ECONOMY

2:00PM Water Cooler 10/23/2024 | naked capitalism

By Lambert Strether of Corrente.

Bird Song of the Day

I thought I would try some nightingales….

Common Nightingale, Sotos de Albolafia, Córdoba, Andalucía, Spain.

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In Case You Might Miss…

  1. 2024 Opinion-havers opine, two weeks out.
  2. Trump media blitz (Rogan; Carlson).
  3. Kamala and Biden’s decline (her view vs. the donor’s view).
  4. Boeing satellite explodes; Ortberg seeks culture change.

* * *

Politics

“So many of the social reactions that strike us as psychological are in fact a rational management of symbolic capital.” –Pierre Bourdieu, Classification Struggles

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2024

Less tjhwo weeks to go!

Friday’s RCP Poll Averages:

Lambert here: Big Mo shifts toward Trump, this week, even in WI (that is, if you ignore the entire concept of margin of error). Of course, we on the outside might as well be examining the entrails of birds when we try to predict what will happen to the subset of voters (undecided; irregular) in a subset of states (swing), and the irregulars, especially, who will determine the outcome of the election but might as well be quantum foam, but presumably the campaign professionals have better data, and have the situation as under control as it can be MR SUBLIMINAL Fooled ya. Kidding!.

“The electorate is changing. Here’s what that means for Trump and Harris” [Ron Brownstein, CNN]. “The groups that Harris needs to give her winning margins are the non-White and college-educated White voters (especially women in each case). The fact that both of those groups are increasing in the electorate, while Trump’s best cohort is shrinking, may give Harris a small swell in her sails. “The growing parts of the population are leaning Democrat, even in this time” when so many voters are discontented with conditions in the country, Frey said. The fact that women are likely to cast more ballots than men in all the swing states, he believes, will provide a small lift to Harris as well.” • Abortion + the war machine seems to be Harris’s view of a winning formula for college-educated White women…

“2024 Election Could Hinge on Tiny Shifts in the Electorate” [Ed Kilgore, New York Magazine]. ” This apparently very close presidential election reflects a deeply divided electorate where the potential changes in either direction we all talk about constantly are glacial and arguably self-canceling..,. Very big differences in the direction of the country will flow from tiny shifts in one direction or another of a closely divided electorate. It’s why anxiety levels are so high right now among those paying avid attention to politics, even though the outcome may depend on “low-propensity voters” barely paying attention at all.”

* * *

“Will long COVID sway the 2024 election? These Rutgers researchers think it could” [USA Today]. “An aging U.S. population and the rise of long COVID mean voters with disabilities may have more of an impact on the upcoming election than ever before, a new Rutgers University report finds…. Between aging, long COVID and other factors, one in six eligible voters in the U.S. now has a disability of some type, the Rutgers researchers found. That’s double the growth rate of voters without disabilities, their report said…. Historically, these voters have splintered into smaller groups, each lobbying for its specific needs to deal with developmental disabilities, mobility challenges or other issues. But the various communities came together during the pandemic around imperatives like access to health care and employment, Schur said…. ‘Overall, there is no real partisan advantage. When there was a blue wave in 2018, people with disabilities were part of the blue wave. There wasn’t really a big difference, and I don’t expect a really big difference this year,’ [Douglas] Kruse said. ‘But it is true, as Lisa [Schur] says, that health care is more important to people with disabilities. And I think that tends to favor the Democrats.’” That might depend on what their experience with the health care system actually is. And: “One more fact about potential voters with disabilities heading to the polls across the country this year: There will be more women (21.6 million) than men (18.6 million). That breaks down into 411,300 men and 533,900 women in New Jersey. The group of adults affected swells to 72.7 million — one in three eligible voters — after adding those who live with someone with a disability. Thought about that way, the electorate with disabilities now surpasses the Hispanic/Latino and Black voting demographics in the U.S., Kruse and Schur noted.”

* * *

Kamala (D): “The Clock Is Ticking on Kamala Harris” [Politico]. “The evening’s moderator, Wisconsin conservative talk show host turned anti-Trump writer Charlie Sykes, opened with the political equivalent of a fastball down the middle of the plate. Perched beneath a ‘Country Over Party sign,’ Sykes asked Harris for her pitch to the voter who supported Republicans from yesteryear but are uneasy now about casting a ballot for a Democrat. The vice president began by citing ‘the lived experience’ of most Americans — sounding more like a graduate student from down the road in Madison than most Americans — of having much in common. She repeated a line from her stump speech about how Americans ‘love our country’ before praising democracy, the rule of law and the Constitution. Then, making a little progress, she invoked her service on the Senate Intelligence Committee, where lawmakers from both parties put aside partisanship to focus on protecting the ‘security and well-being’ of all Americans. That, Harris concluded, ‘is at stake.’ That was it. Harris said nothing specific about how she’d govern, mentioned no looming issue on which she’d work with Republicans and offered no reassurances about leading the country from the political center. And, of course, there was no critique of her own party or even an expression of sympathy or understanding about why voting for a liberal could be difficult for a longtime conservative. There wasn’t even a reference to her previous commitments to include a Republican in the Cabinet or create a bipartisan council of advisers. And this was in response to the opening question from a pre-selected moderator who is supporting her campaign!” • Everything about this is bad: the candidate, the staffwork, and the net effect on those invested in her, like Sykes, who might well feel they’d been played.

Kamala (D): What Kamala said:

What others saw:

I suppose a Democrat loyalist would say “She has to say that,” but it sticks in my craw. And Biden is also, we may forget, still President. Why is that OK?

* * *

Trump (R): Media blitz (1):

JRE = Joe Rogan Experience.

Trump (R): Media blitz (2):


* * *

Trump (R) (Willis/McAfee): “Special prosecutor in Georgia’s case against Trump met with Biden officials” [Washington Times]. “Nathan Wade, who led the Fulton County election interference case against Donald Trump while having an affair with District Attorney Fani Willis, admitted to congressional investigators he met with White House officials several times but claimed he couldn’t remember the details…. Ms. Willis hired Mr. Wade even though he was a divorce lawyer with little experience prosecuting criminal cases. In 2022, he was paid nearly $700,000 to oversee the case against the former president, according to a co-defendant seeking to have the charges dismissed….. Mr. Wade acknowledged the Biden administration’s involvement in the case during the interview that was conducted on Oct. 15 by committee investigators. He verified the existence of invoices he submitted in which he billed for a ‘Conf. with White House counsel’ in Athens, Georgia, on May 23, 2022. When asked about each of the invoices obtained by investigators, Mr. Wade responded 58 times that he couldn’t remember details.” • What reason could the White House possibly have for getting involved in a state prosectution? Seems odd.

* * *

AZ: Impressive:

Perhaps a stunt, but still impressive.

Syndemics

“I am in earnest — I will not equivocate — I will not excuse — I will not retreat a single inch — AND I WILL BE HEARD.” –William Lloyd Garrison

* * *

Covid Resources, United States (National): Transmission (CDC); Wastewater (CDC, Biobot; includes many counties; Wastewater Scan, includes drilldown by zip); Variants (CDC; Walgreens); “Iowa COVID-19 Tracker” (in IA, but national data). “Infection Control, Emergency Management, Safety, and General Thoughts” (especially on hospitalization by city).

Lambert here: Readers, thanks for the collective effort. To update any entry, do feel free to contact me at the address given with the plants. Please put “COVID” in the subject line. Thank you!

Resources, United States (Local): AK (dashboard); AL (dashboard); AR (dashboard); AZ (dashboard); CA (dashboard; Marin, dashboard; Stanford, wastewater; Oakland, wastewater); CO (dashboard; wastewater); CT (dashboard); DE (dashboard); FL (wastewater); GA (wastewater); HI (dashboard); IA (wastewater reports); ID (dashboard, Boise; dashboard, wastewater, Central Idaho; wastewater, Coeur d’Alene; dashboard, Spokane County); IL (wastewater); IN (dashboard); KS (dashboard; wastewater, Lawrence); KY (dashboard, Louisville); LA (dashboard); MA (wastewater); MD (dashboard); ME (dashboard); MI (wastewater; wastewater); MN (dashboard); MO (wastewater); MS (dashboard); MT (dashboard); NC (dashboard); ND (dashboard; wastewater); NE (dashboard); NH (wastewater); NJ (dashboard); NM (dashboard); NV (dashboard; wastewater, Southern NV); NY (dashboard); OH (dashboard); OK (dashboard); OR (dashboard); PA (dashboard); RI (dashboard); SC (dashboard); SD (dashboard); TN (dashboard); TX (dashboard); UT (wastewater); VA (wastewater); VT (dashboard); WA (dashboard; dashboard); WI (wastewater); WV (wastewater); WY (wastewater).

Resources, Canada (National): Wastewater (Government of Canada).

Resources, Canada (Provincial): ON (wastewater); QC (les eaux usées); BC (wastewater); BC, Vancouver (wastewater).

Hat tips to helpful readers: Alexis, anon (2), Art_DogCT, B24S, CanCyn, ChiGal, Chuck L, Festoonic, FM, FreeMarketApologist (4), Gumbo, hop2it, JB, JEHR, JF, JL Joe, John, JM (10), JustAnotherVolunteer, JW, KatieBird, KF, KidDoc, LL, Michael King, KF, LaRuse, mrsyk, MT, MT_Wild, otisyves, Petal (6), RK (2), RL, RM, Rod, square coats (11), tennesseewaltzer, Tom B., Utah, Bob White (3).

Stay safe out there!

Airborne Transmission: Covid

“Transmission of SARS-CoV-2 on aircraft: A scoping review” (preprint) [medRxiv]. From the Abstract: “This review summarises reported contact-tracing data and evaluates the secondary attack rates (SAR) and factors associated with SARS-CoV-2 transmission in aircraft, to provide insight for future decision making in the context of future respiratory pandemics…. Our results are consistent with sporadic clusters happening onboard aircraft. Close proximity to COVID-19 cases within the aircraft was associated with a higher [secondary attack rates (SAR)].” • Sitting closer to the aisle and moving about the cabin is also associated with greater risk. In addition, transmission will also depend on the ventilation patterns in any given aircraft.

Infection: Covid

“Incident COVID-19 infections before Omicron in the US” (preprint) [medRxiv]. From the Abstract: “[W]e retrospectively estimate daily incident infections for each U.S. state prior to Omicron. To this end, reported COVID-19 cases are deconvolved to their date of infection onset using delay distributions estimated from the CDC line list. Then, a novel serology-driven model is used to scale these deconvolved cases to account for the unreported infections. The resulting infections incorporate variant-specific incubation periods, reinfections, and waning antigenic immunity. They clearly demonstrate that the reported cases fail to reflect the full extent of disease burden in all states. Most notably, , with an estimated reporting rate as low as 6.3% in New Jersey, 7.3% in Maryland, and 8.4% in Nevada. Moreover, . Therefore, while reported cases offer a convenient proxy of disease burden, they fail to capture the full extent of infections, and can severely underestimate the true disease burden.” Here is a summary of the method: “First, we estimate the delays from positive specimen to report date and use them to push back the reported cases to their sample collection dates. Next, we estimate the delay from symptom onset to sample collection, combine this with variant-specific infection-to-symptom delays, and use these to push back the cases to infection onset. The resulting case estimates are aggregated across variant categories and adjusted by the case ascertainment ratio, estimated with seroprevalence survey data and a model for antigenic immunity.” This is above my paygrade. Perhaps an epidemiologist in the readership can comment.

Elite Maleficence

Still killing people:

* * *

TABLE 1: Daily Covid Charts

Wastewater
This week[1] CDC October 14 Last Week[2] CDC (until next week):

Variants [3] CDC October 12 Emergency Room Visits[4] CDC October 12

Hospitalization
New York[5] New York State, data October 22: National [6] CDC September 28:

Positivity
National[7] Walgreens October 21: Ohio[8] Cleveland Clinic October 19:

Travelers Data
Positivity[9] CDC September 30: Variants[10] CDC September 30:

Deaths
Weekly Deaths vs. % Positivity [11] CDC October 12: Weekly Deaths vs. ED Visits [12] CDC October 12:

LEGEND

1) for charts new today; all others are not updated.

2) For a full-size/full-resolution image, Command-click (MacOS) or right-click (Windows) on the chart thumbnail and “open image in new tab.”

NOTES

[1] (CDC) Good news!

[2] (CDC) Last week’s wastewater map.

[3] (CDC Variants) KP.* very popular. XEC has entered the chat.

[4] (ED) Down.

[5] (Hospitalization: NY) Steadily down.

[6] (Hospitalization: CDC). I see the “everything in greenish pastels” crowd has gotten to this chart.

[7] (Walgreens) A pause.

[8] (Cleveland) Dropping.

[9] (Travelers: Positivity) Down.

[10] (Travelers: Variants). No XEC.

[11] Deaths low, positivity down.

[12] Deaths low, ED down.

Stats Watch

There are no official statistics of interest today.

* * *

Manufacturing: “Boeing’s bad year just keeps getting worse: One of its satellites has exploded in orbit, with debris becoming a potential threat to other satellites” [Fortune]. “A Boeing-made communications satellite has exploded, with debris floating that could potentially be a threat to other satellites at some point. Intelsat, the owner of the satellite, is reporting “the total loss” of the device in an update on its Website. The company is working with Boeing and government agencies to determine the cause of the mishap…. The U.S. Space Force says it is tracking 20 pieces of debris from the destroyed satellite and there was no immediate threat to other orbiting space equipment. Other observers, though, have seen higher amounts of debris. ExoAnalytic Solutions told SpaceNews it was tracking 57 pieces of debris and was warning operators of spacecraft that could be at risk of collision. And Russia’s space agency said it was tracking more than 80 fragments.” • Oopsie.

Manufacturing: “Boeing reports $6 billion quarterly loss as striking workers vote whether to accept contract offer” [Associated Press]. ” Boeing reported a third-quarter loss of more than $6 billion before turning its attention to whether striking factory workers would accept a contract offer Wednesday and end a walkout that has crippled the company’s airplane production for nearly six weeks…. Boeing hasn’t had a profitable year since 2018, and Wednesday’s numbers represented the second-worst quarter in the manufacturer’s history.The company burned nearly $2 billion in cash, in the quarter, weakening its balance sheet, which is loaded down with $58 billion in debt. Chief Financial Officer Brian West said the company will burn cash through 2025, but at a slower pace.”

Manufacturing: “Boeing’s New C.E.O. Calls for ‘Culture Change’ as Strike Vote Looms” [New York Times]. “In a message to employees, Mr. Ortberg shared a speech that he planned to deliver to investor analysts on a call later in the day to discuss Boeing’s quarterly financial results. In it, he offered a diagnosis: The company had lost too much trust, gained too much debt and made too many mistakes. To put Boeing back on the right path would require ‘fundamental culture change,’ stabilizing the business and improving execution. ‘Our leaders, from me on down, need to be closely integrated with our business and the people who are doing the design and production of our products,’ he said. ‘We need to be on the factory floors, in the back shops and in our engineering labs. We need to know what’s going on, not only with our products, but with our people.’” • Fine. Restore defined-benefit pensions (and put a union member on the Board, as I keep screaming). Here are Ortberg’s complete remarks.

Manufacturing: “Intelsat 33e breaks up in geostationary orbit” [Space News]. “An Intelsat spokesperson said the satellite was not insured at the time of the issue.” • Surely not wise, with a Boeing product?

* * *

Today’s Fear & Greed Index: 71 Greed (previous close: 73 Extreme Greed) [CNN]. One week ago: 66 (Greed). (0 is Extreme Fear; 100 is Extreme Greed). Last updated Oct 22 at 2:37:54 PM ET.

Gallery

One of my favorite flowers:

Class Warfare

“The Tech Coup: A New Book Shows How the Unchecked Power of Companies Is Destabilizing Governance” (interview) [Stanford University]. Interview with Stanford institute for Human-Centered AI Policy Fellow Marietje Schaake. “In what ways are private companies increasingly taking on functions normally assumed by states? In the digital realm, companies’ control of information, unfettered agency, and power to act have almost overtaken that of governments. For example, in the private intelligence sector, companies like NSO Group Technologies with its Pegasus spyware products are creating and selling the capability to hack into people’s devices. This means that anyone with the financial resources to purchase Pegasus spyware can access the capabilities of intelligence services and hack into the very private information of political opponents, judges, journalists, critical employees, competitors, and others. Another striking example is that of offensive cyber capabilities. In the name of defending their clients or their networks, companies are attacking hackers across borders, using ‘offense as defense.’ And notice that I’m talking not only about big tech companies but also small ones, because there’s de facto power that comes from the development of digital technologies.”

News of the Wired

“How Your Brain Detects Patterns without Conscious Thought” [Scientific American]. “In an experimental trial, participants viewed a series of the face images…. During the experiment, neurons in each participant’s hippocampus and entorhinal cortex gradually began to respond not only to the face being presented but also to faces directly connected to it on the triangle. When asked whether they noticed any pattern in the order of the images, the participants said they didn’t. But their brain cells still learnt the pattern, showing that the brain can recognize patterns without conscious awareness. In the breaks between trials, the participants’ ‘face’ neurons replayed what they had learnt, cycling through the patterns on their own without being stimulated to do so. ‘This is something that is not explicit, it is implicit. And the brain gets it, essentially, very quickly, and we can see those changes in the individual cells,’ says Fried.” • Patterns generally, or optimized for faces?

For our numismatists:


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Contact information for plants: Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, to (a) find out how to send me a check if you are allergic to PayPal and (b) to find out how to send me images of plants. Vegetables are fine! Fungi, lichen, and coral are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. From SC:

SC writes:

For more than a decade, I’ve been intrigued by the genus Tithonia, aka “Mexican Sunflower.” I first encountered it back in the ’00s or early ’10s when I read that it was used as green manure in parts of Africa, planted along the edges of fields and harvested for use as Nitrogen rich soil amendment. At first, I thought that it was fixing atmospheric Nitrogen but I later learned that it merely accumulates already-present soil Nitrogen into its tissues. It’s a cheery, attractive plant, sort of a giant puff-ball of orange daisy-like blossoms. The blossoms are well-suited to the feeding anatomy of butterflies and hummingbirds. Starting in the mid-to-late ’10s, I have been annually providing a bunch of these to a local social services agency that plants them outside its meeting rooms. The plants attract hummingbirds, which provide a morale boost to staff and clients. At, I think, clientele initiative, the agency subsequently started a horticulture sub-agenda in one of its programs, an on-site day partial care program for mentally-ill homeless people, and that has branched out into veggie, decorative and herb gardening at the agency site.

A few years ago, a sibling planted two of these (of species T. Rotundifolia, that reputedly grows to 6′ height) and aggressively watered them. They grew to the eaves of her house, 8′ at least, and were so leafy and dense that you couldn’t see through them. The plants had hundreds of blossoms and lots of hiding places, a kind of hummingbird heaven. Such a large plant from a small seed.

This photo is of an example of T. speciosa (in my experience, less tall and bushy than rotundifolia), that reputedly reaches 4-5′ height. A friend who regularly accepts plants from my “backyard nursery” passed it further on. It was started from seed in mid-Winter 2024. The recipient evidently aggressively watered and fertilized it; the plant towers at 9′. I wonder what the neighbors make of it.

Wow. I could really file this under “Look for the helpers,” too!

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About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered.
To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.




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