LOL, Moderna's surprise quarterly profit plunged 97% per share amid collapsing vaccine demand, comes from Covid shot revenue deferred from 2022, first quarter sales tank 69%, CNBC says 30%

CNBC, here:

Moderna on Thursday blew past estimates for first-quarter earnings and revenue, posting a surprise quarterly profit, despite lower demand for Covid vaccines, its only marketable product.

The biotech company generated first-quarter sales of $1.9 billion, driven by Covid shot revenue deferred from 2022. That’s down more than 30% from the $6.1 billion it recorded in the same period a year ago amid a resurgence of Covid cases.

Moderna posted net income of $79 million, or 19 cents per share, for the quarter. That’s compared with $3.66 billion in net income, or $8.58 per share, reported during the same quarter last year.

Seeking Alpha got it right, noting the inventory write-downs of "excess and obsolete COVID-19 products" nobody wants:

 

I'll just put this here for the record in the event CNBC later corrects their reporting without saying so:

Besides their bad character, what do Trump and Obama have in common in 2009 and 2020?

 Trump and Obama signed off on the two most fiscally irresponsible periods in post-war history, and Biden two years in looks set to join them.

The Executive is supposed to be a check on irresponsible spending. But both Trump and Obama went right along with it instead of vetoing the outrageous spending of the periods.

What else do they have in common?

Two crises, both of which plunged the country into hysteria.

The Great Financial Crisis did not begin to end until March 2009 when the FASB signaled its intent to suspend mark-to-market rules. The stock market bottomed almost immediately, but as with all cases of mass hysteria it took time for the panic to pass as other sectors recovered "one by one". 

The Pandemic Crisis gripped the country in March 2020, sending millions home from work, stocks plunging, toilet paper into shortage, businesses into bankruptcy, and on and on. With just about everyone vaccinated who was going to be by the end of 2021, the country gradually started to come out of it in 2022, eschewing jabs, masks, and social distancing as it became clear that the Omicron variant was infecting tens of millions despite all those measures.

2020 was the single most fiscally irresponsible year in the post-war since 1953. Federal expenditures, bloated by panicked bailouts, outpaced tax revenues by a whopping 216%.

Only 2009 comes close, at 210%, the second worst year on record.

Third, not shown, was 2010 at 196%, and fourth, not shown, was 2021 at 176%, each a part of the respective crisis periods.

Do you know what else those two years share in common?

Spending bills must originate in the House of Representatives.

In 2009 and 2020 its Speaker just happened to be the same person, as she was in 2010 and 2021.

Nancy Pelosi owns the four most fiscally irresponsible years in the entire history of the post-war. Her two speakerships literally busted out all over. 

As usual the media and the Democrats, but I repeat myself, are portraying the House Republican bill which lifts the debt ceiling by $1.5 trillion as a bill with "big spending cuts"

This is how NPR, who else?, frames the issue from the beginning:

The House of Representatives has narrowly approved a Republican bill to raise the debt limit. However, it ties the ability to raise that debt ceiling to big spending cuts. And this House bill rolls back several of President Biden's key policies.

The House Republican bill, now languishing in the Senate, rolls back spending levels to pre-COVID levels. That's not a spending cut. That's saying, as Biden himself says, the emergency is over.

If the emergency is over, the emergency spending should end, too.

Outlays in fiscal 2020 and 2021 ballooned because of the new pandemic spending. Deficits for just those two years soared to almost $6 trillion. Republicans seek to roll that spending back. Democrats want that spending to form the new baseline. If Democrats succeed, Katy bar the door. The national debt will absolutely explode.

NPR knows this. It just chooses to hide the facts about it all, how the pandemic spending created these massive deficits, and how that spending which flooded the economy with money contributed to the new inflation:

So it raises the debt limit by $1.5 trillion or through March of 2024, whichever comes first. It also sets spending levels for federal programs to those that were in place two years ago. It limits the growth of spending going forward to 1% annually. But as you said, it also targets a list of the president's policies. It repeals the president's student loan forgiveness program, which is tied up in the courts. It claws back unspent COVID relief money and rolls back key energy provisions that were in the Inflation Reduction Act. It also puts in place new work requirements for adults without children who receive federal assistance like food stamps or Medicaid.

Bank failure No. 3 of 2023: First Republic Bank of San Fran Freako, California

 

The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion. This is an estimate and the final cost will be determined when the FDIC terminates the receivership.

More.

The price of gold of $20.64/ounce from 1913 adjusted for inflation to today

 $647.22

Sucka.

The minimum wage of $0.40/hour from 1938 adjusted for inflation to today

 $8.71

Cry more.

Biden's doing the same thing as Obama in making the 2020 crisis spending the baseline for his future spending proposals

 Obama did it in 2009 and Republicans acquiesced, running trillion dollar plus deficits for four straight years until Republicans enforced some fiscal discipline in Obama's second term.

The author below, a Republican, doesn't mention that.

Will Republicans acquiesce again?

If they do, the national debt will easily swell to in excess of $51 trillion by 2033, from $31 trillion at the end of 2022.

From the story, "Trillion-dollar deficits: Biden’s new normal":

The president and his White House have taken the 2020 COVID-19, one-time-only crisis budget as his administration’s working baseline, rather than the pre-Covid 2019 budget, which had a significant $4.4 trillion price tag.

In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. That COVID funding was to sunset as the country returned to normal — as it did last year. Apparently, Biden decided to ignore that crucial point.

Latest inflation reads show entrenchment, Fed will have to go higher and stay higher for longer but Congress must cut spending and raise revenues

 The Fed can do only so much, but a Fed Funds Rate of 4.83 is hardly adequate for current conditions.

The fiscal side in this, however, has been completely ignored.

Outlays for 2020-2022 alone have topped $19 trillion vs. receipts south of $12 trillion.

Fauci: "So many people cannot be completely wrong"

Fewer than 19 million Americans completed the initial vaccine protocol in 2022. Fewer than 25 million received at least one dose.

FAUCI: "When you look around, nobody did great, except maybe one or two countries"

 

Fauci: "We also had a public-health system that we thought was really, really good. But it was really, really antiquated."

 

Wallace-Wells: "We had vaccines designed by the end of January 2020." Fauci: "Yes."

 

Fauci: "The gay community with H.I.V. is very, very different from the ultraright MAGA community with Covid. However, there is a bit of connection there."

 

Fauci: "We had to rely on conference calls in the middle of the night"

 

Suddenly in retirement Fauci is just another physician, not the embodiment of Science who presided over the deaths of 1.1 million Americans

Fauci's still in utter denial about the early timeline, and about the relative severity of the pandemic here in the United States vs. elsewhere.

 

The outcome in the US has been 3.6 times worse than in Norway, 6.02 times worse than in Japan. But Fauci, the former embodiment of The Science ™, has ZERO curiosity about why.

 

The vaccines were already designed by the end of January 2020 (really? sounds like a PLANDEMIC, uh oh), but Fauci behaved rationally at the time like we weren't going to have a global pandemic which would even require them?

 

Give me a break. That's astonishing.

 

The entire interview is full of dodgy shit.

 

The New York Times, here: 

 

“I’m a physician,” he told me in response to criticism that he had pushed the country too far. “That’s my identity. I’ve taken care of thousands of patients in one period of my life during the early years of H.I.V. I believe that I have seen as much or more suffering and death as anybody has in most careers. I don’t mean to seem preachy, but I don’t want to see people suffer and I don’t want to see people die."...

 

"Something clearly went wrong. And I don’t know exactly what it was. But the reason we know it went wrong is that we are the richest country in the world, and on a per-capita basis we’ve done worse than virtually all other countries. And there’s no reason that a rich country like ours has to have 1.1 million deaths. Unacceptable."... 

 

"When you look around, nobody did great, except maybe one or two countries. Most everybody did poorly."... 

 

"If it took three years to get a vaccine, we would have had five million deaths here."... 

 

Wallace-Wells: Let’s talk about the vaccines. It was the fastest rollout in history, a miracle of modern medicine. But we had vaccines designed by the end of January 2020. The Phase II safety trials were completed by early July. Could we have accelerated the rollout from there and blunted that awful first winter surge? Could we do it faster in the future?

Fauci: Yes. The G7 talks about it: the hundred-day mission, to have distribution within a hundred days. Not that everybody gets vaccinated, but that you start doing it. Is that easy? No, it’s going to be really hard. Is it possible? I think so. ...

Wallace-Wells: But if you go back in time, if you put yourself in February 2020, you’re telling Helen Branswell,⁷ for instance, that this virus was low-risk and that you didn’t want to stake your credibility on what could be a false alarm. Do you wish you had said then more emphatically that this is a real, urgent threat and that we need to stand up our defenses immediately?

Fauci: Yeah, I think, retrospectively, we certainly should have done that. If you look at what we knew at the time, though — we didn’t know that in January. We were not fully appreciative of the fact that we were dealing with a highly, highly transmissible virus that was clearly spread by ways that were unprecedented and unexperienced by us. And so it fooled us in the beginning and confused us about the need for masks and the need for ventilation and the need for inhibition of social interaction.

 

Through March 2023 the dollar buys 13.8% less than it did when Biden was first elected by mail-in balloting in November 2020

 

FOX wins The Obama, gives AOC what she wanted after settling with Dominion

 

If stupid people want to watch FOX News and vote for Donald Trump, they should be free to do so in a free country

It's the AOCs and Reichs of the world who are the threat to freedom.

Robert B. Third Reichhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh-a

 

Treasonous Trump Must Be Barred From Running

Robert Reich, The Guardian

Get screwed, Chuck

 

Chuck Todd: "Americans Are Seething At Their Political Leaders And At Each Other"