Grind for March 9th
“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford
Sen. Lindsey Graham to Self-Quarantine After Possible Contact With Coronavirus
Following Sen. Ted Cruz’s (R-TX) self-quarantine due to possible contact with coronavirus, Sen. Lindsey Graham (R-SC) will now be undergoing a self-quarantine of his own after attending the Florida event where a Brazilian official present tested positive for the virus.
‘However, in an abundance of caution and upon the advice of his doctor, Senator Graham has decided to self-quarantine awaiting the results of a coronavirus test,” the statement said, as reported by The Hill. “This is a precautionary measure. He will continue to work from home.”
Just last week, Senator Ted Cruz announced that he would also be undergoing a self-quarantine after attending CPAC where he had contact with a person infected by the virus. Health officials, however, told him he most likely had nothing to worry about.
“Last night, I was informed that 10 days ago at CPAC I briefly interacted with an individual who is currently symptomatic and has tested positive for COVID-19,” Cruz said in a statement. “That interaction consisted of a brief conversation and a handshake.”
“I’m not experiencing any symptoms, and I feel fine and healthy,” Cruz continued. “Given that the interaction was 10 days ago, that the average incubation period is 5-6 days, that the interaction was for less than a minute, and that I have no current symptoms, the medical authorities have advised me that the odds of transmission from the other individual to me were extremely low.” Read more…
Fed to Inject $1.5 Trillion in the Banking System to Stave Off Trouble
In an effort to calm panicked markets, the Federal Reserve announced it would pump $1.5 trillion into the banking system. The move comes after stocks lost nearly 10 percent of their value – the biggest one day drop since the crash of 1987.
The immediate effect of the announcement on the markets was positive. But following a short rally, stocks resumed their downward plunge, the Dow falling 2350 points to 21,200.
The $1.5 trillion will not be a direct stimulus. Instead, the Fed is injecting the money for “repurchase agreements.” This is critical to the day-to-day operations of large businesses who use the overnight funding for their operations.
The central bank’s action is not intended to directly stimulate the economy but to ensure the proper functioning of the market for Treasuries, which influences all other credit markets.
But keeping that market stable will only do so much to soothe the fears of investors, who continue to wait for further economic action from the administration and Congress.
The House will probably vote on a huge COVID-19 bill this afternoon, but the Senate is out of town until Monday. Read more…
GOOD TO THE LAST DROP:
Did you know… Banging your head against a wall for one hour burns 150 calories.