News ArticlesExcerpts of Key News Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
The most impressive performance at a Toronto marathon Sunday was turned in by the man who came in last place - and is 100 years old. Fauja Singh completed the Scotiabank Toronto Waterfront Marathon in approximately eight hours, making him the oldest person ever to finish one of the 26.2-mile races. It was the eighth marathon for Singh, who was born India in 1911 and did not start running marathons until he was 89, after he moved to England following the death of his wife and son. He says not smoking or drinking alcohol throughout his life, combined with a vegetarian diet and up to 10 miles of walking or running per day are the secrets to his health. The Association of Road Racing Statistician already had Singh as the oldest person to complete a marathon, for one he ran seven years ago. But the Guinness Book of World Records recognized Dimitrion Yordanidis, 98, who ran in Athens in 1976. Singh recently set eight world records for his age group in one day at a special invitational meet in Toronto. He ran the 100 meters in 23.14, 200 meters in 52.23, the 400 meters in 2:13.48, the 800 meters in 5:32.18, the 1500 meters in 11:27.81, the mile in 11:53.45, the 3000 meters in 24:52.47 and the 5000 meters in 49:57.39. "I have said it before: that I will carry on running, as it is keeping me alive," Singh told the marathon website.
Note: Does anyone still believe vegetarianism can't be healthy?
When Jasmine the abandoned greyhound arrived at a wildlife sanctuary shivering and desperate for food, she needed all the love in the world to nurse her back to full health. Now it appears the kindness and patience shown to her has rubbed off – for the ... dog has become a surrogate mother for the 50th time. Seven-year-old Jasmine is currently caring for tiny Bramble, an 11-week-old roe deer fawn found semi-conscious in a nearby field. She cuddles up to her to keep her warm, showers her with affection and makes sure nothing is matted in her fur. She has had plenty of practice, having cared for five fox cubs, four badger cubs, 15 chicks, eight guinea pigs, two stray puppies and even 15 rabbits. Jasmine was brought to the Nuneaton and Warwickshire Wildlife Sanctuary by the police in 2003, having been found dumped in a garden shed. She was cold, filthy and malnourished. It took a few weeks for her to fully trust staff at the centre but with tender loving care she was nursed back to full fitness. Five years on, Jasmine is now the one looking after stray waifs. Geoff Grewcock, who runs the sanctuary, said: "She simply dotes on the animals as if they were her own, it's incredible to see. She takes all the stress out of them and it helps them to not only feel close to her but to settle into their new surroundings. As soon as an animal is brought in, she walks over takes a sniff or two and then licks and cuddles them. It is quite amazing."
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The drug maker Merck drafted dozens of research studies for a best-selling drug, then lined up prestigious doctors to put their names on the reports before publication, according to an article ... in a leading medical journal. The article, based on documents unearthed in lawsuits over the pain drug Vioxx, provides a rare, detailed look in the industry practice of ghostwriting medical research studies that are then published in academic journals. The article cited one draft of a Vioxx research study that was still in want of a big-name researcher, identifying the lead writer only as "External author?" Vioxx was a best-selling drug before Merck pulled it from the market in 2004 over evidence linking it to heart attacks. Last fall the company agreed to a $4.85 billion settlement to resolve tens of thousands of lawsuits. The lead author of Wednesday's article, Dr. Joseph S. Ross ... said a close look at the Merck documents raised broad questions about the validity of much of the drug industry's published research, because the ghostwriting practice appears to be widespread. "It almost calls into question all legitimate research that's been conducted by the pharmaceutical industry with the academic physician," Dr. Ross said, whose article ... was published Wednesday in JAMA, the journal of the American Medical Association. Although the role of pharmaceutical companies in influencing medical journal articles has been questioned before, the Merck documents provided the most comprehensive look at the magnitude of the practice.
Note: Vioxx may have been responsible for 500,000 premature deaths. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Carly Fleischmann has severe autism and is unable to speak a word. But ... this 13-year-old has made a remarkable breakthrough. Two years ago, working with pictures and symbols on a computer keyboard, she started typing and spelling out words. The computer became her voice. "All of a sudden these words started to pour out of her, and it was an exciting moment because we didn't realize she had all these words," said speech pathologist Barbara Nash. Then Carly began opening up, describing what it was like to have autism. Carly writes about her frustrations with her siblings, how she understands their jokes and asks when can she go on a date. "We were stunned," Carly's father Arthur Fleischmann said. "We realized inside was an articulate, intelligent, emotive person that we had never met. This ... opened up a whole new way of looking at her." This is what Carly wants people to know about autism. "It is hard to be autistic because no one understands me. People look at me and assume I am dumb because I can't talk or I act differently than them. I think people get scared with things that look or seem different than them." Carly had another message for people who don't understand autism. "Autism is hard because you want to act one way, but you can't always do that. It's sad that sometimes people don't know that sometimes I can't stop myself and they get mad at me. If I could tell people one thing about autism it would be that I don't want to be this way. But I am, so don't be mad. Be understanding."
Note: Read an excellent follow-up article in which Carly answers readers questions about autism. For more, see this webpage.
Some 477 pilot whales have died after stranding themselves on two remote New Zealand beaches over recent days, officials say. None of the stranded whales could be refloated and all either died naturally or were euthanized in a "heartbreaking" loss, said Daren Grover, the general manager of Project Jonah, a nonprofit group which helps rescue whales. The whales beached themselves on the Chatham Islands, which are home to about 600 people and located about 800 kilometers (500 miles) east of New Zealand's main islands. The Department of Conservation said 232 whales stranded themselves Friday at Tupuangi Beach and another 245 at Waihere Bay on Monday. The deaths come two weeks after about 200 pilot whales died in Australia after stranding themselves on a remote Tasmanian beach. Mass strandings of pilot whales are reasonably common in New Zealand, especially during the summer months. Scientists don't know exactly what causes the whales to strand, although it appears their location systems can get confused by gently sloping sandy beaches. Grover said there is a lot of food for the whales around the Chatham Islands, and as they swim closer to land, they would quickly find themselves going from very deep to shallow water. "They rely on their echolocation and yet it doesn't tell them that they are running out of water," Grover said. "They come closer and closer to shore and become disoriented. The tide can then drop from below them and before they know it, they're stranded on the beach."
Note: What so many articles on the mass whale strandings fail to mention is military devices which are known to damage echolocation abilities. As this article states, "The low frequency active sonar (LFA sonar) used by the military to detect submarines is the loudest sound ever put into the seas. Yet the U.S. Navy is planning to deploy LFA sonar across 80 percent of the world ocean. At an amplitude of 240 decibels, it is loud enough to kill whales and dolphins and has already caused mass strandings and deaths in areas where U.S. and/or NATO forces have conducted exercises."
A former intelligence contractor who was imprisoned for leaking a report about Russian interference in the US presidential election that Donald Trump won in 2016 has insisted she acted out of love for a nation that was "being lied to". The 30-year-old ... decided to leave her National Security Agency contractor's office at the Fort Gordon army base in Georgia with an intelligence report about Russian attempts to meddle in the election that saw Trump beat Hillary Clinton for the White House. Working for NSA contractor Pluribus International Corporation, Winner printed the document – labeled "TOP SECRET" – that explained how Russian military intelligence officials hacked at least one supplier of voting software and tried to break into more than 100 local election systems before the polls closed in 2016. The Trump administration had her charged under the Espionage Act, which was initially created during the first world war as a means to punish people spying on the US during times of foreign conflict. Winner pleaded guilty ... to be sentenced to five years in prison. Authorities said the sentence was the longest ever handed down by a US federal court to someone convicted of providing government information to the media without permission. Winner said she broke her oath to protect classified material because Americans were being intentionally deceived about Russia's efforts to sow chaos in the presidential election that vaulted Trump into the Oval Office.
Note: Elections fraud and manipulation is by no means a partisan issue. We are very clear that all major political parties in all countries have at times committed elections abuses for many years, if not centuries. Explore top news articles on election fraud, and visit our Elections Information Center for more information from reliable news sources.
A new wave of anger swept through Uvalde on Tuesday over surveillance footage of police officers in body armor milling in the hallway of Robb Elementary School while a gunman carried out a massacre inside a fourth-grade classroom where 19 children and two teachers were killed. The video published Tuesday by the Austin American-Statesman is a disturbing 80-minute recording of what has been known for weeks now about one of the deadliest school shootings in U.S. history: that heavily armed police officers, some armed with rifles and bulletproof shields, massed in the hallway and waited more than an hour before going inside and stopping the May 24 slayings. But the footage, which until now had not surfaced publicly, anguished Uvalde residents anew and redoubled calls in the small South Texas city for accountability and explanations. The footage from a hallway camera inside the school shows the gunman entering the building with an AR-15 style rifle and includes 911 tape of a teacher screaming, "Get down! Get in your rooms! Get in your rooms!" Two officers approach the classrooms minutes after the gunman enters, then run back amid the sounds of gunfire. As the gunman first approaches the classrooms a child whose image is blurred can be seen poking their head around a corner down the hallway and then running back while shots ring out.
Note: For more along these lines, see concise summaries of deeply revealing news articles on police corruption from reliable major media sources.
A police officer armed with a rifle watched the gunman in the Uvalde elementary school massacre walk toward the campus but did not fire while waiting for permission from a supervisor to shoot, according to a sweeping critique ... on the tactical response to the May tragedy. Some of the 21 victims at Robb Elementary School, including 19 children, possibly "could have been saved" on May 24 had they received medical attention sooner while police waited more than an hour before breaching the fourth-grade classroom, a review by a training center at Texas State University for active shooter situations found. The report is yet another damning assessment of how police failed to act on opportunities that might have saved lives in what became the deadliest school shooting in the U.S. since the slaughter at Sandy Hook Elementary School in 2012. The report ... follows testimony last month in which Col. Steven McCraw, director of the Texas Department of Public Safety, told the state Senate that the police response was an "abject failure." McCraw said police had enough officers and firepower on the scene of the Uvalde school massacre to have stopped the gunman three minutes after he entered the building, and they would have found the door to the classroom where he was holed up unlocked if they had bothered to check it. In the days and weeks after the shooting, authorities gave conflicting and incorrect accounts of what happened.
Note: It is just by chance that the police made this many deadly errors and lied in their reports? For more along these lines, see concise summaries of deeply revealing news articles on police corruption from reliable major media sources.
European Union regulators warned that frequent Covid-19 booster shots could adversely affect the immune response and may not be feasible. Repeat booster doses every four months could eventually weaken the immune response and tire out people, according to the European Medicines Agency. Instead, countries should leave more time between booster programs and tie them to the onset of the cold season in each hemisphere, following the blueprint set out by influenza vaccination strategies, the agency said. The advice comes as some countries consider the possibility of offering people second booster shots in a bid to provide further protection against surging omicron infections. Earlier this month Israel became the first nation to start administering a second booster, or fourth shot, to those over 60. The U.K. has said that boosters are providing good levels of protection and there is no need for a second booster shot at the moment, but will review data as it evolves. Boosters "can be done once, or maybe twice, but it's not something that we can think should be repeated constantly," Marco Cavaleri, the EMA head of biological health threats and vaccines strategy, said at a press briefing on Tuesday. "We need to think about how we can transition from the current pandemic setting to a more endemic setting."
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
An Upstate New York hospital announced that it will stop delivering babies this month after several staffers in the maternity department resigned over the hospital system's coronavirus vaccine mandate. At least six unvaccinated maternity staffers at Lewis County General Hospital have resigned in recent days, and seven others remain undecided on whether to get vaccinated, Gerald Cayer, chief executive officer of the Lewis County Health System, said. The staff shortage will result in the hospital being "unable to safely staff" the maternity department beginning Sept. 25, he said. Cayer said 165 hospital staffers, about 27 percent of the workforce, remain unvaccinated. Seventy-three percent of those unvaccinated staffers provide clinical services at the hospital. As hospitals have implemented vaccination mandates, some staffers have chosen to resign or be fired instead of getting the shots. More than 150 health-care workers who did not comply with the vaccine mandate at Houston Methodist – one of the first health systems to require the coronavirus shots – resigned or were fired in June. A lawsuit brought by one of those employees – which alleged that the policy was forcing staffers to be "guinea pigs" for vaccines that had not gone through the full Food and Drug Administration approval process – was dismissed by a federal judge. Other instances of pushback have popped up in recent months. In Winchester, Va., some unvaccinated nurses are choosing to be fired in protest of their hospital system's mandate.
Note: One year ago these health workers were heroes for risking their lives on the front line with COVID patients. Now they are being ridiculed for not wanting to be vaccinated. Listen to their own moving words in this important video. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
Strong sales of its COVID-19 vaccine and other medicines helped Pfizer nearly double its second-quarter revenue and boost its profit an impressive 59%, beating Wall Street expectations and leading the drug giant to sharply hike its 2021 sales and profit forecasts. Amid the surging coronavirus pandemic, the COVID-19 vaccine became Pfizer's top seller, bringing in nearly half its revenue – $7.84 billion from direct sales and revenue split with its partner, Germany's BioNTech. Pfizer now anticipates revenue from the two-dose vaccine this year to reach $33.5 billion for the 2.1 billion doses it's contracted to provide by year end. That doesn't include a contract struck last week to provide an additional 200 million doses to the U.S. The New York company on Wednesday disclosed that ongoing testing of a booster shot, given six months after the second vaccine dose, showed it raised antibody levels against the more-transmissible Delta variant to 11 times higher in older people and five times higher in younger people, compared to levels after two doses. Pfizer has delivered more than 1 billion doses of the vaccine globally and expects to make 3 billion doses this year, with many more going to low- and middle-income countries from now through year's end. Most doses of all the COVID-19 vaccines produced in Europe and the U.S. so far have gone to wealthy countries.
Note: When public health is at stake, should private companies be making huge profits like this? Read more in this information article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering and coronavirus vaccines from reliable major media sources.
Worsening inequality, as poorer people and nations lose years of gains in the battle against hunger and poverty, is likely to be one of the lasting legacies of the pandemic. New data released by the United Nations ... illustrates the unequal impact as measured by access to a basic human necessity: Food. Global hunger shot up by an estimated 118 million people worldwide in 2020, according to the U.N. Food and Agriculture Organization, jumping to 768 million people – the most going at least as far back as 2006. The number of people living with food insecurity – or those forced to compromise on food quantity or quality – surged by 318 million, to 2.38 billion. In North America and Europe, formal employment, social safety nets and the widespread availability of remote work cushioned the blow. In those parts of the world, the percentage of people living with food insecurity edged up from 7.7 percent to 8.8 percent. But the developing world, home to billions of informal workers and gaps in government assistance, fared far worse. Latin America and the Caribbean saw the biggest one-year spike in food insecurity: a jump of nine percentage points, to 40.9 percent. "Governments need to open their eyes and adjust their thinking in a crisis, and in some cases, like Peru, they just didn't," said Torero of the U.N. Food and Agriculture Organization. "They had the money available to deal with the problem. But they imposed restrictions on movement blindly and did not find a way to help the people who needed it."
Note: The tragic increase of hunger and starvation worldwide is not a result of the pandemic, but rather of the lockdown in response to the pandemic. Why is that not even mentioned in this article? Many millions have died of starvation and suicide as a result of the lockdowns, yet so few care or are even aware of this. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
By the time Melinda French Gates decided to end her 27-year marriage, her husband was known globally as a software pioneer. But in some circles, Bill Gates had also developed a reputation for questionable conduct. On at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and the Bill and Melinda Gates Foundation. And then there was Jeffrey Epstein, whom Mr. Gates got to know beginning in 2011, three years after Mr. Epstein, who faced accusations of sex trafficking of girls, pleaded guilty to soliciting prostitution from a minor. Ms. French Gates had expressed discomfort with her husband spending time with the sex offender, but Mr. Gates continued doing so. So, in October 2019, when the relationship between Mr. Gates and Mr. Epstein burst into public view, Ms. French Gates was unhappy. She hired divorce lawyers, setting in motion a process that culminated this month with the announcement that their marriage was ending. Mr. Gates [and] Mr. Epstein ... spent time together on multiple occasions, flying on Mr. Epstein's private jet and attending a late-night gathering at his Manhattan townhouse. "His lifestyle is very different and kind of intriguing although it would not work for me," Mr. Gates emailed colleagues in 2011, after he first met Mr. Epstein. For years, Mr. Gates continued to go to dinners and meetings at Mr. Epstein's home, where Mr. Epstein usually surrounded himself with young and attractive women.
Note: Learn more in this Bloomberg article. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex ring from reliable major media sources.
When West Virginia declared a state of emergency to arrest the coronavirus, the social network that aids the homeless froze along with everything else. Ordered to shelter in place, people without shelter died at an alarming rate. In a bad year here ... two to four of the unhoused die. Over the past year, they have tallied 22 deaths, a sevenfold increase. Only two of the deaths are suspected to be from COVID-19. But all occurred during the collapse of the safety net that in normal times addresses the complex mix of afflictions–trauma, medical conditions, addiction–that accompany homelessness, and worsened during the profound isolation of the pandemic. What happened in [West Virginia] is happening across the country. Even before the pandemic lockdowns that fell hardest on low-income Americans –– and stand to push more people out of their homes –– the Department of Housing and Urban Development reported U.S. homelessness at 580,466 people, up 7% from a year earlier. Deaths are rising even faster. In San Francisco, the department of public health says deaths tripled over the past year in an unhoused population of 8,035. In Los Angeles, home to a vast homeless population tallied at 41,290, deaths increased by 32%. Homeless deaths in Washington, D.C., soared by 54%. In New York City, the Coalition for the Homeless reported a death rate up 75%. And over the past year, they died ... at a rate many times higher than the rate of deaths from the virus.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
At least 50 journalists in the US have been arrested during Black Lives Matter demonstrations across the US, while dozens of others have also been injured by rubber bullets, pepper spray and tear gas. The US Press Freedom Tracker has collected nearly 500 incidents from 382 reports, from the unrest in Minneapolis in the wake of George Floyd‘s killing by police in late May, to demonstrations in more than 70 cities across 35 states since. At least 46 journalists were arrested between the end of May and the beginning of June. Dozens of others reported injuries from law enforcement, firing “less lethal” projectiles, tear gas canisters and other weapons into crowds or directly at reporters during demonstrations, even when they had identified themselves and shown credentials. Two reporters have suffered permanent eye injuries. The latest reports mark a significant spike since the end of May, when nationwide protests started, at which point the organisation had recorded only five arrests and 26 attacks for the entire year. But by the end of the month, the number of attacks had increased nearly five times. “The conversations and reckoning that lie ahead of us as a country are taking shape right now,” Press Freedom Tracker managing editor Kristin McCudden said. “What’s happened in 70 cities in more than 30 states across the nation in one month is unlike anything we’ve seen in modern history and surpasses the Tracker’s entire ... history of documentation.”
Note: Read more about the violent attacks on members of the media by police this year. For more along these lines, see concise summaries of deeply revealing news articles on police corruption and the erosion of civil liberties from reliable major media sources.
Across the pharmaceutical and medical industries, senior executives and board members are making millions of dollars after announcing positive developments, including support from the government, in their efforts to fight Covid-19. After such announcements, insiders from at least 11 companies – most of them smaller firms whose fortunes often hinge on the success or failure of a single drug – have sold shares worth well over $1 billion since March, according to figures compiled for The New York Times. The sudden windfalls highlight the powerful financial incentives for company officials to generate positive headlines in the race for coronavirus vaccines and treatments, even if the drugs might never pan out. Some officials at the Department of Health and Human Services have grown concerned about whether companies are trying to inflate their stock prices by exaggerating their roles in Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. In some cases, company insiders ... appear to be pouncing on opportunities to cash out while their stock prices are sky high. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. "It is inappropriate for drug company executives to cash in on a crisis," said Ben Wakana, executive director of Patients for Affordable Drugs. "Every day, Americans wake up and make sacrifices during this pandemic. Drug companies see this as a payday."
Note: For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption and the coronavirus from reliable major media sources.
A former head of MI6 has said he believes the coronavirus pandemic "started as an accident" when the virus escaped from a laboratory in China. Sir Richard Dearlove ... pointed to a scientific paper published this week by a Norwegian-British research team who claim to have discovered clues within Covid-19's genetic sequence suggesting key elements were "inserted" and may not have evolved naturally. In their paper, the scientists claim to have identified "inserted sections placed on the SARS-CoV-2 Spike surface" that explain how the virus binds itself to human cells. "The SARS-CoV-2 spike is significantly different from any other Sars that we have studied," the paper says. Two laboratories in Wuhan studying bat coronaviruses the Wuhan Institute of Virology and the Wuhan Centre for Disease Control have been suggested as the possible true sources of the outbreak. Sir Richard suggested scientists may have been conducting secret gene-splicing experiments on bat coronaviruses when Covid-19 somehow escaped. Sir Richard said he did not believe the Chinese had released the virus deliberately, but accused Beijing of subsequently covering up the scale of its spread. Last month, the US Secretary of State, Mike Pompeo, claimed there was "enormous evidence" that the coronavirus outbreak originated in a Chinese laboratory, but did not provide any proof. However, the US National Intelligence Director's office later said it had determined that Covid-19 "was not manmade".
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
More than 600 of the nation’s physicians sent a letter to President Trump this week calling the coronavirus shutdowns a “mass casualty incident” with “exponentially growing negative health consequences” to millions of non COVID patients. “The downstream health effects ... are being massively under-estimated and under-reported," according to the letter initiated by Simone Gold, M.D., an emergency medicine specialist. “Suicide hotline phone calls have increased 600%,” the letter said. Other silent casualties: “150,000 Americans per month who would have had new cancer detected through routine screening.” From missed cancer diagnoses to untreated heart attacks and strokes to increased risks of suicides, “We are alarmed at what appears to be a lack of consideration for the future health of our patients.” The physicians’ letter focuses on the impact on Americans’ physical and mental health. “The millions of casualties of a continued shutdown will be hiding in plain sight, but they will be called alcoholism, homelessness, suicide, heart attack, stroke, or kidney failure. In youths it will be called financial instability, unemployment, despair, drug addiction, unplanned pregnancies, poverty, and abuse. “It is impossible to overstate the short, medium, and long-term harm to people’s health with a continued shutdown,” the letter says. “Losing a job is one of life’s most stressful events, and the effect on a person’s health is not lessened because it also has happened to 30 million [now 38 million] other people.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and health from reliable major media sources.
Most new Covid-19 hospitalizations in New York state are from people who were staying home and not venturing much outside, a “shocking” finding, Gov. Andrew Cuomo said. The preliminary data was from 100 New York hospitals involving about 1,000 patients. It shows that 66% of new admissions were from people who had largely been sheltering at home. The next highest source of admissions was from nursing homes, 18%. Cuomo said nearly 84% of the hospitalized cases were people who were not commuting to work through car services, personal cars, public transit or walking. He said a majority of those people were either retired or unemployed. Overall, some 73% of the admissions were people over age 51. He said the information shows that those who are hospitalized are predominantly from the downstate area in or around New York City, are not working or traveling and are not essential employees. He also said a majority of the cases in New York City are minorities, with nearly half being African American or Hispanic. Cuomo said the state’s hospitalization rate has continued to decline, although at a “painfully slow” rate. He said around 600 infected people were still walking through hospital doors every day, although that number has also declined. While data shows the coronavirus is on the decline in New York, the new survey results appear to clash with Cuomo’s prior assurances that isolation can reliably prevent transmission.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
The economic debate of the day centers on whether the cure of an economic shutdown is worse than the disease of the virus. Similarly, we need to ask if the cure of the Federal Reserve getting so deeply into corporate bonds, asset-backed securities, commercial paper, and exchange-traded funds is worse than the disease seizing financial markets. It may be. In just these past few weeks, the Fed has cut rates by 150 basis points to near zero and run through its entire 2008 crisis handbook. That wasn’t enough to calm markets, though — so the central bank also announced $1 trillion a day in repurchase agreements and unlimited quantitative easing, which includes a hard-to-understand $625 billion of bond buying a week going forward. At this rate, the Fed will own two-thirds of the Treasury market in a year. But it’s the alphabet soup of new programs that deserve special consideration, as they could have profound long-term consequences. The federal government is nationalizing large swaths of the financial markets. The Fed is providing the money to do it. If these acronym programs were abused ... they might indeed force markets higher than valuation warrants. But it would come with a heavy price. Investors would be deprived of the necessary market signals that freely traded capital markets offer to aid in the efficient allocation of capital. Malinvestment would be rampant. It also could force private sector players to leave as the government’s heavy hand makes operating in “controlled” markets uneconomic.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic and financial industry corruption from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.