Home Authors Posts by MediaWize
During the month of April 2019, an average of 2.34 million passengers were screened each day by the TSA at airports across the United States. Within days of President Trump's declaration of a national emergency on 3/13/20, the airline industry went the way of the entire business world - almost a complete shutdown.
The stock market is a "forward-looking" institution, pricing each day thousands of publicly traded securities based upon where buyers and sellers see the companies' fortunes playing out on their profit-and-loss statements many months down the road. How else might one explain the results of last Friday 5/08/20? On a day when the U.S. government reported a stunning national jobless rate of 14.7% as of 4/30/20, up from a 50-year low of only 3.5% just two months earlier, domestic stocks continued a rally that began seven weeks ago.
In the last seven weeks, Congress has passed, and President Donald Trump has signed into law four separate pieces of legislation to counter the impact of the COVID-19 pandemic. The first (HR-6074, 3/06/20) sent $8.3 billion to the FDA and CDC. The second (HR-6201, 3/18/20) provided $3.5 billion to expand paid sick leave and increased federal funding for Medicaid. The third (HR-7 48, 3/27 /20) was the major legislative effort, the $2.3 trillion CARES Act that included money for families, states, hospitals, businesses (big and small) and a boost to unemployment benefits.
Tony Wilson says he has never been much interested in being a politician. But he is absolutely committed to serving the town where he has lived all his life. “I’m not signing up for a Debate Club,” Wilson says. “I’m here to get things done.” Currently serving as vice president of City Council, Wilson is running for re-election as Ocean City’s Third Ward representative. He is part of the only contested race in the May 12 municipal election, which will be decided only by mail-in ballots. Wilson points to an unprecedented track record of success in dredging back bays, replacing bulkheads, repaving roads and alleys, improving drainage, replenishing beaches, reconstructing the boardwalk, rebuilding playgrounds and in making many more improvements for the Third Ward. “Ocean City has always been a spectacular place to live, work and visit. It always will be,” Wilson says. “But when I first took office, there was a lot that needed to be done.” Wilson was first elected in 2011 at a time when failing drainage systems flooded neighborhoods throughout Ocean City, when bayside lagoons were too shallow for boating, and when the city’s facilities fell into disrepair...
The coordinated cuts to the global supply of oil that were finalized on Sunday 4/12/20 did little to stop the free fall in the price of crude oil last week. West Texas Intermediate crude oil, already down 63% YTD as of the Easter weekend, fell to $18.27 a barrel by last Friday's close (4/17 /20) of trading, its lowest level since 2002 (and down 70% YTD).
The pandemic that has killed more than 115,000 people worldwide in less than 100 days has crippled the oil industry. The global demand for oil was 101 million barrels a day before COVID-19 exploded, a total that may fall 20-30 million barrels a day this month. A series of meetings last week resulted in all the major oil producing countries - the United States, Saudi Arabia, and Russia - each agreeing to reduce its daily crude oil production, theoretically pushing oil prices up to a higher level.