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Congress Fires Its Speaker

On Tuesday, Kevin McCarthy became the first speaker in the history of the United States to be removed from his office when eight Republicans, led by Rep….

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5 months ago

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At this time last week, most observers of Washington politics believed that a shutdown of federal government operations was all but inevitable, having been inundated with media reports warning of a looming fiscal crisis. The current fiscal year was set to expire at midnight on Saturday, Sept. 30, unless a temporary stopgap measure known as a continuing resolution (CR) was passed by the House of Representatives and the Senate and signed by President Joe Biden. Speaker of the House Kevin McCarthy had failed to win over a small cadre of far-right conservatives to support versions of a CR that would have funded several Republican priorities such as increased funding for border security.

With only a five-seat margin in the House, McCarthy could not pass a CR without turning to Democrats. For their part, Democrats for weeks had demanded a so-called “clean” CR – one without extraneous policy provisions that would maintain current funding levels for a period of time. As the Senate appeared to coalesce on a funding measure with higher spending levels, House Democrats shifted their preference toward the Senate version. A far-right faction within the House Republican conference, led by Rep. Matt Gaetz (R-FL), had threatened to strip McCarthy of his speaker’s gavel if he relied on Democrats to pass a CR. The conventional wisdom was that McCarthy would not risk his position and a fiscal stalemate would result.

Then last Saturday, in a surprise move, McCarthy did what nobody expected: he bucked the far-right faction that had refused to support any temporary funding measures that a majority of Republicans would support, and put a clean CR on the House floor that would keep the government opened for an additional 45 days, through Nov. 17, giving the House appropriations committees additional time to come up with their own individual funding measures. Democrats initially tried to derail the effort, preferring the Senate version which contained, among other things, funding for Ukraine military assistance, but were ultimately hard-pressed to oppose a CR they had demanded, not wanting to be blamed for causing a government shutdown.

The 45-day funding patch passed the House with a huge bipartisan vote, 335-91, with more than 200 Democrats voting in favor and 90 Republicans voting against the measure. The Senate passed the measure and Biden signed the bill, averting for now a government shutdown. Afterwards, McCarthy was unapologetic, saying he had been “the adult in the room” and did what was necessary to prevent a shutdown.

And it cost him his job.

On Monday, Gaetz, who was well-known to have a personal animus toward McCarthy, filed a “motion to vacate” the speaker’s chair, a procedural motion that would require the House to vote on keeping McCarthy as speaker. The motion is privileged and must be afforded a floor vote within two days. The great majority of the Republican House conference supported McCarthy, but with only a slim margin in the majority, a handful of defectors would depose him unless some Democrats crossed the aisle and voted to keep him as speaker. But McCarthy had angered Democrats, who felt that he had reneged on his earlier debt agreement with Biden and allowed a House impeachment inquiry to proceed against the president in order to placate far-right members of his party. They would do nothing to help McCarthy.

On Tuesday, McCarthy became the first speaker in the history of the United States to be removed from his office when eight Republicans, led by Gaetz, and all 208 Democrats present in the House voted to support the motion to vacate. The final vote was 216- 210.

What happens now? The House has adjourned until next week. Until a new speaker is chosen by the House of Representatives, all legislative activity ceases. McCarthy has said he will not run again for the job. A few names of possible replacements have been mentioned. These include Majority Leader Steve Scalise (R-LA), the Republican Whip Tom Emmer (R-MN), and Judiciary Chairman Jim Jordan (R-OH), who have the support of the conservative wing of the party, and a number of other names that would appeal to more moderate members. No one is seen as a clear consensus replacement. 

A delay could disrupt what Congress can do for the rest of the year. The CR that cost McCarthy his job lasts only through Nov. 17, meaning that appropriation bills have to be completed and passed by both the House and the Senate and signed by Biden before then. The objections of the hard-line conservatives to any spending legislation that could garner Democratic support remain, and anyone who assumes the speakership will probably do so because they made concessions to them on appropriations legislation.

Apart from spending measure, an already very challenging outlook for tax legislation becomes even more difficult. NAIOP has several very important tax priorities that we are fighting to get included in an end-of-year tax bill that could arise, including tax incentives for adaptive reuse of underutilized commercial buildings, an extension of bonus depreciation, legislation to delay taxes on debt restructurings, and extension of certain dates in the opportunity zones program.

Many who voted to remove McCarthy complain that they could not trust him, accusing him of going back on promises. Perhaps the next speaker will be able to manage the Republican conference more effectively, if only through a honeymoon period. But in such an evenly divided Congress, concessions and compromises often need to be made to get legislation enacted, and compromise is often seen as betrayal by factions in both parties. Leadership in the House over the next few months will certainly not be easy.

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

Published

9 hours ago

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March 9, 2024

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Walmart joins Costco in sharing key pricing news

The massive retailers have both shared information that some retailers keep very close to the vest.

Published

12 hours ago

on

March 9, 2024

By

As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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Walmart has really good news for shoppers (and Joe Biden)

The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.

Published

13 hours ago

on

March 9, 2024

By

As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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