NYC Mayor Bill De Blasio Delays School Reopening at the Last Minute, Infuriating Parents

sipaphotoseleven039560

New York City was slated to reopen public schools on Monday, but that’s now on hold due to Mayor Bill de Blasio’s 11th-hour decision to delay.

“We are doing this to make sure that all the standards we’ve set can be achieved,” he said during a news conference on Thursday, according to The New York Times.

The new plan is for pre-K students to return to school next week, with everyone else waiting until later in September or early October. For now, the school year will begin virtually for K–12.

No plan is set in stone, of course. Government officials, under constant pressure to satisfy teachers unions that have threatened to strike unless their demands for greater caution are met, can always decide to keep kids at home even longer—no matter how inconvenient and frustrating for parents.

If de Blasio is sorry for making life tougher for working-class parents—many of whom rely on public school’s day care function—he isn’t saying so. The mayor specifically declined to apologize during his news conference. Many parents, as well as principals and teachers, were blindsided by the last-minute decision.

Note that for all the concern about being able to reopen safely, New York City arguably has a better handle on COVID-19 than any other major city in the U.S. The early days of the pandemic were obviously a disaster for New York, but the situation has improved dramatically since June.

“The positive test rate in NYC has been stable since mid-June—below 1.5%, usually below 1%,” writes Reason‘s Matt Welch on Twitter. “Our neighborhood is like 0.5%. They’ve had three months to focus on this one big job of reopening schools. And they have utterly botched it, throwing families of 1 million kids into chaos.”

from Latest – Reason.com https://ift.tt/3hGCjbN
via IFTTT

Facebook Moves To Censor Internal Debate As More Employees Quit In Protest

Facebook Moves To Censor Internal Debate As More Employees Quit In Protest

Tyler Durden

Thu, 09/17/2020 – 16:20

After a handful of employees quit so they could speak out about Facebook’s insufficient internal ‘woke’-ness, Facebook CEO Mark Zuckerberg has finally decided how he’s going to handle what has been described as an internal rebellion.

The surge of anti-management sentiment within the company was likely provoked by accusations, spread by the mainstream press, about Facebook’s alleged role in spreading “Russian” disinformation to help sway the election to President Trump, a narrative that the New Yorker – a publication that’s almost revered by American intellectuals – quietly admitted was b***s*** just a few days ago.

Though Facebook has, like other social media companies, picked on conservatives, there’s little question that conservative voices are given more space on the company’s platform. That’s not wrong; it’s simply in keeping with American principles about freedom of the press.

Zuck showed surprising resoluteness in handling these accusations, until recently, when he finally caved, ordering a so ineffective-it’s-almost-humorous “ban” on new political ads during the final week of campaign season.

And now, the company has informed employees in a memo that was also promptly leaked to the press, that it has decided on a new strategy for handling internal dissent. Because while the US is governed by the Constitution, inside Facebook, Zuck calls the shots. And he’s decided that he will essentially silence all discussion about “sensitive” topics on the company’s internal messaging system, CNBC reports.

Ironically, Zuckerberg reportedly described these new rules, which will explicitly identify where conversations about certain topics can be held, as giving the company’s employees more freedom, not less. Facebook is couching this as giving employees “the option” of joining certain debates, rather than have them thrust into their feeds.

Even when these conversations are held, they will be “carefully monitored”.

“We deeply value expression and open discussion. What we’ve heard from our employees is that they want the option to join debates on social and political issues rather than see them unexpectedly in their work feed,” said Facebook Spokesman Joe Osborne to CNBC.  “We’re updating our employee policies and work tools to ensure our culture remains respectful and inclusive.”

From now on, inside Facebook so-called “tense conversations” – as Zuckerberg himself described them – will simply not be held. Then, employees won’t have anything to get angry about.

Because that’s how we do things in contemporary America.

The news comes as Bloomberg’s Businessweek publishes a profile of Zuckerberg essentially lampooning him for Facebook’s alleged role in spreading “disinformation”.

via ZeroHedge News https://ift.tt/32FdSY4 Tyler Durden

“Sell All The Things!” – Tech Wrecked, Dollar Dumped, & SNOW Flaked

“Sell All The Things!” – Tech Wrecked, Dollar Dumped, & SNOW Flaked

Tyler Durden

Thu, 09/17/2020 – 16:00

Since Powell dropped his statement yesterday – explaining what The Fed hopes will happen but not how it will make it happen – investors have switched into sell-all-the-things mode with the dollar, stocks, bonds, and gold all lower…

Since The FOMC Statement, Nasdaq was down almost 4% overnight, leading the drop among all the major US equity indices (The Dow is the least bad, down around 1%)…

SNOW no mo’…

And MOMO no mo’…

Source: Bloomberg

“Sell, Sell, Sell!”

Nasdaq continues to notably underperform, now at one-month lows relative to Small Caps…

Source: Bloomberg

Also of notes is the fact that, as Bloomberg points out, strip out megacap technology stocks and the S&P 500 Index is doing fine this month.

Source: Bloomberg

The equal-weighted version of the benchmark widened its monthly performance spread over its cap-weighted peer to 3.3 percentage points on Wednesday, enough to put it on track for the best relative gain since April 2009.

Source: Bloomberg

~50% of the NASDAQ-100 Index is now below the 50-day moving average. Trend is over, had the blowoff a few weeks back. Doesn’t mean it has to go down 50% like people want, but it’s not going back above the highs for awhile.

Source: Bloomberg

The S&P 500 and Nasdaq both ended back below the 50DMA…

Source: Bloomberg

Don’t forget, tomorrow is quad witch…

Treasury yields chopped around all day today but ended up very modestly higher in yield on the week…

Source: Bloomberg

Yields tumbled overnight but reversed higher as stocks sold off during the US session (bonds and stocks degrossed?)

Source: Bloomberg

The Dollar was clubbed like a baby seal today after extending its post-Powell gains overnight (perfectly tagging unchanged on the week before dumping)…

Source: Bloomberg

Breaking down to 3 week lows…

Source: Bloomberg

The Yuan is back at its highest since May 2019…

Source: Bloomberg

You can also see the election risk in the term structure of the yuan, which is sensitive to potential changes in U.S. trade policy. The gap between the yuan’s two-month and one-month implied vol is near a record high.

Source: Bloomberg

The Yen is surging (as Abe leaves)…

Source: Bloomberg

The annual weekly correlation between S&P 500 and USD/JPY has flipped to negative, meaning a decline in stocks has been accompanied by depreciation of the yen vs the dollar.

In this new era of lower-for-longer rates, correlation breakdowns may become more common, as Jens Nordvig at Exantedata, noted:

In a world of generally zero rates, it is logical that correlations that were normal for decades, will no longer apply. The world has changed, and risk properties associated with currencies are evolving too.

Cryptos mixed again with Bitcoin leading the week and Litecoin lagging…

Source: Bloomberg

There was something that was bid today – oil! With WTI surging back above $41…

But as oil surged, NatGas was monkeyhammered lower…

Finally, on the one-year-anniversary of the repo crisis, Gold shipments from Switzerland, Europe’s refining hub, to China resumed in August after a five-month break

Source: Bloomberg

And the 1930 dead-cat-bounce called…

Source: Bloomberg

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

The Repo Panic: One Year Later

The Repo Panic: One Year Later

Tyler Durden

Thu, 09/17/2020 – 15:45

By Scott Skyrm of Curvative Securities,

Let’s set the stage. After 7 years of zero percent interest rates, the Fed started draining liquidity from the market in December 2015 by tightening rates 25 basis points.

Over the next four years, the Fed continued to tighten and launched QE runoff, letting the SOMA portfolio shrink, effectively putting more Treasurys back into the market. At the same time, the Treasury was issuing a massive about of debt. The landscape was set.

Just when the Fed was draining liquidity, more Treasurys were coming into the market via QE runoff and new issuance.

On Monday and Tuesday, September 16 and 17, GC Repo rates spiked higher, trading as high as 8.00% on Monday and 9.25% on Tuesday.

An incredible amount of volatility. But note, on both days, rates closed within their normal trading range. Strange. Though rates spiked so high, at the end of the day (especially on Monday) there was still enough cash for everyone to get funded. Regardless. Then, as a result, the Fed dusted off their RP operations program and entered the market for the first time in years.

The Repo Panic of September 2019 had a major impact on the market for six months. It was a liquidity event that pushed rates higher and created a lot anxiety. But don’t let anyone fool you.

The official history was written claiming insufficient bank reserves blah blah blah. But the answer is simple. There were too many US Treasurys in the market (ZH: and not enough liquidity).

The resurrection of the Fed’s RP program helped smooth day-to-day spikes, but the relaunch of aggressive QE buying removed enough Treasurys to stabilize the market.

 

via ZeroHedge News https://ift.tt/32D3PTq Tyler Durden

NYC Mayor Bill De Blasio Delays School Reopening at the Last Minute, Infuriating Parents

sipaphotoseleven039560

New York City was slated to reopen public schools on Monday, but that’s now on hold due to Mayor Bill de Blasio’s 11th-hour decision to delay.

“We are doing this to make sure that all the standards we’ve set can be achieved,” he said during a news conference on Thursday, according to The New York Times.

The new plan is for pre-K students to return to school next week, with everyone else waiting until later in September or early October. For now, the school year will begin virtually for K–12.

No plan is set in stone, of course. Government officials, under constant pressure to satisfy teachers unions that have threatened to strike unless their demands for greater caution are met, can always decide to keep kids at home even longer—no matter how inconvenient and frustrating for parents.

If de Blasio is sorry for making life tougher for working-class parents—many of whom rely on public school’s day care function—he isn’t saying so. The mayor specifically declined to apologize during his news conference. Many parents, as well as principals and teachers, were blindsided by the last-minute decision.

Note that for all the concern about being able to reopen safely, New York City arguably has a better handle on COVID-19 than any other major city in the U.S. The early days of the pandemic were obviously a disaster for New York, but the situation has improved dramatically since June.

“The positive test rate in NYC has been stable since mid-June—below 1.5%, usually below 1%,” writes Reason‘s Matt Welch on Twitter. “Our neighborhood is like 0.5%. They’ve had three months to focus on this one big job of reopening schools. And they have utterly botched it, throwing families of 1 million kids into chaos.”

from Latest – Reason.com https://ift.tt/3hGCjbN
via IFTTT

The Israeli-Arab Extraterrestrial Accords

The new Middle Eastern accord quite literally reaches for the stars. As part of the deal, inked earlier this week, Israel and United Arab Emirates have committed to cooperate in space exploration.

The Abraham Accords, signed September 15, formally normalized Israel’s relationship with both Bahrain and United Arab Emirates. While geopolitical concerns have dominated both the substance of the accords and media coverage of the deal, the signatories also pledged a “common interest in establishing and developing mutually beneficial cooperation in the field of exploration and use of outer space for peaceful purposes,” which may include “joint programs, projects, and activities.”

Both Israel and the United Arab Emirates have thriving space programs. The Israeli Space Agency, founded in 1982, has launched a number of satellites—most notably, in 2019, the Beresheet Lander to the moon. Co-designed and built by the Israeli companies SpaceIL and Israeli Aerospace Industries, Beresheet was launched on a SpaceX Falcon 9 rocket and made it all the way to the Moon for less than $100 million dollars.

Unfortunately, the Beresheet lander crashed into the lunar surface due to a mechanical error. Still, the fact that the Israeli Space Agency was able to get that close is significant. The only other nations who have been able to get that close to the lunar surface are the Americans, the Chinese, and the Russians.

The Emirati space program is significant too. Currently rocketing its way from Earth to Mars is the Al-Amal (Arabic for “Hope”) satellite, which launched in July. It is expected to arrive in February, when it will begin to investigate Martian weather patterns.

It is too soon to know how the accord will affect the two space programs. But on August 17, before the Abraham Accords were signed, Israeli Minister of Science and Technology Izhar Shay said that cooperation was “imminent” and that “[t]he infrastructure is there for the commercial engagements for the sharing of know-how and mutual efforts.” Among the possibilities: Israeli lander technology and the the Emirates’ Mars shot could combine to lead to a landing on the Red Planet; Emirati and Israeli astronauts join the U.S. on an Artemis moon mission; the two nations could launch a joint mission to explore the dwarf planet Ceres.

Clearly, space exploration is no longer the exclusive realm of the world’s superpowers. And whatever libertarian objections one might have to spending public dollars on space, scientific cooperation is certainly preferable to political rivalry. The Earth is about 42 million miles from Mars. Our human disputes may look a little less significant from out there.

from Latest – Reason.com https://ift.tt/32D1Jmw
via IFTTT

Department of Education to Investigate Racism at Princeton University

Tiana Lowe at the Washington Examiner reports:

The Department of Education has informed Princeton University that it is under investigation following the school president’s declaration that racism was “embedded” in the institution.

President Christopher L. Eisgruber published an open letter earlier this month claiming that “[r]acism and the damage it does to people of color persist at Princeton” and that “racist assumptions” are “embedded in structures of the University itself.”

According to a letter the Department of Education sent to Princeton that was obtained by the Washington Examiner, such an admission from Eisgruber raises concerns that Princeton has been receiving tens of millions of dollars of federal funds in violation of Title VI of the Civil Rights Act of 1964, which declares that “no person in the United States shall, on the ground of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance.” . . . .

“Based on its admitted racism, the U.S. Department of Education (“Department”) is concerned Princeton’s nondiscrimination and equal opportunity assurances in its Program Participation Agreements from at least 2013 to the present may have been false,” the letter reads. “The Department is further concerned Princeton perhaps knew, or should have known, these assurances were false at the time they were made. Finally, the Department is further concerned Princeton’s many nondiscrimination and equal opportunity claims to students, parents, and consumers in the market for education certificates may have been false, misleading, and actionable substantial misrepresentations in violation of 20 U.S.C. § 1094(c)(3)(B) and 34 CFR 668.71(c). Therefore, the Department’s Office of Postsecondary Education, in consultation with the Department’s Office of the General Counsel, is opening this investigation.”

Readers may recall that in the University of Michigan affirmative action cases (Gratz and Grutter), some briefs filed in defense of the university’s use of race in admissions argued that such use of race should be permissible to ameliorate the effects of the university’s own prior racial discrimination. The University of Michigan did not embrace these arguments, however, and the above report helps explain why. Even assuming it was the case that there had been racial discrimination at the University of Michigan, had the university made any such admission to justify its use of race in admissions, it could have opened itself up to liability and prompted a federal inquiry, much like the one Princeton has to deal with now.

from Latest – Reason.com https://ift.tt/2FuQDY5
via IFTTT

The Israeli-Arab Extraterrestrial Accords

The new Middle Eastern accord quite literally reaches for the stars. As part of the deal, inked earlier this week, Israel and United Arab Emirates have committed to cooperate in space exploration.

The Abraham Accords, signed September 15, formally normalized Israel’s relationship with both Bahrain and United Arab Emirates. While geopolitical concerns have dominated both the substance of the accords and media coverage of the deal, the signatories also pledged a “common interest in establishing and developing mutually beneficial cooperation in the field of exploration and use of outer space for peaceful purposes,” which may include “joint programs, projects, and activities.”

Both Israel and the United Arab Emirates have thriving space programs. The Israeli Space Agency, founded in 1982, has launched a number of satellites—most notably, in 2019, the Beresheet Lander to the moon. Co-designed and built by the Israeli companies SpaceIL and Israeli Aerospace Industries, Beresheet was launched on a SpaceX Falcon 9 rocket and made it all the way to the Moon for less than $100 million dollars.

Unfortunately, the Beresheet lander crashed into the lunar surface due to a mechanical error. Still, the fact that the Israeli Space Agency was able to get that close is significant. The only other nations who have been able to get that close to the lunar surface are the Americans, the Chinese, and the Russians.

The Emirati space program is significant too. Currently rocketing its way from Earth to Mars is the Al-Amal (Arabic for “Hope”) satellite, which launched in July. It is expected to arrive in February, when it will begin to investigate Martian weather patterns.

It is too soon to know how the accord will affect the two space programs. But on August 17, before the Abraham Accords were signed, Israeli Minister of Science and Technology Izhar Shay said that cooperation was “imminent” and that “[t]he infrastructure is there for the commercial engagements for the sharing of know-how and mutual efforts.” Among the possibilities: Israeli lander technology and the the Emirates’ Mars shot could combine to lead to a landing on the Red Planet; Emirati and Israeli astronauts join the U.S. on an Artemis moon mission; the two nations could launch a joint mission to explore the dwarf planet Ceres.

Clearly, space exploration is no longer the exclusive realm of the world’s superpowers. And whatever libertarian objections one might have to spending public dollars on space, scientific cooperation is certainly preferable to political rivalry. The Earth is about 42 million miles from Mars. Our human disputes may look a little less significant from out there.

from Latest – Reason.com https://ift.tt/32D1Jmw
via IFTTT

Department of Education to Investigate Racism at Princeton University

Tiana Lowe at the Washington Examiner reports:

The Department of Education has informed Princeton University that it is under investigation following the school president’s declaration that racism was “embedded” in the institution.

President Christopher L. Eisgruber published an open letter earlier this month claiming that “[r]acism and the damage it does to people of color persist at Princeton” and that “racist assumptions” are “embedded in structures of the University itself.”

According to a letter the Department of Education sent to Princeton that was obtained by the Washington Examiner, such an admission from Eisgruber raises concerns that Princeton has been receiving tens of millions of dollars of federal funds in violation of Title VI of the Civil Rights Act of 1964, which declares that “no person in the United States shall, on the ground of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance.” . . . .

“Based on its admitted racism, the U.S. Department of Education (“Department”) is concerned Princeton’s nondiscrimination and equal opportunity assurances in its Program Participation Agreements from at least 2013 to the present may have been false,” the letter reads. “The Department is further concerned Princeton perhaps knew, or should have known, these assurances were false at the time they were made. Finally, the Department is further concerned Princeton’s many nondiscrimination and equal opportunity claims to students, parents, and consumers in the market for education certificates may have been false, misleading, and actionable substantial misrepresentations in violation of 20 U.S.C. § 1094(c)(3)(B) and 34 CFR 668.71(c). Therefore, the Department’s Office of Postsecondary Education, in consultation with the Department’s Office of the General Counsel, is opening this investigation.”

Readers may recall that in the University of Michigan affirmative action cases (Gratz and Grutter), some briefs filed in defense of the university’s use of race in admissions argued that such use of race should be permissible to ameliorate the effects of the university’s own prior racial discrimination. The University of Michigan did not embrace these arguments, however, and the above report helps explain why. Even assuming it was the case that there had been racial discrimination at the University of Michigan, had the university made any such admission to justify its use of race in admissions, it could have opened itself up to liability and prompted a federal inquiry, much like the one Princeton has to deal with now.

from Latest – Reason.com https://ift.tt/2FuQDY5
via IFTTT

Wrong But Not En Banc Worthy—D.C. Circuit Decision

In January, in Duquesne University of the Holy Spirit v. NLRB, a divided panel of the U.S. Court of Appeals for the D.C. Circuit concluded that Dusquesne’s “religious mission places it beyond” the NLRB’s jurisdiction, and therefore the Board could not order Dusquesne bargain with a union representing the school’s adjunct faculty. Judge Griffith wrote the opinion for the court, joined by Judge Rogers. Judge Pillard dissented.

Today, the D.C. Circuit denied a petition by union intervenors seeking rehearing en banc of the decision. Interestingly enough, although Judge Pillard dissented from the original panel decision, neither Judge Pillard nor any other judge on the court sought en banc review. Today’s order notes “the absence of a request by any member of the court for a vote.”

In a separate opinion concurring in the denial of rehearing en banc, Judge Pillard explains that she adheres to the belief that the panel decision was wrong, but does not believe that this case is the proper vehicle for cleaning up the D.C. Circuit’s confused precedent on the extent to which the NLRB has jurisdiction over labor disputes at religious universities. Insofar as the Dusquesne decision builds upon prior D.C. Circuit decisions that no party asked the court to review, this case “en banc review is not now the right vehicle to correct our wrong turn.”

Earlier this week, I noted another case of judges finding a decision wrong but not en banc worthy.

from Latest – Reason.com https://ift.tt/32F5zLX
via IFTTT