The beatings will continue until morale improves

 30-year fixed mortgage rate tops 7% for the first time in over a year

Clearly the interest rate beatings will have to continue until stock market morale improves

It's a small point, but the stock market cheerleaders, who are ubiquitous, consistently report year over year inflation as 7.7% when it's 7.8%.

Nothing must get in the way of the narrative, especially convention.

Meanwhile, the inflation regime is a giant wealth transfer scheme from you to them. But student loan forgiveness was the anesthetic to make young skulls full of mush forget on Tuesday.

 

Two months ago, on the morning of March 10, Michigan still had zero cases of SARS-CoV-2

Today, May 10, Michigan has 46,756 cases and 4,526 deaths.

The case fatality rate of 9.68% is the highest in the nation.

In my county of Kent, barely 21% of the cases are Caucasian. By far Hispanic or Latino people have the most infections at over 35%, with African Americans having fewer cases than whites at 19.5%. Asians have fewer than 8% of total infections.

Frankly when I began posting about this in late January after following the news in China quietly for a few weeks prior to that I never imagined we'd be in this situation.

I felt certain America's health care system was too robust to let it happen.

Boy was I wrong. 

15% of those tested in the US have turned up positive so far, and of those 5.9% have died. Mind you, the average flu season in the US sees 8% of the population estimated to have been infected, with just 0.1% dying.

South Korea, on which I had hung my hopes as the proper comparison, has had just 1.6% test positive so far, with just 2.3% dying.

It's infection rate came way down from the 4.7% which obtained in early March because it employed extensive testing, quarantining (using phone apps to track, and gps wrist bracelets where necessary for scofflaws) and contact tracing. In other words, South Korea acted like Big Brother if you are an American libertarian.

South Korea's mortality rate came up dramatically from the 0.6% which obtained in early March, but of course it was still early in the outbreak. Needless to say, America's current rate of death at 5.9% is still 156% higher than South Korea's, despite the massive rise from 0.6%.

Cases in South Korea stubbornly remain below 11,000 in a country of 52 million (.02/million) because it determined to stop the spread.

In the USA we have .4/million and climbing (1900% more) because we are not a serious country.

We are a country filled with and run by childish people whose disregard for the health care system resembles nothing so much as the disobedient child's interminable disregard for a parent who never disciplines it.

Guess what? SARS-CoV-2 is coming for you. The beating will continue until morale improves.