Daily Digest 9/5 – Job Cuts Come For White-Collar Workers, Stock Market ‘Flashing A Warning Sign’



Job cuts come for white-collar workers: ‘There are no truly recession-proof’ occupations (Sparky1)

“When you see layoffs in management and corporate jobs, it’s a pure indicator of the economic impact of the recession, rather than just the lockdown, since many of these jobs can be done from home and they aren’t necessarily impacted by the lockdown orders,” said Glassdoor senior economist Daniel Zhao. “It’s an indicator that there’s a traditional recession happening beneath the surface of this public health crisis.”

Ford and United declined to state the exact job titles or salary range of employees whose jobs would be cut.

Virgin Atlantic to cut over 1,000 more jobs as demand languishes: Sky News (Sparky1)

The company, which is 51% owned by Richard Branson’s Virgin Group and 49% by U.S.’s Delta Air Lines Inc (DAL.N), has had to close its Gatwick base and cut more than 3,500 jobs to contend with the fallout from the pandemic, which has grounded planes and hammered demand for air travel.

The stock market is flashing a warning sign (Sparky1)

Now, the question is whether the rally will quickly get back on track or if this is the start of a bigger pullback in the stock market.

One warning sign suggesting more turmoil could be on the way is unusual movements in the closely-watched VIX volatility gauge.

Russia is ‘amplifying’ claims of mail-in voter fraud, intel bulletin warns (tmn)

“Russian state media and proxy websites in mid-August 2020 criticized the integrity of expanded and universal vote-by-mail, claiming ineligible voters could receive ballots due to out-of-date voter rolls, leaving a vast amount of ballots unaccounted for and vulnerable to tampering,” the bulletin notes.

“These websites also alleged that vote-by-mail processes would overburden the U.S. Postal Service and local boards of election,” it continues, “delaying vote tabulation and creating more opportunities for fraud and error.”

Trump: Americans Who Died in War Are ‘Losers’ and ‘Suckers’ (Sparky1)

Trump’s understanding of concepts such as patriotism, service, and sacrifice has interested me since he expressed contempt for the war record of the late Senator John McCain, who spent more than five years as a prisoner of the North Vietnamese. “He’s not a war hero,” Trump said in 2015 while running for the Republican nomination for president. “I like people who weren’t captured.”

The Streets of Kenosha and the National Stage (jdargis)

There have been marches in Kenosha every day since Jacob Blake was shot, sometimes more than one, but the looting and burning had stopped after Tuesday. The police had stopped firing rubber bullets and tear gas, too, and the vigilante groups had retreated to guard the entrances of subdivisions on the outskirts of town. In the city center, the police had taken to pulling over activists in their cars and arresting them for violating curfew. Thirty-six such arrests had been made on Wednesday night, including of someone driving a U-Haul truck filled with food and fire extinguishers donated by a church in Milwaukee.

‘The United States is in crisis’: Report tracks thousands of summer protests, most nonviolent (tmn)

The group identified about 220 locations where the protests became “violent,” which authors of the report defined as demonstrators clashing with police or counterprotesters or causing property damage.

Even in those cases, however, the upheaval was “largely confined to specific blocks, rather than dispersed throughout the city,” the report states.

The Little Cards That Tell Police ‘Let’s Forget This Ever Happened’ (JK)

Mike, whose name has been changed to protect his privacy, said he knew it was risky—especially because the borrowed car he was driving didn’t have a license plate, let alone a registration under his name. He decided to roll the dice anyway. Right away, bad news: a traffic checkpoint, and cops pulling people over.

“That was probably the tightest spot I could’ve been in,” Mike said. “Because [the offense] could’ve been ‘driving without a plate,’ ‘driving with no registration…’” By driving on the shoulder, too, Mike was driving illegally in at least three different ways.

Your Coronavirus Test Is Positive. Maybe It Shouldn’t Be. (Tino)

“The decision not to test asymptomatic people is just really backward,” said Dr. Michael Mina, an epidemiologist at the Harvard T.H. Chan School of Public Health, referring to the C.D.C. recommendation.

“In fact, we should be ramping up testing of all different people,” he said, “but we have to do it through whole different mechanisms.”

COVID – why terminology really, really matters (Marshall S.)

Thus, lo and behold, COVID is a less severe infection than the swine flu – the pandemic that never was. That’s what these figures appear to tell us. They tell us almost exactly the same in France where they ‘appear’ to have a current case fatality rate of 0.4%.

On the other hand, if you look at the figures from around the world, they are very different. As I write this there have been, according to the WHO, 25 million cases and 850,000 deaths. That is a case fatality rate of more than 3%. Ten times as high.

Trump’s U.S. EPA chief claims climate-change fight hurts the poor (Sparky1)

Critics said the administration’s deregulatory agenda has undermined public health by rolling back water and air protections, disproportionately harming low income communities. Congressional Democrats argue that a transition to clean energy will create jobs across the economy.

Wheeler said if Trump were re-elected the agency would focus on community revitalization, water quality, permitting reform, Superfund cleanups, and pesticide administration.

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