segment is slated to begin at 9:05 PM EST, and if you’re not already a SiriusXM Patriot radio subscriber, you can get a free trial by clicking on this link and following the instructions.  But make sure to give yourself enough time!

As usual, if you can’t listen live, I’ll post a link to the podcast as soon as one’s available.

In addition, a video clip is available of my China trade war-related appearance last night on the U.S.-Israeli TV network i24News.  Click here and press the download button to access it.  But remember – it will only be available in this form for a week.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

 

 

 

Making News: Breitbart Radio Interview Now On-Line on the Economy & That Yield Curve

18 Sunday Aug 2019

Posted by Alan Tonelson in Making News

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Tags

Breitbart News Tonight, economy, Making New, Rebecca Mansour, recession, yield curve

I’m pleased to report that the podcast is now on-line of my interview Thursday night on Breitbart News Tonight on the state of the economy and whether or not America is on the verge of a recession.

Click here and look for the segment with my name on it for a timely and wide-ranging conversation with host Rebecca Mansour on developments that will not only effect Americans’ pocketbooks, but the politics of the country’s upcoming election year.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

 

 

Im-Politic: On the Democrats’ Debates

01 Monday Jul 2019

Posted by Alan Tonelson in Im-Politic

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African Americans, Amy Klobuchar, Barack Obama, Bernie Sanders, Beto O'Rourke, China, Cory Booker, debates, Democratic Party, Democrats, Democrats debates, economy, election 2020, Elizabeth Warren, Im-Politic, Joe Biden, Kamala Harris, Michael Bennet, Pete Buttigieg, race relations, tariffs, Trade, Trump

So thanks to last week’s two debates, we’ve now seen most of the Democratic presidential candidates in, as sportscasters like to say, “limited action,” and have had some time to ruminate about the results. Here’s my sense of some of the biggest takeaways.

>The Democrats generally are in denial about the health of the economy. This problem became clear immediately, as the first question on Night One, posed to Massachusetts U.S. Senator Elizabeth Warren, noted that her “many plans” for the economy come “at a time when 71 percent of Americans say the economy is doing well, including 60 percent of Democrats. What do you say to those who worry this kind of significant change could be risky to the economy?”

Warren’s response? Ignore the cited polling data and claim – presenting no evidence – that “Who is this economy really working for? It’s doing great for a thinner and thinner slice at the top.” For good measure, sharing her fact-free perspective at the outset were her Minnesota Senate colleague Amy Klobuchar, and former Texas Congressman Beto O’Rourke. And don’t forget former Vice President Joe Biden’s charge on Night Two that “Donald Trump has put us in a horrible situation” economically. Or California Senator Kamala Harris’ view that the economy is great only for those who own stocks.

No one is saying that too many Americans aren’t still being left behind in an economy that’s unmistakably shifted into a somewhat higher gear under President Trump. No one is saying that the economy hasn’t shown some signs of slowing. (See, e.g., this recent post.) No one is saying that the economy is going to be a decisively winning Trump issue in 2020. (This new poll throws lots of cold water on that proposition.) And no one is saying that because the economy is so far performing pretty well, Americans are especially happy about the overall state of the union. (Survey results like these make clear that they’re not.)

But no one should be feeling too great about so many politicians remaining so deeply in denial (or at least pontificating as if they are) about a state of affairs that is so easy to document.

>Kamala Harris is simply race-baiting. Let’s assume that all of the California U.S. Senator’s allegations about former Vice President Joe Biden’s record on school busing decades ago are completely accurate. How can the conclusion be avoided that she’s trying to portray Biden as remaining deficient as racial issues today, and in the process, stir up the worst kinds of national divisions? After all, he served as the second-in-command to the nation’s first African-American president. Black politicians, and especially long-serving black politicians, have publicly praised him as a long-time trusted ally.

In other words, whatever Biden’s past shortcomings on race, nothing could be more obvious than that they’ve vanished in every meaningful way, and in every way relevant to policymaking. It’s no longer possible accurately and responsibly to depict him as a problem for the African-American community. Harris’ indictment also indicates a refusal to acknowledge that individuals can learn, evolve, and grow, and to give them any credit when they do.

I recently spoke about this privately with an African-American friend who argued that the real Biden race problem that’s emerged recently stemmed from his indignant response to similar allegations and insinuations by New Jersey Senator Cory Booker, another 2020 African-American Democratic hopeful. In other words, Biden’s refusal to apologize for comments about racist southern Senators signaled an insensitivity to racial slurs (like describing African-American men as “boys”) that could well prompt younger blacks to stay at home in the fall of 2020, and boost Mr. Trump’s odds of reelection.

I don’t disagree with that political analysis at all (though I don’t consider it a foregone conclusion, either). But politics aside, that would point to the same type of intolerance, censoriousness, and sanctimony being displayed by Harris. More of this, America these days clearly doesn’t need.

>Biden performed better than I expected. The former Vice President and still 2020 Democratic front-runner has widely been declared a major loser in his debate exchange with Harris, and poll results reinforce that conclusion. I agree that Biden was poorly prepared for attacks on racial issues that he must have known would come that evening from someone. In particular, his substantive defense of his busing record – that he only opposed a sweeping federal mandate – did indeed (as Harris charged) ignore the decisive role that the Federal government has regularly needed to play in advancing civil rights when state government were either hostile or indifferent to the cause.

Nevertheless, Biden certainly didn’t act like the “Sleepy Joe” he’s been labeled as by President Trump, and that seemed like an apt description for some of his more disjoint moments in these early phases of the 2020 election (for example, this rambling discussion of the China challenge). He flashed temper (or at least indignation), he sounded articulate, he stood tall, his energy level didn’t notably flag. In fact, assuming that his health holds up (he turns 77 in November), Biden looked like a candidate who could mix it up with Trump on a debate stage. As demonstrated by the race relations storm he’s kicked up, however, he’s as gaffe-prone as ever.

>The Democrats have no grip on China issues. Sure, they generally acknowledge that China poses problems for the United States (but there’s some disagreement as to what they are). But few so far have offered realistic solutions to these problems.

For example, Senator Michael Bennet of Colorado, “I think the president’s been right to push back on China but he’s done it in completely the wrong way. We should mobilize the entire rest of the world who all have a shared interest in pushing back on China’s mercantilist trade policies and I think we can do that.”

What a shame that he was never asked why countries like Germany, Japan, and South Korea, which profit enormously from selling sophisticated industrial machinery to China, would want to see any slowing in U.S.-China trade when so many of those machines are used in factories that supply the American market?

Mayor Pete Buttigieg of South Bend, Indiana agrees that the China challenge “is a really serious one,” but seemed most concerned that the Chinese are “using technology for the perfection of dictatorship.” He endorsed the stale and misleading “tariffs are taxes” trope, and insisted that “the biggest thing we’ve got to do is invest in our own domestic competitiveness.” He never explained if he’s OK with the infrastructure the nation unmistakably needs being manufactured in China and elsewhere abroad, or why “education” is so critical when children in China and everywhere else have the same capacity to capitalize on their learning as children in America – even though population considerations will long ensure that their wages stay orders of magnitude lower no matter how advanced the work they do.

Interestingly, Sanders is the only Democratic hopeful with a lengthy record of voting in Congress on China trade and related economic issues – always correctly (in my view) opposing reckless expansion. That explains CNBC’s ironic but on-target recent observation that “Sanders in particular has targeted Trump because his trade views overlap with the president’s.” And hence mushy Sanders statements like “I think we do need new trade policies that are fair to the working people of this country not just to the CEOs, but as usual, I think Trump gets it wrong in terms of implementation,”

Warren seems equally conflicted, agreeing with Mr. Trump that “tariffs are one part of reworking our trade policy overall” but lamely chiding him for engaging in “tariff negotiation by tweet” instead of “fighting back” with “strength and a coherent plan, not with chaos.”

Indeed, Warren has a detailed-looking plan for implementing a strategy of “economic patriotism.” It contains some good features, like what seem to be industrial policy proposals (with no real specifics), tightening up Buy American government procurement policies, and requirements that production that results from (amped up) taxpayer-funded research and development programs take place in the United States. But it’s unclear whether she realizes that tariffs are going to be central to their success. In addition, she appears quite enamored with devaluing the dollar as a trade policy panacea. And she puts considerable stock in government-run training and reeducation programs that, to date, have been proven failures and that have long (as noted above) evidently assume that Americans are the most educable and train-able people on earth.

If you’re a Democrat, or any American who wants to see elections held between the most qualified candidates possible, the good news is that the party’s hopefuls will have eleven more debate chances to up their games. Unfortunately, it might also turn out that the nation will simply witness eleven more events marked by hollow, and too often angry, grandstanding.

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Current Thoughts on Trade

Terence P. Stewart

Protecting U.S. Workers

Marc to Market

So Much Nonsense Out There, So Little Time....

Alastair Winter

Chief Economist at Daniel Stewart & Co - Trying to make sense of Global Markets, Macroeconomics & Politics

Smaulgld

Real Estate + Economics + Gold + Silver

Reclaim the American Dream

So Much Nonsense Out There, So Little Time....

Mickey Kaus

Kausfiles

David Stockman's Contra Corner

Washington Decoded

So Much Nonsense Out There, So Little Time....

Upon Closer inspection

Keep America At Work

Sober Look

So Much Nonsense Out There, So Little Time....

Credit Writedowns

Finance, Economics and Markets

GubbmintCheese

So Much Nonsense Out There, So Little Time....

VoxEU.org: Recent Articles

So Much Nonsense Out There, So Little Time....

Michael Pettis' CHINA FINANCIAL MARKETS

New Economic Populist

So Much Nonsense Out There, So Little Time....

George Magnus

So Much Nonsense Out There, So Little Time....

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