Biden Asks DOJ For Opinion About Federal Vaccine Mandate

Today, President Biden slipped some significant news. He asked DOJ (presumably OLC) whether the federal government can impose a federal vaccine mandate.

“I asked the Justice Department to determine whether they’re able to do that legally, and they can. Local communities can do that, local businesses can do that,” the president said. “It’s still a question whether the federal government can mandate the whole country. I don’t know that.”

I have four immediate reactions.

First, is there sufficient statutory authority to impose such a mandate? Of course Congress could enact a new statute. But Congress doesn’t actually legislate anymore. It’s more likely that the President relies on some extant authority. To impose the eviction moratorium, the CDC relied on fairly generalized statutes that concern quarantines and the like. And many courts have held this authority was inadequate. I doubt there is any statute that could justify a true, nationwide vaccine mandate. And if OLC tries to repurpose some old authority, DOJ will face a major major question problem. No mouse-hole can fit an elephantine-sized vaccine mandate.

Second, Jacobson v. Massachusetts (whatever it means) does not fully resolve the issue. That case concerned the state’s general police power. The federal government lacks a generalized police power. Rather, it has enumerated powers. What enumerated power would give the executive branch the ability to forcibly jab millions of Americans with a needle–perhaps in the absence of clear statutory authority? There is caselaw about a federal draft, though that authority is closely tied to the federal war power. You know, I thought we were done arguing about mandates with California v. Texas. Alas, we are stuck in a loop.

Third, DOJ should be careful how it defines a “mandate.” In Jacobson, there was no forcible mandate to be vaccinated. People could instead choose to pay a $5 fine or get jabbed. (Roughly $150 in present-day value). If the Biden OLC tries to depart from this “choice” construction, and impose a straight-up mandate–punishable by criminal sanction–they will have difficulty relying on Jacobson. I hope to say much more about Jacobson soon. My article, The Irrepressible Myth of Jacobson v. Massachusetts should hit law review submission boxes shortly. (I previewed it here).

Fourth, from a policy perspective, this idea strikes me as counter-productive. The worst way to encourage people to get a shot is to mandate it. People will resist and engage in civil disobedience. I think there is a good reason why most nations around the world have not imposed forcible mandates. Now if OLC never publishes this opinion, we can presume the answer is “No, you cannot impose a nationwide vaccine mandate.” I’m grateful Biden slipped here.

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Greenwald: “What Message Do Dreary Images Like This Send?”

Greenwald: “What Message Do Dreary Images Like This Send?”

Masks on? Masks off? Getting vaxxed means back to normal? The confusion based on flip-flopping and reversals by health officials and the CDC – all in the name of “the science says…” – is increasingly coming under the spotlight and scrutiny even of the mainstream media.

As we featured in recent analysis, “There’s an obvious parallel to masks, which have been embraced by millions of Americans not only for their perceived health value, but as a means of signaling their virtue and membership in the liberal and/or anti-Trump tribe. That emotional and political attachment to masks – which infects the media as well as individual citizens – represents a powerful barrier to an intellectually honest evaluation of their effectiveness.” Journalist Glenn Greenwald on Thursday highlighted the following glaring case in point: “What message do dreary images like this send?”

Greenwald noted of Defense Secretary Lloyd Austin’s ongoing trip this week to Southeast Asia, with his latest stop being The Philippines, that it features images Austin and top commanders not only masking up, but wearing full protective face shields. 

I again have to ask: if the primary goal now is to persuade vaccine skeptics that the vaccine works and they should take it for the benefit of returning to normal life, what message do dreary images like this — from leading officials who are fully vaccinated — send to them??

“Liberals now have a strong need to malign those who are vaccine hesitant as stupid, reckless troglodytes,” Greenwald continues. “They’re only comfortable doing that if the unvaccinated are mostly Trump supporters. But the demographics of vaccine resisters are much more complex, so they just lie.”

Greenwald then noted: “I got the vaccine and encourage anyone who asks my advice to do so, though I think it should be everyone’s choice. Precisely because I believe in the vaccine’s efficacy, I’m amazed the messaging of govt officials is becoming more, not less, coercive, didactic and alarmist.”

“The other major lie liberal outlets united to cook up this week is that GOP politicians only ‘suddenly’ started encouraging people to get vaccinated this week,” Greenwald comments further. 

“It’s the opposite of the truth. Virtually every GOP Governor has been urging this for months,” Greenwald emphasizes.

Tyler Durden
Thu, 07/29/2021 – 17:40

via ZeroHedge News https://ift.tt/3lbBCwM Tyler Durden

What Does the Unpublished Evidence Cited by the CDC’s New Face Mask Guidance Actually Show?


Rochelle-Walensky-7-20-21-Newscom

Two and a half months ago, when the Centers for Disease Control and Prevention (CDC) began telling people vaccinated against COVID-19 that they generally did not need to wear face masks in public places, CDC Director Rochelle Walensky said the new advice was based on two factors. First, vaccinated people were rarely infected by the coronavirus; second, such “breakthrough” infections typically involved relatively low viral loads, meaning that vaccinated carriers were less likely to transmit the virus.

When the CDC changed its advice again this week, telling vaccinated people to resume wearing masks if they live in “areas of substantial or high transmission,” Walensky alluded to evidence that casts doubt on the second point, at least as it relates to the especially contagious delta variant that now accounts for the vast majority of newly identified cases in the United States. But the CDC has not yet published that evidence, leaving unanswered questions about what it actually shows and its relevance to the role vaccinated people might be playing in the current case surge.

“Emerging evidence suggests that fully vaccinated persons who do become infected with the Delta variant are at risk for transmitting it to others,” the CDC says in a Morbidity and Mortality Weekly Report article published on Tuesday. The article cites “unpublished data” from the CDC COVID-19 Response Team. An unnamed “federal official knowledgeable about the research” told The Washington Post the results will be “published imminently.”

Walensky described the CDC’s reasoning in an interview with SiriusXM Doctor Radio on Tuesday. She noted that in May, the last time the CDC revised its mask advice, the alpha variant of the coronavirus accounted for most COVID-19 cases, while the delta variant was involved in “about 1 percent.” At that point, she said, “we had evidence both of the vaccine was working against alpha and preventing severe disease and death, but also that if you happen to be one of those very few breakthrough infections, there was very little evidence that you could actually give it to someone else.” Specifically, “the virus that would be circulating in your nasal pharynx was actually a very low level of virus.”

Today the delta variant accounts for about 83 percent of new U.S. cases. “We know and have known that the amount of virus in your nasal pharynx when you’re infected and unvaccinated with delta is much more than it was with alpha,” Walensky said. “Over the last several weeks,” she added, the CDC’s “outbreak investigations” in “many different places in the United States” have found that vaccinated people with breakthrough delta infections “have the same amount of virus as the unvaccinated people.” That evidence “is very much leading us to believe that it is probably the case that those vaccinated breakthrough infections, rare as they might be, have the potential to infect others.”

Walensky also alluded to data from other countries. “Studies from India with vaccines not authorized for use in the United States have noted relatively high viral loads and larger cluster sizes associated with infections with Delta, regardless of vaccination status,” the CDC’s new guidance says. It cites a preprint study of breakthrough infections in vaccinated Indian health care workers that found “higher respiratory viral loads compared to nondelta infections.” That study described the “respiratory viral loads” as “significant” but did not say they were comparable to those seen in unvaccinated carriers. The senior author of that study, microbiologist Ravindra Gupta, told the Post the ability of vaccinated people with breakthrough infections to transmit the virus has not been “formally measured in a rigorous way,” although he agreed with the CDC’s new mask advice.

“They’re making a claim that people with delta who are vaccinated and unvaccinated have similar levels of viral load, but nobody knows what that means,” Gregg Gonsalves, an associate professor at the Yale School of Public Health, told the Post. “It’s meaningless unless we see the data.”

One question is whether a high viral load in the nose is a good measure of infectivity. According to the Post, Emory University biostatistician Natalie Dean “remains unconvinced a high viral load in the nose truly means that vaccinated and unvaccinated people are equally as likely to spread the virus, although she acknowledged there is an ongoing debate about the issue.” Dean “thinks the amount of virus in the throat or lungs could be important and might differ between people who are vaccinated and those who are not.”

An Israeli study of 1,497 fully vaccinated health care workers, reported yesterday in The New England Journal of Medicine, identified 39 breakthrough infections, the vast majority of which were mild or asymptomatic. Three-quarters of those subjects “had a high viral load…at some point during their infection.” Yet “no secondary infections were documented.”

Anthony Fauci, the Biden administration’s top COVID-19 adviser, concedes that the practical significance of the CDC’s recent (and so far unseen) findings remains unclear. But he says “you can make a reasonable assumption that vaccinated people can transmit the virus just like unvaccinated people can.”

The CDC still describes breakthrough infections as “rare,” although it has stopped keeping track of cases with minimal or moderate symptoms, focusing instead on hospitalizations and deaths. As of July 19, it had counted 5,601 hospitalizations and 1,141 deaths involving vaccinated Americans. Those cases represent a tiny fraction of all COVID-19 hospital admissions and deaths: The U.S. at that point was seeing more than 3,500 hospitalizations per day and had recorded a total of more than 260,000 deaths since the beginning of this year. Vaccinated people, in other words, accounted for less than 0.5 percent of COVID-19 deaths during that period. Based on data from January through May 2021, the CDC found that less than 3 percent of hospitalizations involved patients who had been fully vaccinated.

What about infections that don’t result in hospitalization or death? “Multiple studies from the United States and other countries have demonstrated that a two-dose COVID-19 mRNA vaccination series [such as the Pfizer and Moderna vaccines] is highly effective against SARS-CoV-2 infection,” the CDC says, “including both symptomatic and asymptomatic infections,” caused by “ancestral and variant strains.” It adds that “early evidence for the Johnson & Johnson/Janssen vaccine also demonstrates effectiveness against COVID-19 in real-world conditions.”

In those studies, mRNA vaccines generally reduced the risk of infection by 86 percent to 99 percent, except for one outlier (a Danish study of people in long-term care facilities) that put the effectiveness of the Pfizer vaccine at 64 percent. A U.S. study of people who had received the Johnson & Johnson vaccine found a risk reduction of 77 percent.

What does that mean in terms of absolute risk? In one U.S. study of adults who had received the Pfizer or Moderna vaccines, the incidence of positive COVID-19 tests among fully vaccinated subjects was 0.048 per 1,000 person-days, compared to 0.43 per 1,000 person-days among the unvaccinated controls, yielding an effectiveness rate of 89 percent. In other words, unvaccinated people were nearly nine times as likely to be infected. A study of U.S. health care workers put the incidence of infection at 1.38 per 1,000 person-days when the subjects were unvaccinated, compared to 0.04 per 1,000 person-days when they were fully vaccinated, yielding an effectiveness rate of 97 percent. In other words, unvaccinated people were more than 30 times as likely to be infected.

The CDC notes emerging evidence that vaccines are less effective at preventing infection by the delta variant but are similarly effective at preventing delta cases serious enough to require hospitalization:

For the Delta variant, recent studies from England and Scotland have noted reduced effectiveness of the Pfizer-BioNTech vaccine against confirmed infection (79%) and symptomatic infection (88%), compared with Alpha (92% and 93%, respectively). During two recent rounds of a national population survey in England when Delta was the dominant stain, 2-dose vaccine effectiveness against PCR-confirmed infection was 72% and 73%, respectively. A study from Canada demonstrated 87% effectiveness against symptomatic illness ≥7 days after receipt of the Pfizer-BioNTech vaccine. Press releasesexternal icon from Israel have noted further decreased effectiveness of vaccines against infection and illness caused by Delta; these differences may in part reflect differences in study methodology, but more technical information is needed to allow full interpretation. Notably, in the United Kingdom, Canada, and Israel, vaccine effectiveness against hospitalization related to Delta was 93%–100% and comparable to that observed with Alpha.

In short, vaccines still provide excellent protection against hospitalization and death. And while the delta variant may reduce their protection against infection, that risk is still much lower among vaccinated people than it is among unvaccinated people. In the CDC’s view, that low risk, coupled with the unpublished evidence it has collected regarding viral loads in vaccinated people infected by the delta variant, is enough to justify its new face mask recommendation. The agency’s guidance strives to defend that position without seeming to denigrate the value of vaccination.

“COVID-19 vaccines currently authorized in the United States have been shown to be effective against SARS-CoV-2 infections, including asymptomatic and symptomatic infection, severe disease, and death,” the CDC says. “These findings, along with the early evidence for reduced viral load in vaccinated people who develop COVID-19, suggest that any associated transmission risk is likely to be substantially reduced in vaccinated people. While vaccine effectiveness against emerging SARS-CoV-2 variants remains under investigation, available evidence suggests that the COVID-19 vaccines presently authorized in the United States offer protection against known emerging variants, including the Delta variant, particularly against hospitalization and death.”

At the same time, the CDC says, “data suggest lower vaccine effectiveness against confirmed illness and symptomatic disease caused by the Beta, Gamma, and Delta variants compared with the ancestral strain and Alpha variant.” It notes that “the risks of SARS-CoV-2 infection in fully vaccinated people cannot be completely eliminated where community transmission of the virus is widespread.” Hence “vaccinated people can still become infected and spread the virus to others.”

These observations, which combine a low risk of infection with a mostly speculative risk of transmission, do not mean that the benefit of resuming general masking, or of requiring all K–12 students to wear masks this fall, outweigh the cost. That is especially true when you consider the message these highly risk-averse precautions send to people who are deciding whether to be vaccinated.

Florida Gov. Ron DeSantis, a Republican who never required face masks but urged residents to “consider” wearing them inside businesses, warns that telling vaccinated people to wear masks undermines attempts to boost the vaccination rate, which promise a much bigger public health payoff if they are successful. “I get a little bit frustrated when I see some of these jurisdictions saying, ‘Even if you’re healthy and vaccinated, you must wear a mask because we’re seeing increased cases,'” DeSantis said last week. “Understand what [message that] is sending to people who aren’t vaccinated: It’s telling them that the vaccines don’t work. I think that’s the worst message that you can send to people at this time.”

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Makary To Fauci: “It’s Time To Stop The Fearmongering” Amid Widespread Natural Immunity

Makary To Fauci: “It’s Time To Stop The Fearmongering” Amid Widespread Natural Immunity

It is not the first time Dr. Marty Makary has dared to speak out against the establishment’s doom narrative.

In February, he slammed Fauci’s forecasts of a return to normalcy not occurring before 2022, saying that we would see herd immunity well before that, urging that:

Experts should level with the public about the good news…

In March, Makary continued to bring the public’s atention to herd immunity, saying Fauci “needs to put up or shut up” on his fearmongering.

“Anthony Fauci has been saying that the country needs to vaccinate 70% to 85% of the population to reach herd immunity from Covid-19. But he inexplicably ignores natural immunity. If you account for previous infections, herd immunity is likely close at hand.

In May, the professor disputed CDC Director Dr. Rochelle Walensky’s contention that COVID-19 variants could set back the march to herd immunity, adding that:

Don’t buy the fearmongering: The COVID-19 threat is waning,” adding “please, ignore the CDC guidance,” he urged, suggesting “Live a normal life, unless you are unvaccinated and did not have the infection, in which case you need to be careful.”

“We’ve got to start respecting people who choose not to get the vaccine instead of demonizing them,” Makary further asserted.

As a reminder, Makary is a professor at the Johns Hopkins School of Medicine, Bloomberg School of Public Health and Carey Business School… so he knows “the science” which as Pelosi said, is key to everything.

Here’s the scary chart that has Fauci and The CDC and Pelosi and her cronies all demanding masks (or worse)…

Source: Bloomberg

Notice anything different this time? No one is dying!!!!

Which leads us to today’s new Wall Street Journal op-ed from Dr. Makary, where he describes real science on the power of natural immunity…

The news about the U.S. Covid pandemic is even better than you’ve heard. Some 80% to 85% of American adults are immune to the virus: More than 64% have received at least one vaccine dose and, of those who haven’t, roughly half have natural immunity from prior infection. There’s ample scientific evidence that natural immunity is effective and durable, and public-health leaders should pay it heed.

Without accounting for natural immunity, we are far from Anthony Fauci’s stated target of 70% to 85% of the population becoming immune through full vaccination. But the effect of natural immunity is all around us. The plummeting case numbers in late April and May weren’t the result of vaccination alone, and they came amid a loosening of both restrictions and behavior.

Natural immunity is durable. Researchers from Washington University in St. Louis reported last month that 11 months after a mild infection immune cells were still capable of producing protective antibodies. The authors concluded that prior Covid infection induces a “robust” and “long-lived humoral immune response,” leading some scientists to suggest that natural immunity is probably lifelong. Because infection began months earlier than vaccination, we have more follow-up data on the duration of natural immunity than on vaccinated immunity.

Researchers from the Cleveland Clinic published a study this week of 1,359 people previously infected with Covid who were unvaccinated. None of the subjects subsequently became infected, leading the researchers to conclude that “individuals who have had SARS-CoV-2 infection are unlikely to benefit from COVID-19 vaccination.”

What’s the harm of underestimating or disregarding the protection afforded by natural immunity? It almost certainly cost American lives by misallocating vaccine doses earlier this year, and is still doing so in countries where Covid is prevalent and shots are scarce. It continues to delay full reopening and prolongs the state of fear that has many people wearing masks even when there’s no mandate, or reason, to do so.

Dr. Fauci said last Aug. 13 that when you have fewer than 10 cases per 100,000, “you should be able to open up safely and clearly.” The U.S. reached that point in mid-May. It’s time to stop the fear mongering and level with the public about the incredible capabilities of both modern medical research and the human body’s immune system.

Read more here…

As we are once again bombarded with accusations of “ignoring the science” – when even the head of CDC cannot show the “science” she is using to back her decision to make America mask-up again – and suggesting that natural immunity is not enough (you must still get the jab) as policymakers appear to be heading towards the tyrannical control required to achieve “ZeroCOVID” – an impossible dream (that enables trillions more in stimmies and more and more dependence on government handouts.

Tyler Durden
Thu, 07/29/2021 – 17:20

via ZeroHedge News https://ift.tt/3BNxVmC Tyler Durden

What Does the Unpublished Evidence Cited by the CDC’s New Face Mask Guidance Actually Show?


Rochelle-Walensky-7-20-21-Newscom

Two and a half months ago, when the Centers for Disease Control and Prevention (CDC) began telling people vaccinated against COVID-19 that they generally did not need to wear face masks in public places, CDC Director Rochelle Walensky said the new advice was based on two factors. First, vaccinated people are rarely infected by the coronavirus; second, such “breakthrough” infections typically involved relatively low viral loads, meaning that vaccinated carriers were less likely to transmit the virus.

When the CDC changed its advice again this week, telling vaccinated people to resume wearing masks if they live in “areas of substantial or high transmission,” Walensky alluded to evidence that casts doubt on the second point, at least as it relates to the especially contagious delta variant that now accounts for the vast majority of newly identified cases in the United States. But the CDC has not yet published that evidence, leaving unanswered questions about what it actually shows and its relevance to the role vaccinated people might be playing in the current case surge.

“Emerging evidence suggests that fully vaccinated persons who do become infected with the Delta variant are at risk for transmitting it to others,” the CDC says in a Morbidity and Mortality Weekly Report article published Tuesday. The article cites “unpublished data” from the CDC COVID-19 Response Team. An unnamed “federal official knowledgeable about the research” told The Washington Post the results will be “published imminently.”

Walensky described the CDC’s reasoning in an interview with SiriusXM Doctor Radio on Tuesday. She noted that in May, the last time the CDC revised its mask advice, the alpha variant of the coronavirus accounted for most COVID-19 cases while the delta variant was involved in “about 1 percent.” At that point, she said, “we had evidence both of the vaccine was working against alpha and preventing severe disease and death, but also that if you happen to be one of those very few breakthrough infections, there was very little evidence that you could actually give it to someone else.” Specifically, “the virus that would be circulating in your nasal pharynx was actually a very low level of virus.”

Today the delta variant accounts for about 83 percent of new U.S. cases. “We know and have known that the amount of virus in your nasal pharynx when you’re infected and unvaccinated with delta is much more than it was with alpha,” Walensky said. “Over the last several weeks,” she added, the CDC’s “outbreak investigations” in “many different places in the United States” have found that vaccinated people with breakthrough delta infections “have the same amount of virus as the unvaccinated people.” That evidence “is very much leading us to believe that it is probably the case that those vaccinated breakthrough infections, rare as they might be, have the potential to infect others.”

Walensky also alluded to data from other countries. “Studies from India with vaccines not authorized for use in the United States have noted relatively high viral loads and larger cluster sizes associated with infections with Delta, regardless of vaccination status,” the CDC’s new guidance says. It cites a preprint study of breakthrough infections in vaccinated Indian health care workers that found “higher respiratory viral loads compared to nondelta infections.” That study described the “respiratory viral loads” as “significant” but did not say they were comparable to those seen in unvaccinated carriers. The senior author of that study, microbiologist Ravindra Gupta, told the Post the ability of vaccinated people with breakthrough infections to transmit the virus has not been “formally measured in a rigorous way,” although he agreed with the CDC’s new mask advice.

“They’re making a claim that people with delta who are vaccinated and unvaccinated have similar levels of viral load, but nobody knows what that means,” Gregg Gonsalves, an associate professor at the Yale School of Public Health, told the Post. “It’s meaningless unless we see the data.”

One question is whether a high viral load in the nose is a good measure of infectivity. According to the Post, Emory University biostatistician Natalie Dean “remains unconvinced a high viral load in the nose truly means that vaccinated and unvaccinated people are equally as likely to spread the virus, although she acknowledged there is an ongoing debate about the issue.” Dean “thinks the amount of virus in the throat or lungs could be important and might differ between people who are vaccinated and those who are not.”

An Israeli study of 1,497 fully vaccinated health care workers, reported yesterday in The New England Journal of Medicine, identified 39 breakthrough infections, the vast majority of which were mild or asymptomatic. Three-quarters of those subjects “had a high viral load…at some point during their infection.” Yet “no secondary infections were documented.”

Anthony Fauci, the Biden administration’s top COVID-19 adviser, concedes that the practical significance of the CDC’s recent (and so far unseen) findings remains unclear. But he says “you can make a reasonable assumption that vaccinated people can transmit the virus just like unvaccinated people can.”

The CDC still describes breakthrough infections as “rare,” although it has stopped keeping track of cases with minimal or moderate symptoms, focusing instead on hospitalizations and deaths. As of July 19, it had counted 5,601 hospitalizations and 1,141 deaths involving vaccinated Americans. Those cases represent a tiny fraction of all COVID-19 hospital admissions and deaths: The U.S. at that point was seeing more than 3,500 hospitalizations per day and had recorded a total of more than 260,000 deaths since the beginning of this year. Vaccinated people, in other words, accounted for less than 0.5 percent of COVID-19 deaths during that period. Based on data from January through May 2021, the CDC found that less than 3 percent of hospitalizations involved patients who had been fully vaccinated.

What about infections that don’t result in hospitalization or death? “Multiple studies from the United States and other countries have demonstrated that a two-dose COVID-19 mRNA vaccination series [such as the Pfizer and Moderna vaccines] is highly effective against SARS-CoV-2 infection,” the CDC says, “including both symptomatic and asymptomatic infections,” caused by “ancestral and variant strains.” It adds that “early evidence for the Johnson & Johnson/Janssen vaccine also demonstrates effectiveness against COVID-19 in real-world conditions.”

In those studies, mRNA vaccines generally reduced the risk of infection by 86 percent to 99 percent, except for one outlier (a Danish study of people in long-term care facilities) that put the effectiveness of the Pfizer vaccine at 64 percent. A U.S. study of people who had received the Johnson & Johnson vaccine found a risk reduction of 77 percent.

What does that mean in terms of absolute risk? In one U.S. study of adults who had received the Pfizer or Moderna vaccines, the incidence of positive COVID-19 tests among fully vaccinated subjects was 0.048 per 1,000 person-days, compared to 0.43 per 1,000 person-days among the unvaccinated controls, yielding an effectiveness rate of 89 percent. In other words, unvaccinated people were nearly nine times as likely to be infected. A study of U.S. health care workers put the incidence of infection at 1.38 per 1,000 person-days when the subjects were unvaccinated, compared to 0.04 per 1,000 person-days when they were fully vaccinated, yielding an effectiveness rate of 97 percent. In other words, unvaccinated people were more than 30 times as likely to be infected.

The CDC notes emerging evidence that vaccines are less effective at preventing infection by the delta variant but are similarly effective at preventing delta cases serious enough to require hospitalization:

For the Delta variant, recent studies from England and Scotland have noted reduced effectiveness of the Pfizer-BioNTech vaccine against confirmed infection (79%) and symptomatic infection (88%), compared with Alpha (92% and 93%, respectively). During two recent rounds of a national population survey in England when Delta was the dominant stain, 2-dose vaccine effectiveness against PCR-confirmed infection was 72% and 73%, respectively. A study from Canada demonstrated 87% effectiveness against symptomatic illness ≥7 days after receipt of the Pfizer-BioNTech vaccine. Press releasesexternal icon from Israel have noted further decreased effectiveness of vaccines against infection and illness caused by Delta; these differences may in part reflect differences in study methodology, but more technical information is needed to allow full interpretation. Notably, in the United Kingdom, Canada, and Israel, vaccine effectiveness against hospitalization related to Delta was 93%–100% and comparable to that observed with Alpha.

In short, vaccines still provide excellent protection against hospitalization and death. And while the delta variant may reduce their protection against infection, that risk is still much lower among vaccinated people than it is among unvaccinated people. But in the CDC’s view, that low risk, coupled with the unpublished evidence it has collected regarding viral loads in vaccinated people infected by the delta variant, is enough to justify its new face mask recommendation. The agency’s guidance strives to defend that position without seeming to denigrate the value of vaccination.

“COVID-19 vaccines currently authorized in the United States have been shown to be effective against SARS-CoV-2 infections, including asymptomatic and symptomatic infection, severe disease, and death,” the CDC says. “These findings, along with the early evidence for reduced viral load in vaccinated people who develop COVID-19, suggest that any associated transmission risk is likely to be substantially reduced in vaccinated people. While vaccine effectiveness against emerging SARS-CoV-2 variants remains under investigation, available evidence suggests that the COVID-19 vaccines presently authorized in the United States offer protection against known emerging variants, including the Delta variant, particularly against hospitalization and death.”

At the same time, the CDC says, “data suggest lower vaccine effectiveness against confirmed illness and symptomatic disease caused by the Beta, Gamma, and Delta variants compared with the ancestral strain and Alpha variant.” It notes that “the risks of SARS-CoV-2 infection in fully vaccinated people cannot be completely eliminated where community transmission of the virus is widespread.” Hence “vaccinated people can still become infected and spread the virus to others.”

These observations, which combine a low risk of infection with a mostly speculative risk of transmission, do not mean that the benefit of resuming general masking, or of requiring all K–12 students to wear masks this fall, outweigh the cost. That is especially true when you consider the message these highly risk-averse precautions send to people who are deciding whether to be vaccinated.

Florida Gov. Ron DeSantis, a Republican who never required face masks but urged residents to “consider” wearing them inside businesses, warns that telling vaccinated people to wear masks undermines attempts to boost the vaccination rate, which promise a much bigger public health payoff if they are successful. “I get a little bit frustrated when I see some of these jurisdictions saying, ‘Even if you’re healthy and vaccinated, you must wear a mask because we’re seeing increased cases,'” DeSantis said last week. “Understand what [message that] is sending to people who aren’t vaccinated: It’s telling them that the vaccines don’t work. I think that’s the worst message that you can send to people at this time.”

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Apollo Books $1.6 Billion Profit After Selling Hospital Chain To Itself

Apollo Books $1.6 Billion Profit After Selling Hospital Chain To Itself

Americans are already furious that Blackstone and its private equity rivals are buying up all the good homes, helping to drive the surge in residential real-estate prices that is helping to make buying a home even more unobtainable, especially for first time buyers who don’t have wealthy parents to help with the down payment.

As Apollo struggles to rehabilitate its reputation following those unseemly Epstein ties, Bloomberg reported Thursday that one of the firm’s flagship funds booked a $1.6 billion profit by selling a once-struggling hospital chain to…another Apollo flagship fund?

Specifically, Apollo’s eighth flagship fund completed the sale of hospital chain LifePoint to its ninth fund last month for $2.6 billion after investing a total of $975MM in the Brentwood, Tennessee-based chain. In the year or so before the deal was struck in April, LifePoint received $1.6 billion lifeline from the government during the pandemic, including more than $600MM in grants, and nearly $1 billion in loans. Management stresses that the firm paid back the loans already. Still, that’s a half-a-billion dollar government hand out that’s padding the returns for wealthy PE investors (a group which also includes pension funds).

The move isn’t that surprising when one considers that costly “alternative” strategies like private equity are under immense pressure to maintain sky-high returns in an environment where good deal targets are few and far between, thanks in part to the SPAC boom (and the Fed’s stimulus).

The Apollo fund that bought LifePoint finished raising its capital in 2017. Given the time table for these types of funds, the timing of the sale makes sense: the original investors in the 2013 fund that initially bought the hospital chain are looking to cash out. Fortunately for them, there’s plenty of new money coming in.

For what it’s worth, LifePoint says that $500MM+ in pandemic grants it received didn’t benefit shareholders, but instead were “applied to LifePoint’s communities”. Whether you believe that, or not, there are plenty of critics who say private equity doesn’t belong in America’s hospital system.

“All grant aid we received has been applied to LifePoint’s communities and only partially offset the $1.1 billion in extraordinary expenses and lost revenue that we incurred” because of the pandemic, she said.

One fact that probably helped Apollo pitch the investment to backers of its 9th flagship fund is the massive cash pile that LifePoint is sitting on. The firm has already grown substantially via acquisitions since Apollo bought it back in 2013.

The firm built LifePoint through the acquisition of three regional hospital chains in 2015, 2016 and 2018, and the company now operates 87 hospitals in small towns across the U.S. Apollo has said it can operate hospitals more efficiently by merging them. Technology and infrastructure upgrades are among a number of improvements LifePoint has made on Apollo’s watch, according to the private-equity giant, which is marketing the health-care firm as a socially responsible investment in its pitch to raise an inaugural impact fund.

LifePoint has emerged from the pandemic in a position of strength even as many rural hospitals have struggled to survive. Its cash stockpile grew significantly during the crisis as the company tapped debt markets.

Apollo told Fund IX investors that they stood to gain from their investment in LifePoint, as the hospital chain was sitting on more than $2 billion of cash that could be used to expand the business through acquisitions.

And Apollo isn’t the only major PE firm engaged in the practice of flipping hospital chains.

Apollo wasn’t the only private-equity firm to orchestrate an uncommon exit from a for-profit hospital chain this year. Cerberus Capital Management and Leonard Green & Partners sold their remaining interests to insiders at the health-care companies they had backed, rather than selling to an industry competitor or pursuing an initial public offering.

Cerberus made roughly $800 million on its investment in Boston-based Steward Health Care, after paying $246 million in 2010 for what started as a chain of struggling Catholic hospitals.

With this in mind, it’s perhaps not surprising that some progressive Dems are pounding the alarm about the risks of private equity firms taking over practically every hospital chain in the country.

“Private equity’s growing reach into our health-care system is concerning precisely because private equity’s mission to reap enormous profits often stands in direct conflict with the Hippocratic Oath,” U.S. Representative Bill Pascrell, a New Jersey Democrat, said in an emailed statement. “We need greater transparency and more cutting oversight of these private-equity firms.”

But setting aside the question of medical ethics for a moment, deals like these are certainly telling. Perhaps this is a sign that after 18 months of unprecedented deal flow buoyed by Jerome Powell’s money printer, the biggest PE firms might be running out of ideas.

Tyler Durden
Thu, 07/29/2021 – 17:00

via ZeroHedge News https://ift.tt/3l9Lret Tyler Durden

“There’s A Debt Hangover Coming” – Stephen Moore Warns Of “Another Financial Crisis” Within 18 Months

“There’s A Debt Hangover Coming” – Stephen Moore Warns Of “Another Financial Crisis” Within 18 Months

Authored by Emel Akan via The Epoch Times,

Excessive government spending and mounting national debt will likely trigger a financial crisis in the next 18 months, economist Stephen Moore warned on July 28.

“It’s a very precarious time economically for the country,” Moore told The Epoch Times during the annual meeting of the American Legislative Exchange Council (ALEC) in Salt Lake City.

“There is a debt hangover coming. And if we stay on this path that the Biden administration wants us on, I believe there will be another financial crisis,” Moore said.

His comments came after a group of bipartisan senators and the White House announced a deal on an infrastructure package with $550 billion in new federal spending. Soon after the announcement, the Senate voted 67 to 32 to begin debate on the measure, with 17 Republicans joining Democrats.

Many conservatives including Moore believe that vote for the bipartisan infrastructure bill is a de facto vote for President Joe Biden’s larger $3.5 trillion social package that calls for tax hikes and spending on education, childcare, climate change, and Medicare expansion.

“I think sometime in the next 18 months there will be a big correction,” Moore said.

Besides growing debt, “massive misallocation of resources” is causing trouble, according to him, citing generous federal benefits that disincentivize work as an example.

Many business owners across the country have been complaining that they can’t compete with the benefits offered by the federal government. The supplemental unemployment benefit introduced during the pandemic is seen as one of the factors that have contributed to the severe labor shortage in the country.

These programs, Moore said, are contrary to the welfare reform of the mid-1990s that required welfare recipients to work in order to receive benefits.

While Democrats continue to call for more spending, over $1 trillion of federal COVID relief aid approved by Congress remains unspent, according to a report by the Government Accountability Office published last week.

“Why don’t we take those trillion dollars,” Moore asked, “and use that for roads and highways and not appropriate another trillion on top of what we’ve already borrowed?”

Moore also said that inflation is accelerating because of Biden’s and the Fed’s policies.

“We’re putting a lot of hopes and prayers on this idea that inflation is going to go away. But if we pass another $4 trillion spending bill, I guarantee you inflation is going to go up.”

Moore also reacted to the federal government’s mask mandates. On July 27, the Centers for Disease Control and Prevention (CDC) said that it would recommend masks for high-transmission areas for both vaccinated and unvaccinated people.

Moore said that investors and business owners are worried about new rounds of lockdowns.

“I think a lot of people are confused about where this is all headed. And from an economic perspective, it could really slam the brakes on this recovery,” he said.

Thousands of state and local leaders from both sides of the aisle have gathered at this year’s ALEC summit to discuss and address major state policy issues.

Moore, who worked as Trump’s campaign advisor in 2016, is co-author of the ALEC publication “Rich States, Poor States” that ranks states based on their economic competitiveness each year.

In a tweet on July 28, Biden touted his infrastructure deal, calling it “the largest infrastructure bill in a century.”

“We’ve reached a historic deal on infrastructure, folks,” Biden wrote.

“It will grow the economy, create good-paying jobs, and set America on a path to win the future.”

In a report published on July 21, Moody’s Chief Economist Mark Zandi forecasts Biden’s proposed policies, including a $3.5 trillion reconciliation bill to support a range of social investments will boost long-term economic growth and create 14.4 million more jobs during his term.

“Worries that the plan will ignite undesirably high inflation and an overheating economy are overdone,” Zandi wrote in the report.

Senate Majority Leader Chuck Schumer (D-N.Y.) praised Zandi’s analysis and urged lawmakers to read the report.

“The report by Moody’s should light a fire under all of us,” Schumer said on the Senate floor last week.

Many prominent economists, including President’s Clinton’s Treasury secretary Larry Summers, have strongly criticized excessive stimulus packages, raising concerns about the risks of overheating the economy and creating harmful inflation. Economists are also concerned that the U.S. central bank could end up waiting too long before hitting the brakes to contain inflation.

Tyler Durden
Thu, 07/29/2021 – 16:40

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Rewarding The Hesitant: Biden Calls On States To Bribe Vaccine Holdouts With $100 Incentive

Rewarding The Hesitant: Biden Calls On States To Bribe Vaccine Holdouts With $100 Incentive

Hesitant to take the vaccine but really need $100 right now? President Biden may have just the answer.

On Thursday, Biden called on state and local governments to tap into the $1.9 trillion American Rescue Plan to offer $100 payments to people who take the COVID-19 vaccine – which, as we’ve come to learn, doesn’t prevent one from contracting, transmitting, or suffering from the virus – and may even drive infections.

Echoing Biden’s call, the Treasury Department said on Thursday afternoon that the $100 bribes would serve as “an extra incentive to boost vaccination rates, protect communities, and save lives.”

Treasury stands ready to give technical assistance to state and local governments so that they may use the funds effectively to support increased vaccination in their communities, and Treasury will partner with the Department of Health and Human Services throughout this effort.”

The $1.9 trillion coronavirus relief law, which Biden signed in March, included $350 billion in funding to assist state, territorial and local governments in battling the impacts of the coronavirus pandemic.

The Treasury Department clarified in May that governments that receive funds could use them for vaccine incentive programs. Several states and private businesses have already offered vaccine incentives in the form of lotteries and free food and other goods.

The announcement represents the latest strategy by the Biden administration to incentivize vaccines amid the spread of the more contagious delta variant. –The Hill

At present, around 70% of Americans have received at least one dose of a COVID-1 vaccine, however vaccination rates have leveled off in recent weeks amid waning efficacy, widespread side-effects, the prospect of ‘booster’ shots, and data which suggests that natural immunity for those who have recovered from COVID-19 far exceeds that from the vaccines.

According to The Hill, Biden is set to deliver Thursday afternoon remarks on his vaccination strategy, where he will announce that federal employees will be ordered to get the jab.

“He will send a strong message to all Americans, unvaccinated and vaccinated, about the need to stay vigilant in our fight against the virus and he’ll make clear that his administration will continue to provide every resource needed to help communities and individuals across the country to curb the spread of the delta variant and boost vaccinations,” said White House principal deputy press secretary Karine Jean-Pierre.

Tyler Durden
Thu, 07/29/2021 – 16:20

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Amazon Crashes After Missing Revenues, Guiding Far Below Consensus

Amazon Crashes After Missing Revenues, Guiding Far Below Consensus

With the bulk of the FAAM(N)G stocks reporting somewhat mixed earnings so far, with NFLX, FB, and AAPL disappointing offset by solid results from Google and Microsoft, investors were keenly looking for a tiebreaker from today’s Amazon earnings, where the biggest question for Amazon is how sustainable are the growth trends that boosted its performance during the pandemic. The Internet giant was one of the biggest beneficiaries of shifts in consumer and business behavior last year while continuing to grab market share in cloud.

Many consumers flocked to buy things online as they wanted to avoid infection at physical stores. Further, Amazon Web Services revenue soared on back of rising usage from Internet digital services – including remote-working software, videostreaming and gaming. But with the wider available of vaccines and as employees start to return to physical offices, the risk is some of these trends may start to reverse. Bloomberg also notes that investors will be also looking for any commentary on the future prospects for regulation and antitrust legislation.

Questions aside, Amazon shares – which spent much of 2021 in a tight range – rallied in recent weeks, rising from $3500 to just over $3700 before giving up half the gains in the past few days. The stock has been approaching an intraday record of $3,773.08 that was set in early July, although so far it has been unable to surmount it.

Is this the quarter that finally propels Amazon stock to new all time highs?

Looking ahead, Amazon – in its first quarter under new CEO Andy Jassy who may or may not join the analyst call later today, as a reminder Jeff Bezos hadn’t joined an earnings call since 2009 –  is expected to post revenue of $115 billion, up 29% from a year earlier, with EPS of $12.28, up 19%. Both would be records for the second quarter.  Looking at Amazon’s cash machine, analysts expect AWS to pull in $14.1 billion in the second quarter, up 31% from a year earlier. The unit’s growth has slowed in recent years, and lags that of smaller cloud-computing rivals Microsoft and Google.

As Bloomberg notes, a forward-looking question for today: How is Amazon’s profitability going to shake out after the company added millions of customers, hundreds of warehouses, and hundreds of thousands of employees in the past year?

* * *

So with that in mind, how did Amazon do? Well… not so good: not only did the company miss on the top line and operating income, but guided much lower than Wall Street expected

  • Net Sales $113.1B, missing estimates of $115.1B
  • EPS $15.12, beating estimates of $12.28
  • Operating Income $7.7BN, missing est. $7.82B
  • AWS net sales $14.81 billion, beating estimate $14.18 billion
  • Free cash flow increased to $16.8 billion for the trailing twelve months, compared with $11.7 billion for the trailing twelve months ended March 31, 2020.

Looking ahead, the company’s guidance was unexpecteldy ugly, with the high end of expectations missing sellside consensus

  • Q3 Net Sales $106.0B to $112.0B, badly missing Wall Street est. $118.75B
  • Q3 Operating income between $2.5 billion and $6.0 billion, also missing estimates of $8.11BN

The stock, predictably is crashing after hours, down almost $200 to $3,418.

Tyler Durden
Thu, 07/29/2021 – 16:07

via ZeroHedge News https://ift.tt/3iYW4y5 Tyler Durden

Robinhood Suffers Worst Big IPO Debut Ever As Dollar Dumps To 1-Month Lows

Robinhood Suffers Worst Big IPO Debut Ever As Dollar Dumps To 1-Month Lows

Thanks to Beijing’s National Team, Chinese stocks soared again today…

Source: Bloomberg

And Yuan exploded higher (thought it found resistance at 6.46)…

Source: Bloomberg

…and yuan’s strength helped monkeyhammer the USDollar to one-month lows today…

Source: Bloomberg

But what grabbed the headlines in the US was the excitement over Robinhood’s IPO… which went totally FUBAR…After IPOing at the low end of the range ($38), the stock gambling app opened at $38… and crashed. Goldman stepped into rescue the day and lifted it back to $38 but all those retail investors who were given access were not hanging around and the dumpfest began again…

As Bloomberg notes, Robinhood is in the running to rank as the worst debut on record among IPOs of this size, according to data compiled by Bloomberg (a close below $34.90 would have seen it surpass MFGlobal’s ugliness)…

But on the bright side, it was better than BATS.

It appears retail traders were ‘full’…and Vlad had found his bagholders…

This shitshow happened even as the broad market managed gains, led by Small Caps…

But as stocks rallied, money flow was decidedly negative…

“Most Shorted” Stocks rolled over today, despite the broad market gains…

Source: Bloomberg

NKLA was clubbed like a baby seal today after the former CEO was charged with being a big fat liar…

And as NKLA plunged, TSLA was bid, though remains in its recent range…

Treasury yields were up across the curve (around 3bps) not helped by AAPL’s big bond issue or an ugly 7Y auction…

Source: Bloomberg

10Y Yields remain in their recent range with selling pressure reducing on each bounce…

Source: Bloomberg

Bitcoin trod water around $40,000 all day…

Source: Bloomberg

Bitcoin is hovering at key technical support and at its 100DMA…

Source: Bloomberg

Ethereum was more volatile, erasing the spike gains of the weekend on AMZN’s denial but rallying back above $2300 and holding it for now…

Source: Bloomberg

Gold soared higher today after finally breaking away from $1800…

And real yields suggest it has room to run here…

Source: Bloomberg

WTI surged back above $73 as Cramer’s top-call for crude appears to be not-optimal…

Finally, as a reminder, this is what Fauci, Walensky, Biden, Pelosi, et al. are all freaking out about…

Source: Bloomberg

Be afraid America, despite the fact that no one’s actually f**king dying!!!

Tyler Durden
Thu, 07/29/2021 – 16:02

via ZeroHedge News https://ift.tt/2UU4KxT Tyler Durden