A NATION FULL OF TRAITORS
World
TOGETHER WITH
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Good morning and welcome back to the week.
As the nation reckons with its own racism, so is corporate America.
As the NYT reminds us, there are no black people on the senior
leadership teams at JPMorgan, Wells Fargo, Bank of America, CVS,
Facebook, Google, Amazon, or Microsoft.
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NASDAQ
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9,814.08
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+ 9.38%
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S&P
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3,193.93
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- 1.14%
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DJIA
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27,110.98
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- 5.00%
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GOLD
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1,688.50
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+ 11.09%
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10-YR
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0.902%
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- 101.80 bps
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OIL
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38.97
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- 36.33%
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*As of market close
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Energy: OPEC and its pals (including Russia) agreed to extend
their record supply cuts through the end of July. Oil prices, which
went negative this spring, have rebounded in a big way as demand for
fuel increases.
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Markets: Here are two facts: 1) 80% of voters believe that things are “out of control” in the U.S., per a NBC News/WSJ poll, and 2) the Nasdaq hit a record high last week, and the S&P and Dow are close to turning positive this year. Markets will hope to continue the momentum after Friday's shocker of a jobs report.
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Roberto Schmidt/AFP via Getty Images
This
weekend, hundreds of thousands of people across the U.S. turned out to
protest racial injustice. In Washington, D.C., an estimated crowd of
100,000+ marched on Saturday. In Philadelphia, the crowds were "unfathomable."
The scale of
these protests would be remarkable at any time, but coming just a few
weeks after not even tumbleweeds were allowed out on city streets...it’s
enough to give you whiplash.
Some public health experts expressed concern
Dr. Anthony Fauci said
on Friday the protests are a "perfect set-up for the spread of the
virus." And the director of the CDC told a House panel Thursday, “I do
think there is a potential, unfortunately, for this to be a seeding
event.”
- Experts also warn that police crowding arrested protesters and using tear gas (which makes people cough) could exacerbate the virus's spread.
But a
contingent of public health professionals say the risks of contracting
COVID-19 at a protest are outweighed by the extreme urgency of ending a
deeper public health risk: systemic racism.
- An open letter
signed by almost 1,300 epidemiologists and public health experts states
that "protests against systemic racism, which fosters the
disproportionate burden of COVID-19 on Black communities and also
perpetuates police violence, must be supported."
- Signatories specified
that their support of protests against racial injustice ≠ endorsement of
other gatherings..."particularly protests against stay-home orders."
Others are calling it a flip-flop
that erodes public trust in health officials, who for the past few
months have been adamant that people need to stay home, social distance,
and take other precautions. Many conservatives argue the current stance
of these authorities is unfair, especially to small businesses that were forced to close because of COVID-19 restrictions.
Big picture: We’ll
see in a few weeks whether COVID-19 caseloads spike. Because states are
continuing to ease restrictions, it may be difficult to track
transmission from one specific event, whether it's a protest or the
reopening of Las Vegas casinos.
+ If you did
attend a protest, the CDC director recommends you get tested for
COVID-19 within three to seven days of being out in public.
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Jay L. Clendenin / Los Angeles Times via Getty Images
On Friday,
Washington, D.C. Mayor Muriel Bowser organized the painting of “Black
Lives Matter” on a street leading to the White House. Yesterday,
protesters tacked on a new message: “Defund The Police.”
Many protesters are demanding local governments shrink police budgets and reinvest those funds in social programs, especially in black communities.
Advocates
criticize what Reuters calls the “militarized posture” of many police
departments. They also say that police are expected to address not just
crime, but homelessness, addiction, and mental illness—issues that could
benefit more from intervention by trained professionals.
- In Minneapolis, where George Floyd was killed, a veto-proof majority of city council members pledged to disband the police department and start fresh with a community-based model. The city's mayor previously told protesters he wouldn’t commit to defunding the police.
- Yesterday in NYC, Mayor Bill de Blasio promised to cut the NYPD's $6 billion budget by an unspecified amount.
Fraternal Order of Police VP Joe Gamaldi said defunding is “completely ridiculous” and would lead to more crime.
Big picture: Police spending by state and local governments has increased over the last 40 years, per the Urban Institute. But it hasn't budged from just under 4% of direct general expenditures over that time period.
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Publicdomainpictures.net
Today, New York City will begin the first phase of "reopening," exactly 100 days after its first coronavirus case was confirmed.
Don't miss the symbolism.
- New York City suffered the worst outbreak in the country, with nearly 22,000 residents killed by the virus.
- Major economic drivers
like shopping districts, Broadway, and offices have been shuttered for
months. For New Yorkers who once looked at lockdowns in China and Italy
and said, "That could never happen here"...it happened here.
But with amped up testing capacity and public health measures, the city managed to trample the curve.
So what's in phase #1?
Manufacturing, agriculture, construction, wholesale trade, and
nonessential retail (for pickup). In two weeks, should virus levels
remain low, the city will move into its next phase, which includes
outdoor dining, offices, and hair salons.
The big question: As more companies embrace remote work, is the high cost of NYC worth it? The number of new apartment leases in Manhattan fell 71% to a decade-low of 1,407 in April.
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"We, the
National Football League, admit we were wrong for not listening to NFL
players earlier and encourage all to speak out and peacefully protest,"
NFL Commissioner Roger Goodell said in an apology video on Friday.
How that apology came to be is a fascinating story. Last
week, an NFL social media employee named Bryndon Minter was
disappointed in the league's response to the protests, so he DM'd New
Orleans Saints receiver Michael Thomas about working with players to
"put the pressure on," Yahoo Sports writes.
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The end result: This video featuring some of the league's top stars asking the NFL to listen to its players and assert that Black Lives Matter.
- Minter told his boss
about the plan before the video was released and was invited to a Zoom
call with other managers. The league didn't try to squash the video.
Then, on Friday, the NFL held an emotional town hall with employees before Goodell recorded the mea culpa.
The backdrop: The NFL's fraught race relations, highlighted by former QB Colin Kaepernick's kneeling protest during the national anthem in 2016.
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Giphy
Golf is
back! Plus: With not much going on economic stats-wise, Fed Chair Jerome
Powell will have the spotlight to himself when he shares the results of
the Fed meeting on Wednesday.
Monday: Stitch Fix earnings
Tuesday: JOLTS report; primary elections in several states; funeral service for George Floyd in Houston, TX; earnings (Tiffany, Chewy, AMC, GameStop)
Wednesday: CPI inflation data; Fed meeting concludes with Jerome Powell press conference; MLB Draft begins
Thursday: Initial jobless claims; PGA Tour resumes; Spanish soccer league La Liga resumes; earnings (Lululemon, Adobe)
Friday: Consumer sentiment
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AstraZeneca has approached fellow drugmaker Gilead Sciences about a potential merger, Bloomberg reports.
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Here’s a list of donations from major brands to organizations working to fight racial injustice.
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More than 140 scientists
funded by the Chan Zuckerberg Initiative sent Facebook CEO Mark
Zuckerberg a letter saying they’re concerned about the company’s
policies on content moderation.
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The NYT's editorial page editor, James Bennet, has resigned over the controversy related to a column written by Senator Tom Cotton.
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We can't keep up:
Jio Platforms, the digital arm of India's Reliance Industries,
raised $750 million from the Abu Dhabi Investment Authority. Jio's
raised almost $13 billion in the last two months.
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Custom stamps: Did
you know you can create your own custom stamps that are valid for most
popular USPS mail classes? Neither did we. This program only runs until
June 10 (Wednesday), so get on it now.
Status symbol: Go inside the elite global party circuit with Very Important People, a new book by sociologist Ashley Mears.
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Today's sample clue: What you use your butt for, in basketball (six letters). Think you know the answer? Play the crossword to find out.
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PSA: You can solve the crossword
with a friend by clicking the "play together" feature at the top near
the timer. Give it a shot and let us know how you liked it.
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| June 08
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| FEATURED BIOGRAPHY
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| Frank Lloyd Wright
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| FEATURED EVENT
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| 1504
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| Michelangelo's David installed in Florence
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| MOST OF THE MODERN BLACKS THINK BECAUSE OF SLAVERY THEY HAVE A RIGHT TO PROTEST AND THAT THEY ARE OWED A LIVING,.
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