Why Are the Mainstream Media Ignoring Tara Reade’s Sexual Assault Accusation Against Joe Biden?

On September 14, 2018, The New York Times reported the existence of an unverified sexual misconduct allegation against Supreme Court nominee Brett Kavanaugh. The story cited three people who had read a letter sent by the accuser—Christine Blasey Ford—to Sen. Diane Feinstein (D–Calif.). Ford was not interviewed for the story; indeed, she wasn’t named.

Unconfirmed reports of a teenaged Kavanaugh assaulting a teenaged Ford evidently merited coverage from The Times. This prompts an obvious question: Why is the paper of record now declining to publicize a very troubling allegation against former Vice President Joe Biden?

The Times is hardly alone in this regard. The mainstream media have remained baffling silent about Tara Reade, a former member of then-Senator Biden’s staff who claims that he sexually assaulted her in 1993. Reade’s name has only appeared twice in The Washington Post, and both were quick asides: A news roundup from April of last year briefly acknowledged an earlier, milder version of Reade’s accusation, and a recent rapid-fire Q&A asked a Post political reporter to weigh-in on the political ramifications “of the Tara Reade bombshell.” (The nature of the bombshell is not described.)

And while the coronavirus pandemic is obviously dominating news coverage, CNN has made plenty of time for Biden. Chris Cillizza is still ranking Biden’s potential veep choices, and the network conducted a virtual townhall event with the candidate last Friday. Reade’s name didn’t come up, and it has never appeared at CNN.com. At NBC, it’s the same story: Chuck Todd interviewed Biden but didn’t ask about the allegation.

Reade’s story has garnered some coverage elsewhere, most noticeably from The Hill and The Intercept. Some left-leaning news sites—The Huffington Post, Vox—have written about it, and of course conservative media are all over the story. But the biggest mainstream print and TV outlets are, at present, silent.

I am not the only one to notice this. The Columbia Journalism Review notes that “media outlets on both the left and the right have covered Reade’s claim, yet mainstream news organizations have mostly avoided it.” That article links to a piece in The Guardian—part of a recurring feature called “The Week in Patriarchy”—that suggests the media may be ignoring the story because Reade’s accusations will be “difficult to prove.” To its credit, the Guardian piece acknowledges that if this would be inconsistent with how the Kavanaugh accusation was handled.

That’s what’s most frustrating about this lack of mainstream coverage. Ideally, all media outlets—mainstream or otherwise—would tread carefully with respect to decades-old accusations. They would not rush to publish unverified rumors, instead carefully vetting them to the best of their ability. They would consider whether every salacious or scandalous detail of an important person’s past is worth revisiting.

Perhaps that’s what reporters at The New York Times, The Washington Post, and other outlets are doing. (I have heard it third-hand that various stories might be in the works, but nobody at those publications would confirm anything to me.) But Reade has already come forward. She has already identified herself and told her story. At this stage in the process of the Kavanaugh accusation’s public reveal, the mainstream press was already actively covering it.

As I wrote last week, there’s a case for taking Reade’s accusation more seriously than Ford’s, since the behavior described by Reade (penetrative sexual assault during Biden’s Senate years) is even worse than what was described by Ford.

And while it’s certainly true that there’s currently a global pandemic unfolding, that isn’t a good excuse to avoid discussing Reade. In fact, there’s some reason to proceed quickly: The Democratic Party will soon nominate Joe Biden to be its presidential candidate, but Sen. Bernie Sanders (I–Vt.) is technically still in the race, and he is still making the case that he should be the one to face President Donald Trump in November. Whether or not Biden is credibly accused of sexual assault is extremely relevant to this rapidly approaching decision point. This seems only slightly less urgent than covering Kavanaugh’s alleged misbehavior during the period immediately before his confirmation to the Supreme Court.

If the media’s rule is this—We’re going to proceed extremely cautiously when revisiting unverified sexual misconduct allegations that are several decades years old—then fine. But that’s a new rule, isn’t it?

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This Business Is Suing the Government Over a Coronavirus Closure Order

The Fifth Amendment to the U.S. Constitution requires the government to pay just compensation when it takes private property for a public use. Does that apply when the government orders a business to close its doors indefinitely in order to help prevent the spread of COVID-19? Is the shuttered business entitled to compensation for its troubles?

These are not hypothetical questions. Schulmerich Bells, a small outfit that makes handcrafted handbells and chimes in Hatfield, Pennsylvania, has filed a federal lawsuit challenging the constitutionality of Gov. Thomas Wolf’s order indefinitely closing all “non-life-sustaining” businesses during the COVID-19 outbreak. “The Governor has placed the cost of these Orders—issued for the benefit of the public—squarely upon the shoulders of private individuals and their families, and has failed to justly compensate affected parties for these takings undertaken for their benefit to the public,” the suit states. “These uncompensated seizures violate the Takings Clause of the Fifth Amendment.” The suit seeks the payment of just compensation by the state.

The U.S. Supreme Court has long said that the states may regulate—and even prohibit—certain property uses in the name of public health and safety without triggering the Takings Clause. In Mugler v. Kansas (1887), the Court ruled against a liquor manufacturer whose livelihood was destroyed when the state banned the sale and manufacture of “intoxicating beverages.” According to the Court, “a prohibition simply upon the use of property for purposes that are declared, by valid legislation, to be injurious to the health, morals, or safety of the community, cannot, in any just sense, be deemed a taking or an appropriation of property for the public benefit.” Such government action “does not disturb the owner in the control or use of his property for lawful purposes, nor restrict his right to dispose of it, but is only a declaration by the State that its use by any one, for certain forbidden purposes, is prejudicial to the public interests.”

Similarly, in Miller v. Schoene (1928), the Supreme Court upheld a Virginia law requiring the destruction of red cedar trees infected with cedar rust if those trees stood within two miles of an apple orchard (cedar rust is highly detrimental to apple trees). “The state does not exceed its constitutional powers by deciding upon the destruction of one class of property in order to save another which, in the judgment of the legislature, is of greater value to the public,” the Court said. “It will not do to say that the case is merely one of a conflict of two private interests and that the misfortune of apple growers may not be shifted to cedar owners by ordering the destruction of their property; for it is obvious that there may be, and that here there is, a preponderant public concern in the preservation of the one interest over the other.”

In short, if this particular lawsuit is going to succeed, it will have to clear some steep precedential hurdles.

Related:Police Powers During a Pandemic, Constitutional, but Not Unlimited.”

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Why Are the Mainstream Media Ignoring Tara Reade’s Sexual Assault Accusation Against Joe Biden?

On September 14, 2018, The New York Times reported the existence of an unverified sexual misconduct allegation against Supreme Court nominee Brett Kavanaugh. The story cited three people who had read a letter sent by the accuser—Christine Blasey Ford—to Sen. Diane Feinstein (D–Calif.). Ford was not interviewed for the story; indeed, she wasn’t named.

Unconfirmed reports of a teenaged Kavanaugh assaulting a teenaged Ford evidently merited coverage from The Times. This prompts an obvious question: Why is the paper of record now declining to publicize a very troubling allegation against former Vice President Joe Biden?

The Times is hardly alone in this regard. The mainstream media have remained baffling silent about Tara Reade, a former member of then-Senator Biden’s staff who claims that he sexually assaulted her in 1993. Reade’s name has only appeared twice in The Washington Post, and both were quick asides: A news roundup from April of last year briefly acknowledged an earlier, milder version of Reade’s accusation, and a recent rapid-fire Q&A asked a Post political reporter to weigh-in on the political ramifications “of the Tara Reade bombshell.” (The nature of the bombshell is not described.)

And while the coronavirus pandemic is obviously dominating news coverage, CNN has made plenty of time for Biden. Chris Cillizza is still ranking Biden’s potential veep choices, and the network conducted a virtual townhall event with the candidate last Friday. Reade’s name didn’t come up, and it has never appeared at CNN.com. At NBC, it’s the same story: Chuck Todd interviewed Biden but didn’t ask about the allegation.

Reade’s story has garnered some coverage elsewhere, most noticeably from The Hill and The Intercept. Some left-leaning news sites—The Huffington Post, Vox—have written about it, and of course conservative media are all over the story. But the biggest mainstream print and TV outlets are, at present, silent.

I am not the only one to notice this. The Columbia Journalism Review notes that “media outlets on both the left and the right have covered Reade’s claim, yet mainstream news organizations have mostly avoided it.” That article links to a piece in The Guardian—part of a recurring feature called “The Week in Patriarchy”—that suggests the media may be ignoring the story because Reade’s accusations will be “difficult to prove.” To its credit, the Guardian piece acknowledges that if this would be inconsistent with how the Kavanaugh accusation was handled.

That’s what’s most frustrating about this lack of mainstream coverage. Ideally, all media outlets—mainstream or otherwise—would tread carefully with respect to decades-old accusations. They would not rush to publish unverified rumors, instead carefully vetting them to the best of their ability. They would consider whether every salacious or scandalous detail of an important person’s past is worth revisiting.

Perhaps that’s what reporters at The New York Times, The Washington Post, and other outlets are doing. (I have heard it third-hand that various stories might be in the works, but nobody at those publications would confirm anything to me.) But Reade has already come forward. She has already identified herself and told her story. At this stage in the process of the Kavanaugh accusation’s public reveal, the mainstream press was already actively covering it.

As I wrote last week, there’s a case for taking Reade’s accusation more seriously than Ford’s, since the behavior described by Reade (penetrative sexual assault during Biden’s Senate years) is even worse than what was described by Ford.

And while it’s certainly true that there’s currently a global pandemic unfolding, that isn’t a good excuse to avoid discussing Reade. In fact, there’s some reason to proceed quickly: The Democratic Party will soon nominate Joe Biden to be its presidential candidate, but Sen. Bernie Sanders (I–Vt.) is technically still in the race, and he is still making the case that he should be the one to face President Donald Trump in November. Whether or not Biden is credibly accused of sexual assault is extremely relevant to this rapidly approaching decision point. This seems only slightly less urgent than covering Kavanaugh’s alleged misbehavior during the period immediately before his confirmation to the Supreme Court.

If the media’s rule is this—We’re going to proceed extremely cautiously when revisiting unverified sexual misconduct allegations that are several decades years old—then fine. But that’s a new rule, isn’t it?

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Fed’s Kashkari Goes Full-On God-Complex, Lectures “This Is Not The Time To Worry About Moral Hazard”

Fed’s Kashkari Goes Full-On God-Complex, Lectures “This Is Not The Time To Worry About Moral Hazard”

Neel Kashkari, famous for coming out several days ago and giving one of the most bizarre 60 Minutes interviews of all time (an interview in which he claimed that the Fed had “infinite” cash) is now out giving life-lessons about when and how the American people should be worrying about moral hazard.

In an op-ed written late last week in the Washington Post, Kashkari made his argument that throwing as much money at the problem as possible, even if we don’t have a complete understanding of where that newly-printed cash is going, is the solution.

In other words, we’ve got the cash and so now, we can be the moral authority as well.

Kashkari stated: “If there is a principle policy makers need to keep in mind going forward, it’s this: Err on the side of helping as many workers and businesses as possible rather than on prudence. This is not the time to worry about moral hazard or whether people are incentivized not to work.”

He continued: “When the Covid-19 crisis is behind us, if our biggest complaint is that some workers and small businesses got help when they didn’t really need it, that would be a wonderful outcome for our country.”

Kashkari seemed to make the argument that since the Fed was already printing unlimited amounts of cash, they might as well use it to shore up as many liabilities that existed prior to the crisis anyway: “Policy makers should use the full authority Congress grants to immediately make sure that states have the health-care resources and equipment they need, that businesses have the wherewithal to preserve their staffs, and that individuals and families can make ends meet until the virus is contained”

“The highest priorities must be to enable the health-care system to catch up and control the spread of the virus — and to maximize the number of jobs saved. It is far better to spend taxpayer money to help small businesses retain their workers than to spend the same money helping workers after they’ve been laid off,” he continued.

Recall, during Kashkari’s 60 Minutes interview a week ago, Kashkari, when asked if the Fed would just “literally print money”, admitted: 

“That’s literally what congress has told us to do. That’s the authority they have given us, to print money and provide liquidity into the financial system. We create it electronically and we can also print it, with the Treasury Department, so you can get money out of your ATMs.”

Kashkari’s God complex continued when he was asked: “Can you characterize everything the Fed has done this past week as essentially flooding the system with money?” 

To which Kashkari responded simply: “Yes. There’s no end to our ability to do that.”


Tyler Durden

Mon, 03/30/2020 – 13:35

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Watch Live: Andrew Cuomo Delivers Monday Press Briefing, Confirms Another 7k Cases

Watch Live: Andrew Cuomo Delivers Monday Press Briefing, Confirms Another 7k Cases

Gov. Andrew Cuomo is delivering his latest press briefing…NY’s case count has climbed by 6,894 cases to 66,497…


Tyler Durden

Mon, 03/30/2020 – 13:22

via ZeroHedge News https://ift.tt/2ycp8hJ Tyler Durden

This Business Is Suing the Government Over a Coronavirus Closure Order

The Fifth Amendment to the U.S. Constitution requires the government to pay just compensation when it takes private property for a public use. Does that apply when the government orders a business to close its doors indefinitely in order to help prevent the spread of COVID-19? Is the shuttered business entitled to compensation for its troubles?

These are not hypothetical questions. Schulmerich Bells, a small outfit that makes handcrafted handbells and chimes in Hatfield, Pennsylvania, has filed a federal lawsuit challenging the constitutionality of Gov. Thomas Wolf’s order indefinitely closing all “non-life-sustaining” businesses during the COVID-19 outbreak. “The Governor has placed the cost of these Orders—issued for the benefit of the public—squarely upon the shoulders of private individuals and their families, and has failed to justly compensate affected parties for these takings undertaken for their benefit to the public,” the suit states. “These uncompensated seizures violate the Takings Clause of the Fifth Amendment.” The suit seeks the payment of just compensation by the state.

The U.S. Supreme Court has long said that the states may regulate—and even prohibit—certain property uses in the name of public health and safety without triggering the Takings Clause. In Mugler v. Kansas (1887), the Court ruled against a liquor manufacturer whose livelihood was destroyed when the state banned the sale and manufacture of “intoxicating beverages.” According to the Court, “a prohibition simply upon the use of property for purposes that are declared, by valid legislation, to be injurious to the health, morals, or safety of the community, cannot, in any just sense, be deemed a taking or an appropriation of property for the public benefit.” Such government action “does not disturb the owner in the control or use of his property for lawful purposes, nor restrict his right to dispose of it, but is only a declaration by the State that its use by any one, for certain forbidden purposes, is prejudicial to the public interests.”

Similarly, in Miller v. Schoene (1928), the Supreme Court upheld a Virginia law requiring the destruction of red cedar trees infected with cedar rust if those trees stood within two miles of an apple orchard (cedar rust is highly detrimental to apple trees). “The state does not exceed its constitutional powers by deciding upon the destruction of one class of property in order to save another which, in the judgment of the legislature, is of greater value to the public,” the Court said. “It will not do to say that the case is merely one of a conflict of two private interests and that the misfortune of apple growers may not be shifted to cedar owners by ordering the destruction of their property; for it is obvious that there may be, and that here there is, a preponderant public concern in the preservation of the one interest over the other.”

In short, if this particular lawsuit is going to succeed, it will have to clear some steep precedential hurdles.

Related:Police Powers During a Pandemic, Constitutional, but Not Unlimited.”

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2008 Playbook: Unknown Unknowns

2008 Playbook: Unknown Unknowns

Submitted by Nick Colas of DataTrek Research

While Donald Rumsfeld may not be one’s go-to guy for decision making paradigms, his 2002 mention of “unknown unknowns” is worth considering just now as an investment framework. The idea here is that we all make judgments based on a tripartite spectrum of available information. Specifically:

Known knowns (entirely baked into asset prices):

  • COVID-19 both spreads easily and is sufficiently harmful to require countries to limit economic activity dramatically in order to contain the virus before it overwhelms their health care systems.

  • Policymakers have responded by providing large scale fiscal and monetary stimulus in the hopes of tiding over economies during the worst of the outbreak.

  • Medical researchers are working on improved therapeutic treatments as well as vaccines. Testing is becoming faster and more widespread.

Known unknowns (partially baked into asset prices):

  • The exact duration of national lockdowns around the world and their impact on labor markets.

  • The pace of economic recovery once the immediate danger has passed/possibility of reinfection during a restart.

  • The size and timing of further fiscal/monetary stimulus (NY Governor Cuomo highlighted this in his press briefing today with respect to state budgets, an important source of US fiscal spending).

Unknown unknowns (not in asset prices and near-impossible to assess today):

  • Inflation rates over the next 1-3 years, a push-pull of fiscal/monetary stimulus and uncertain consumer/business confidence.

  • Any change of personal/corporate tax rates to stabilize government deficits (both at national and state levels).

  • The political implications of COVID-19 on the November US general election. Worth noting: President Trump’s latest Gallup approval rating out on March 24th were the highest of his presidency and may have helped boost stock prices last week.

  • The effect of exploding deficit spending around the world on the cost of capital.

  • How emerging market economies with large dollar-denominated debts will handle a slow global economic recovery or how the European banking system will deal with a sharp recession in its most vulnerable countries.

  • Just as the Great Recession did lasting damage to younger job seekers, will the current global downturn affect those finishing/just out of college right now?

You probably have many other “unknown unknowns” you could add to this list, but that’s exactly the point when considering how well US equities have held up; the S&P 500 at 2541 implies:

  • No structural damage to US large cap earnings power. We’re trading at 20x the trailing 10-year average S&P earnings of $122/share, not the 10x we saw in 2009.

  • Confidence that visibility into that $122/share earnings run rate will be there in November 2020 (near term equity prices tend to lever off 6-month forward economic/profit conditions).

  • That the CBOE VIX Index over 60, even on large up days, is only a sign of near-term potential volatility rather than a sign equity prices are fundamentally wrong.

  • That markets will continue to ignore bad economic news or disappointing corporate profit reports because either they are temporary or they will spur further monetary/fiscal stimulus.

As for how this is playing out in our 2008 Playbook construct, once again using September 29th 2008 and March 9th 2020 as starting points (the first +5% “crash day” move in each sequence):

#1: Because policymakers now both “own” the COVID-19 Crisis (unlike Q4 2008 when there was a US election pending) and learned from 2008 to go big/early (both in fiscal and monetary policy), the damage to the S&P 500 has not been as bad in 2020 as it was in 2008:

  • The index is down 7.5% from September 29th, 2020.

  • In 2008, the S&P was 15.0% lower on October 17th from September 29th, the same number of trading days as we’re including in the prior point.

#2: From this point in 2008, for the next 19 trading sessions the S&P 500 was in a very broad band but went essentially nowhere.

  • The index closed at 940 on Friday, October 17th 2008.

  • 19 trading days later, the S&P closed at 911, down 3.1% from that 940 level. In between October 17th and November 13th the index had an +11% day (October 28th) and four +5% decline days (October 22, post-election November 5/6, and November 12).

#3: The real crack for US stocks in 2008 came right after this waiting period, happened very suddenly, but bounced back relatively quickly:

  • After holding the 900 level, the S&P went to 752 in just 5 trading sessions (November 14th to November 20th), a 17.5% decline. The headlines at the time centered on which financial institutions/auto makers would receive TARP funding, and how much.

  • The S&P then came roaring back over the last 27 trading days of 2008 and closed at 903 with just one +5% crash day (-8.9% on December 1st).

This experience is emblematic of how markets behave when “unknown unknowns” shove their way into asset prices, and it continues to serve as our template for what to expect now. Specifically:

  • Markets think they have a solid handle on the known knowns and the known unknowns. That should make for a period of notionally stability, even if the day-to-day price action feels otherwise.

  • When economic events outrun policymaker’s responses, however, there is a sharp (18% in 2008) decline that doesn’t last long but creates an investable crisis low.

  • Yes, the S&P did not really bottom until March 9th 2009 but you would not have wanted to sell at that 752 low on November 20th given the sharp bounce back through year end.

Bottom line: the 2008 playbook says we should see volatile but generally sideways US equity price action this week and next. Should there be a sudden shock from an unknown unknown that creates a +15% decline (2100 on the S&P, in round numbers), that would also fit with the 2008 playbook. Buying that new low would feel awful, but it would also be a signal to policymakers that they will need to take further steps. In the end, that’s why we lean on the 2008 playbook so much: in periods of crisis capital markets drive policy response.


Tyler Durden

Mon, 03/30/2020 – 13:20

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North Korea Confirms New Test Of ‘Super-Large Multiple Rocket Launcher’ 

North Korea Confirms New Test Of ‘Super-Large Multiple Rocket Launcher’ 

Perhaps the only major non-coronavirus story to briefly grab international headlines over the weekend was North Korea’s firing off of two short-range ballistic missiles into the Sea of Japan. “The missiles were fired from the port city of Wonsan, flying about 140 miles to the northeast before landing in waters between North Korea and Japan,” The New York Times reported of the Saturday launch.

It came a mere week after Kim Jong-Un received a letter from President Trump offering to assist in the fight against the coronavirus pandemic.

Pyongyang officials confirmed the launches Monday, described as a test of a new “super-large multiple rocket launcher” which state media reported as going off without a hitch.

North Korean released this photo set of missile testing over the weekend, KCNA via Reuters.

Official state news agency KCNA said the test was overseen by governing party vice chairman Ri Pyong Chol, suggesting that Kim did not personally attend the launch.

“The operational deployment of the weapon system of super-large multiple rocket launchers is a crucial work of very great significance in realising the party’s new strategic intention for national defence,” Ri was quoted as saying during the test. “The test-fire was conducted successfully,” KCNA said.

It’s the sixth such short- and mid-range missile test within the past month, after a three-month respite from testing which went from late November to early March.

The resumption of testing has provoked anger from South Korea, which slammed the drills as “deeply inappropriate” given the world is currently battling coronavirus pandemic. Leaders in Seoul said they had “urged the North to stop such acts immediately.”

South Korea’s government-funded Yonhap News Agency notes military officials are analyzing photographs of the launch:

The military is scrutinizing photos North Korean state media released earlier in the day of the super-large multiple rocket launcher tested Sunday as the system looks different from the North’s existing weapon of the same name, a JCS official said.

It looks more like the large-caliber multiple launch guided rocket system unveiled in August, he said.

One of the photos showed a projectile being fired from a system with six tubes, different from the four-tube system North has disclosed in its previous super-large multiple rocket launcher system test-firings.

“According to the photos released by North Korea this morning, (the rocket system tested Sunday) has similar characteristics with the one unveiled on Aug. 3 last year,” Joint Chiefs of Staff of the Republic of Korea spokesman Kim Joon-rak told a press briefing.

Pyongyang ramped up missile launches and testing this year after stalled de-nuclearization talks with Washington at the end of last year, after Washington insisted Kim must dismantle his nuclear capabilities before sanctions relief is on the table.


Tyler Durden

Mon, 03/30/2020 – 13:05

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“Wuhan COVID-19 Death Toll May Be in the Tens of Thousands”

So reports Newsweek (Christina Zhao); there was an earlier article from Radio Free Asia (a U.S.-government-funded nonprofit) that gave similar estimates. (Bloomberg likewise writes, “Report of Urns Stacked at Wuhan Funeral Homes Raises Questions About the Real Coronavirus Death Toll in China.”)

These are just estimates, and may well be incorrect, but I thought they were worth noting given that the government-released data may be incorrect as well.

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As Trump Imagines ‘2.2 Million Deaths’ From COVID-19 in the U.S., a Top Federal Disease Expert Cautions Against Believing Worst-Case Scenarios

During his COVID-19 briefing yesterday, President Donald Trump suggested that the control measures implemented so far should keep the number of deaths from climbing above 100,000 in the United States. Although that is “a horrible number,” he said, the death toll otherwise could be “up to 2.2 million deaths and maybe even beyond that.”

Trump has pivoted from minimizing the severity of the epidemic to exaggerating the likely outcome in the absence of extreme measures such as mass business closures and stay-at-home orders. Appearing on CNN yesterday, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, offered some words of caution about worst-case scenarios that assume nothing is done to contain, suppress, or mitigate the spread of COVID-19.

Jake Tapper asked Fauci how many COVID-19 cases the United States can expect to see. “To be honest with you, we don’t really have any firm idea,” Fauci said. “There are things called models. And when someone creates a model, they put in various assumptions. And the model is only as good and as accurate as your assumptions. And whenever the modelers come in, they give a worst-case scenario and a best-case scenario. Generally, the reality is somewhere in the middle. I have never seen a model of the diseases that I have dealt where the worst-case scenario actually came out. They always overshoot. So when you use numbers like a million, a million-and-a-half, 2 million [deaths], that almost certainly is off the chart. Now, it’s not impossible, but very, very unlikely.”

Those caveats are important because focusing on implausible worst-case projections creates a bias in favor of sweeping and prolonged interventions, which impose enormous costs that might not be justified based on more realistic expectations. In the world we live in, as opposed to the one imagined by modelers when they talk about millions of COVID-19 deaths in the United States, many steps already have been taken to curtail the spread of the virus. These include not just government policies, such as isolation and quarantine, air travel restrictions, and bans on large gatherings, but also voluntary precautions, such as limiting social interactions, working at home, and paying extra attention to hygiene.

When modelers at Imperial College projected 2.2 million COVID-19 deaths in the United States, they were assuming “the (unlikely) absence of any control measures or spontaneous changes in individual behaviour.” Although that horrifying number got a lot of attention and has now been embraced by Trump, it was never plausible, even leaving aside the question of whether the case fatality rate (CFR) assumed by the model (0.9 percent) will prove to be correct.

The choice confronting policy makers right now is not between doing “nothing,” as that projection assumed, and maintaining lockdowns “for 5 months or more” (or perhaps for “18 months or more”), as the Imperial College report suggested. Rather, the choice involves what kinds of restrictions make sense, where, and for how long.

“Looking at what we’re seeing now,” Fauci said, “we’re going to have millions of cases” in the United States, and it is reasonable to expect “between 100,000 and 200,000” deaths. But he cautioned that “I just don’t think that we really need to make a projection, when it’s such a moving target, that you can so easily be wrong and mislead people.” Deborah Birx, coordinator of the White House’s COVID-19 task force, yesterday cited similar but somewhat less alarming estimates, saying “between 80,000 and 160,000, maybe even potentially 200,000 people,” could be killed by COVID-19 in the United States.

One unknown variable in these projections is how many Americans will ultimately be infected. Some projections “predicted half of the United States would get infected,” Birx said. Another crucial variable is the CFR, which federal public health officials say could be anywhere from 0.1 percent (about the same as the CFR for the seasonal flu) to 1 percent. If half the population were infected and 2.2 million people died, that would imply a CFR of about 1.3 percent, substantially higher than the upper limit of that range—another reason to be skeptical of the worst-case scenario.

Such a high CFR also suggests that the actual number of infections is only about two-fifths bigger than the current number of documented cases, which is highly implausible when testing is so sparse and cases typically involve mild to nonexistent symptoms. “Probably for every case,” Assistant Secretary for Health Brett Giroir estimated earlier this month, “there are at least two or three cases that are not even in the denominator.”

Based on the available data, which are very limited in the absence of wide testing, it surely is not safe to assume that COVID-19 is only slightly more deadly than the seasonal flu. But neither is it reasonable to assume that the disease is 13 times as deadly. The truth, as Fauci says, is likely to be “somewhere in the middle.” In the face of such uncertainty, decisions with profound economic consequences should not be based on one extreme or the other. “Although people like to model it,” Fauci told Tapper, “let’s just look at the data of what we have, and not worry about these worst-case and best-case scenarios.”

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