Hermit
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Our governor just shut down the entire state. Half of the counties have had no cases. The counties that did have cases were already doing shutdowns...
What was your COVID news for the day?
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Elon Musk donated 1225 ventilators to California. He bought them from China and shipped to LA.
https://thehill.com/policy/technolo...hundreds-of-ventilators-bought-in-china-to-us
https://thehill.com/policy/technolo...hundreds-of-ventilators-bought-in-china-to-us
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Katsmeow
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DH went to Target for their over 60 hour from 8:00 to 9:00 this morning. He got there at 7:45 and was about the 75th person in line. People lined up with a cart between them as as to keep the distance. DH did wear gloves (the other day I found a box of alcohol swabs, box of gloves and a bottle of hand sanitizer that was expired a few months ago -- so happy to find these). Anyway, he was mostly there to switch out our Soda Stream canister and pick up a few items.
Turned out it was good he went there today. The service desk at the Target was going to close after today until late April and that is where you switch out the canister. No returns of anything are going to be allowed.
He did check on toilet paper but they were out. We do have enough for probably 5 weeks. Anyway, he was told by a worker that only the first 8 people were able to get toilet paper (and that was with a limit of what they bought). Basically they don't know how much they will get each day so you just have to get there early enough before the store opens to one of the first several people in line. They advised that when you come in you need to know the store layout and you should go straight for the product you most want.
Turned out it was good he went there today. The service desk at the Target was going to close after today until late April and that is where you switch out the canister. No returns of anything are going to be allowed.
He did check on toilet paper but they were out. We do have enough for probably 5 weeks. Anyway, he was told by a worker that only the first 8 people were able to get toilet paper (and that was with a limit of what they bought). Basically they don't know how much they will get each day so you just have to get there early enough before the store opens to one of the first several people in line. They advised that when you come in you need to know the store layout and you should go straight for the product you most want.
jollystomper
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A friend of DW's went to one of the large stores (DW was not completely sure of which one and I do not want to take the chance of posting the wrong store name) today during noon. They had toilet paper, one package to a person. They also had armed guards at the toilet paper.
DW's friend asked one guard "has it really come to this?" The guard answered sadly yes, there have been enough scuffles over the TP and other items, and reports in the news of altercations and assaults over in-demand goods, that the store decided to play it safe and guard the TP.
DW's friend asked one guard "has it really come to this?" The guard answered sadly yes, there have been enough scuffles over the TP and other items, and reports in the news of altercations and assaults over in-demand goods, that the store decided to play it safe and guard the TP.
Another Reader
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Half of the patients at the San Jose Kaiser hospital are sick with COVID 19.
https://ktla.com/news/california/ne...bXg35fp252NRuYunAI5th1a8P_PMFFgJDaBuDBy8-775g
https://ktla.com/news/california/ne...bXg35fp252NRuYunAI5th1a8P_PMFFgJDaBuDBy8-775g
MRG
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We had no cases, yet, but were shut down locally in the morning and by the state this afternoon. Life won't change much for us at this point we were already pretty much locked up.
Several healthcare related organizations have said to assume we were infected and act appropriately. I'm not sure what I'm going to do different with that information.
Ed_The_Gypsy
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Our governor today identified marijuana stores as essential services and may stay open.
NW-Bound
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It's good. He quickly learned that it took some time to design and build these ventilators, and there's simply no time.
dixonge
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The other day we got our exercise in by walking to *and from* WalMart. Nice walk there, a bit tougher on the way back with 25-30 lbs of groceries in our backpacks.
TP still well-stocked, sanitizing wipes still empty, still no sanitizer anywhere. Beans and rice shelves 95% gone, but there was a big pallet of rice in the main aisle. Probably easier to roll out a pallet than to bother with stocking a shelf that will get emptied the next day. Some canned goods were way down. Peanut butter almost gone.
So yeah, panic buying has come to Mexico! But only selectively.
TP still well-stocked, sanitizing wipes still empty, still no sanitizer anywhere. Beans and rice shelves 95% gone, but there was a big pallet of rice in the main aisle. Probably easier to roll out a pallet than to bother with stocking a shelf that will get emptied the next day. Some canned goods were way down. Peanut butter almost gone.
So yeah, panic buying has come to Mexico! But only selectively.
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Holy moly the unemployment numbers are in. 3.2M new claims. Most estimates I'd heard were to be >2M, but not much mention of >3.
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Freedom56
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Some good news on the testing front. The results are obtained in 2- 10 minutes from a small prick of blood. The FDA has approved this test from South Korea.
https://www.ocregister.com/2020/03/...in-u-s-to-offer-coronavirus-rapid-blood-test/
https://www.reuters.com/article/bri...gg-igm-rapid-test-throughout-us-idUSFWN2BG0GB
https://www.ocregister.com/2020/03/...in-u-s-to-offer-coronavirus-rapid-blood-test/
https://www.reuters.com/article/bri...gg-igm-rapid-test-throughout-us-idUSFWN2BG0GB
USGrant1962
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Holy moly the unemployment numbers are in. 3.2M new claims. Most estimates I'd heard were to be >2M, but not much mention of >3.
I hadn't really thought about it but I wonder why the estimates were "only" ~2 million. NYC alone has over 8 million people, and I would guess at least half of them can't work.
Holy moly the unemployment numbers are in. 3.2M new claims. Most estimates I'd heard were to be >2M, but not much mention of >3.
Supposedly, a LOT of people can't even get through to file for unemployment since the online sites are slammed. The number is probably much higher than the 3.2 million.
Shutting down the whole state probably makes more sense. Our state only shuts down individual counties. People are driving a couple of miles to the next county to eat at restaurants, etc.
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Yes, the system is basically designed for about 250k per week. And this doesn't count the gig workers, self-employed, etc. Stunning, so sad.
Holy moly the unemployment numbers are in. 3.2M new claims. Most estimates I'd heard were to be >2M, but not much mention of >3.
Love it, the unemployment rate rises by 3 Million and the Dow is up 755 points. Is that called priced in?
REWahoo
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Love it, the unemployment rate rises by 3 Million and the Dow is up 755 points. Is that called priced in?
It's called "nuts", but that's become SOP since things went pear-shaped.
Love it, the unemployment rate rises by 3 Million and the Dow is up 755 points. Is that called priced in?
The passage of the stimulus bill in the Senate last night is beating the unemployment numbers in the good news vs. bad news tug-of-war at the moment.
Got a great email from my local Honda dealership. Seems they are considered "essential" and are having some great sales. Even offering free donuts and coffee!
Having said that, I do feel sorry for the commission-based car sales people. I doubt they are doing much business.
Having said that, I do feel sorry for the commission-based car sales people. I doubt they are doing much business.
Chuckanut
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The last two days as I drove to the supermarket and later walked about my neighborhood, I noticed a lot of construction workers on the job. They were buidling new houses, remodeling older houses and other such things.
Today, the Guv has make is clear - construction is not exempt from the shelter at home rule. The only exemption is construction for emergency facilities, like finishing up a new ward in a hospital.
Today, the Guv has make is clear - construction is not exempt from the shelter at home rule. The only exemption is construction for emergency facilities, like finishing up a new ward in a hospital.
Freedom56
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The market has already discounted a lot of the bad headlines. Citibank and others were forecasting 4-6 million jobless claims. The key measure that the Fed took was to stabilize the bond market buy buying corporate and municipal bonds and mortgage back securities, which calmed down the financial markets. The market has discounted a 2-3 month shutdown of the economy and phased start-up like they are doing in China.
Yes the GDP will be down this quarter and next quarter and we won't see signs of a recovery until businesses open again. The market has discounted this already. The uncertainty right now is what will the economy look like after this is over and what will be the impact of loan losses to banks as a result of the plunge in energy prices. There is also the issue of a second wave of infections and it's impact. This is what the market is trying to price.
The uncertainty won't be lifted until there is real containment of the virus. As for miracle treatments, Gilead's Remdesivir is expensive and was a total failure in the treatment of Ebola. Gilead has already withdrawn it's request for "orphan" status. Keep in mind this is the same company that charges $60,000 for the drug to treat/cure Hepatitis C. The 2-10 minute test that they have started using in California this week should alleviate the testing delays. It was approved for sale by the FDA. California is currently awaiting results from over 46000 tests and will likely shift over to this new test.
Those cities/states that shutdown early like San Francisco most likely contained the spread. Keep in mind New York was pretty slow shutting the city down. Those large cities that remain open are rolling the dice and are likely to make things worse for the rest of the country.
Yes the GDP will be down this quarter and next quarter and we won't see signs of a recovery until businesses open again. The market has discounted this already. The uncertainty right now is what will the economy look like after this is over and what will be the impact of loan losses to banks as a result of the plunge in energy prices. There is also the issue of a second wave of infections and it's impact. This is what the market is trying to price.
The uncertainty won't be lifted until there is real containment of the virus. As for miracle treatments, Gilead's Remdesivir is expensive and was a total failure in the treatment of Ebola. Gilead has already withdrawn it's request for "orphan" status. Keep in mind this is the same company that charges $60,000 for the drug to treat/cure Hepatitis C. The 2-10 minute test that they have started using in California this week should alleviate the testing delays. It was approved for sale by the FDA. California is currently awaiting results from over 46000 tests and will likely shift over to this new test.
Those cities/states that shutdown early like San Francisco most likely contained the spread. Keep in mind New York was pretty slow shutting the city down. Those large cities that remain open are rolling the dice and are likely to make things worse for the rest of the country.
ncbill
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An article in today's Wall Street Journal projects a loss of 50+ million jobs next quarter, close to 1/3 of the labor force based on estimates from economists at the St. Louis Federal Reserve.
So the article argues nobody's yet pricing in such a huge impact, even if temporary.
So the article argues nobody's yet pricing in such a huge impact, even if temporary.
ncbill
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Oh, and got news my great aunt (last of grandparents' generation) died this morning at the age of 95 1/2.
Don't know yet if covid-19 was responsible, but of course it will be weeks or months before there are any funeral services for her.
Don't know yet if covid-19 was responsible, but of course it will be weeks or months before there are any funeral services for her.
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