On the Only Subject at Hand

Try as we might, we simply can’t find anything in the news to write about other than the rapidly spreading coronavirus. Pretty much everyone we run into as we continue to get out and about brings it up, and there’s at this point there’s no avoiding the topic.
Most folks in this hoops-crazy state like to talk sports, especially during “March Madness,” but the coronavirus cancelled both collegiate and professional basketball and will delay baseball and has temporarily shut down sports. Pop culture usually provides something salacious to talk, but right now the entertainment news is all about beloved movie star Tom Hanks and his lovely wife coming down with coronavirus and all the late television comedians doing their jokes about President Donald Trump without studio audiences to laugh along.
The coronavirus is pretty much all that matters for now in the economic news, which has lately been quite awful. The sports industry and school districts are shutting down, and music festivals and business meetings are being cancelled, and entire cities and countries are being quarantined. and travel bans are being imposed, and globalist supply chains are being interrupted, which is not good for the global economy or your favorite hometown business. Stock markets are plummeting, the Federal Reserve Board and the central banks of the other major global economic players are all slashing interest rates to zero and beyond and printing up more money to assuage the markets, and everything indicates that now is the time to panic.
Which of course makes the coronavirus the biggest political story of each passing day, which of course is bad news for Trump. He’s done his best to downplay the coronavirus as no big deal that would soon be forgotten, and even dismissed it as yet another “hoax” to torpedo his presidency, but now that he’s talking about massive government bailouts and travel bans from most of continental Europe he’s conceding that the coronavirus is a pretty big deal, and so far his proposals have not stopped the economic carnage nor quelled a public panic.
None of the damned Democrats seem to have any better ideas, but having been mostly out of power during two of the past three years they can’t be credibly blamed for the current mess, and they have plenty of talking points. According to the consensus opinion of America’s leading experts on this sort of thing, including some who are still on board with the federal government, the country is doing a woeful job of testing its citizens for the disease, and is therefore unable to do other things the country might do if it knew where the corona virus was popping up. Travel bans might be a painful necessity at the moment, but Trump’s European travel band doesn’t extend to Ireland and the United Kingdom, where there have been confirmed cases of coronavirus, and anyone in continental Europe could easily fly to the UK and then to the United States, so the damned Democrats are entitled to wonder if that has anything to do with Trump’s failing golf resorts in those countries.
For now the Democratic nominee seems likely to be former Vice President Joe Biden, rather than self-described socialist Vermont Sen. Bernie Sanders, and we figure that’s also bad news for Trump. Biden is a very boring fellow, which a wary country might well long for come November, but Sanders is kooky enough that Trump might persuade a wary country he could be more destructive than the coronavirus. Biden was vice president during the administration of President Barack Obama, and you can way what you want about his slow-growth policies — we had plenty to say about it at the time — but they did take over shortly after an economic catastrophe and were in charge during eight of those 11 years of Bull Markets that went into Bear Market territory during Trump’s administration. Biden will also have plenty to say about how Trump fired the National Security Council’s pandemic response that the Obama administration had created.
We don’t give much credit to either Obama or Trump for the long run of the Bull Market, but rather credit the ingenuity and resilience of free Americans operating in a free market, trading freely with all the free people of the world. Here’s hoping that not only survives this coronavirus, but also the likes of Trump and Biden, and that there’s something else to talk about.

— Bud Norman

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