Carroll County man charged with assault at assisted living facility

Carroll County man charged with assault at assisted living facility

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  • Agar takes 6-30 as Australia beats New Zealand in 3rd T20

    Glenn Maxwell dashed 70 from 31 balls, Aaron Finch returned to form with 69 and Ashton Agar took a career-best 6-30 as Australia beat New Zealand by 64 runs in the third Twenty20 international on Wednesday to keep the five-match series alive. Maxwell reached a half century from 25 balls during an over in which he hit 28 runs — two sixes and four fours — from the bowling of Jimmy Neesham.

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  • Biden says will have enough COVID-19 vaccine for every U.S. adult by May

    The United States will have enough COVID-19 vaccine for every American adult by the end of May, President Joe Biden said on Tuesday after Merck & Co agreed to make rival Johnson & Johnson's inoculation. The partnership between drug makers, as well as other steps the government is taking to assist J&J, will allow the company to accelerate delivery of 100 million vaccine doses by around a month, according to the U.S. Department of Health and Human Services (HHS). "One of the things that I learned when I came into office was that Johnson & Johnson was behind in manufacturing and production," Biden said.

  • Jan. 6 attack was 'domestic terrorism' -FBI's Wray

    "I was appalled that you, our country's elected leaders, were victimized right here in these very halls," Wray testified before the Senate Judiciary Committee."That siege was criminal behavior, pure and simple. It's behavior that we, the FBI, view as domestic terrorism."It was Wray's first testimony in Congress since the attack - a failed bid to block Congress from certifying Joe Biden's November election victory - was carried out by supporters of then-President Trump who, in a speech near the White House, exhorted them to march to the Capitol in protest.Wray sought to beat back right-wing conspiracy theories suggesting that fake Trump supporters stormed the Capitol, telling lawmakers the FBI has "not seen evidence of that."The Justice Department has charged more than 300 people on criminal counts ranging from conspiracy to attacking police and obstructing Congress. The rioting led to five deaths.At least 18 people associated with the far-right Proud Boys have been charged and nine people tied to the anti-government militia known as the Oath Keepers are facing charges they conspired as far back as November to storm the Capitol to prevent Biden from becoming president.

  • Prince Philip health update: Duke of Edinburgh undergoes successful procedure for pre-existing heart condition

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  • The Mother of All Stock-Market Bubbles

    By Warren Buffett’s criteria, current stock prices are their most overvalued at least since World War II. In the chart below, the ratio of stock-market value, represented by the Wilshire 5000 index of all public stocks, to GDP is over 25 percent above the previous all-time high, the peak of the NASDAQ stock market bubble in 2000, which is indexed as 100 in the chart. The seemingly relentless rise of the stock market coincides with central-bank balance sheets that have continued to balloon since the Great Financial Crisis. While the major central banks generally do not target stock-market levels directly, a goal of their policies has been to push financial markets towards riskier investments, which, of course, include stocks. Global financial markets are interlinked, so that the actions of international central banks can affect what goes on in the U.S. and vice versa. The following chart compares securities holdings of the major central banks to the level of the U.S. stock market. There is close correspondence between the stock market-level and central-bank securities holdings, but both would be expected to grow with GDP, so the next chart compares the ratio of stock-market valuation to GDP in the first chart with a similar GDP ratio for central-bank assets. As central-bank holdings of debt climb relative to GDP, stock valuations soar in line. Some analysts, including the Fed, cite low real (after inflation) interest rates as justification for high stock valuations. Interest rates certainly affect the market in the short-term, as recently experienced, but, over the long-term, the correlation between real rates and the stock valuation measure in the chart above is less than half that of the liquidity provided by central bank securities purchases. Stocks’ overvaluation is evident to experienced investors scouring markets for historically reasonable values. Meanwhile, the GameStop saga (and there are plenty of other examples to choose from) are uncomfortably reminiscent of some of the excesses of the dotcom bubble. Just because the stock market is overvalued doesn’t mean it can’t get further overvalued. The next chart compares the U.S. stock market for the last decade with the NASDAQ bubble of the 1990s and the Japanese stock market bubble that crashed in the 1990s. While U.S. stocks currently are at Buffett ratio all-time highs, the NASDAQ and Japanese bubbles rose even further from their starting points. The current bubble may do so as well if central banks keep pouring liquidity into the financial markets. What’s clear from the first chart is that the stock-market downturn from the NASDAQ bubble preceded and contributed to the 2000 recession, as has been acknowledged by Fed chair Jerome Powell. The Japanese bubble’s bursting was also linked to a recession. Stocks are an insignificant holding of the U.S. banking system, however, which was largely unaffected by the NASDAQ bubble, although Japanese banks with extensive crossholdings were crippled for years. Posing a greater financial risk than a stock downturn is that historically high valuations permeate the entire financial system. The U.S. stock market is a bellwether for risky assets globally. Differences between borrowing rates for the U.S. government and high-quality investment grade borrowers have fallen significantly and are quite low historically. Rates for the riskiest sub-investment grade “junk bond” borrowers are at all time lows. Future bond market turmoil from the inevitable reversal of maximally easy monetary conditions may pose a threat to financial stability, but the biggest risk to the financial system is a housing downturn, as happened in the Great Financial Crisis. Real estate is the single largest component of banking assets. Fortunately, as illustrated in the following chart, which compares housing prices to income, real-estate values are about 20 percent lower than the overextended levels from the GFC era. Unfortunately, a recent rapid appreciation of housing prices may alter this favorable balance. The chart below shows housing prices appreciating faster than personal incomes by an annualized 20 percent, the fastest such rate recorded. Of course, there is a large rebound following the pandemic, but, should this rate continue, it won’t be long before housing is flashing critical warning signs. The Fed’s December plan was to hold rates at rock bottom levels until unemployment is minimized and inflation surpasses 2 percent, which they expected to take 3 years. Should housing prices continue to appreciate at recent rates, three more years of maximum stimulus would put them well into the GFC danger zone. The pandemic recovery is moving faster than the Fed and many other forecasters expected. In March 2020, the Fed forecast a 6.5 percent decline for the year. Forecasters surveyed in May by the Philadelphia Fed expected a 5.6 percent decline. 2020’s downturn was 3.5 percent, and these same forecasters expect growth over 4 percent for 2021, so overall recovery is in sight. The financial markets are already beginning to bring forward their expectations of when the Fed will begin raising rates (about two years), and it would not surprise if this start anticipating an even closer date in due course. . More years of maximum stimulus would further inflate the stock market bubble and possibly create an even more lethal housing bubble as well. The Fed has been determined to see unemployment all the way down before any tightening, a worthy goal, but even a mild downturn in the wake of a bursting the stock market bubble would have grave consequences following so closely after the pandemic. Creation of another housing bubble would be catastrophic. Depressed business and labor sectors may not fully recover this year, but all the monetary stimulus in the world won’t convert airplanes, bars, and restaurants into homes, nor flight crew and serving staff into home builders, nor into other booming sectors. When the pandemic permits, cash savings are extremely high, and there is plenty of pent-up demand for these people and their services. Single-minded focus on just one goal ignores monetary policy’s significant time lags and complex effects throughout an economy. Now is the time for the Fed to plan to stabilize policy and the markets, and this must be carefully communicated and executed to minimize volatility such as 2013’s “taper tantrum.” While inflation may pop up in the short-term as recovery continues, long-term inflation has been in forty-year decline, so it is unlikely to pose a major problem. The biggest economic risk is financial instability, and, despite its great initial work stanching the pandemic panic, right now the biggest financial instability risk is. . . the Fed.

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  • Michelle Obama: Barack and I ‘can’t get a word in’ with Sasha, Malia

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  • Joe Biden just yanked away stimulus checks from 17 million Americans

    During the campaign for the two Georgia Senate races, Joe Biden repeatedly promised to pass $2,000 stimulus checks if the Democrats won. After they did, the administration argued that $2,000 really meant $1,400 in addition to the $600 that had already gone out in the December rescue package. Whether that is true or not, now Biden is inarguably breaking his promise. Under pressure from moderate Senate Democrats, he has reportedly agreed to cut down the formula under which the checks will be sent out. In the previous packages, the amount started phasing out at $75,000 in income for individuals and $150,000 for joint filers, and vanished entirely at $100,000 and $200,000 respectively (as of 2019). Now the phase-out will start start in the same place but end at $80,000 for singles and $160,000 for couples. The $1,400 promise clearly implied at least that the checks would go out according to the previous formula used under Trump. But now singles making between $80,000-100,000 and couples making between $160,000-200,000 will get nothing. The Washington Post's Jeff Stein reports that roughly 17 million people who previously got checks now will not. The supposed justification here is that moderates want the aid to be more "targeted." In fact this formula is horribly inaccurate, because the income data the IRS uses is from the year before the pandemic (unless people have already filed their taxes — and by the way, if your income decreased in 2020, you should do that immediately). This formula is therefore doubly wrong — there are no doubt millions of people who have lost jobs and should qualify but won't, and a smaller number that have gotten raises and shouldn't qualify but will. And this change will only save a pitiful $12 billion. The survival checks are one of the most popular government programs in American history. Polls have them at something like 4-1 approval. "Moderation," for Senate Democrats, apparently means breaking their party's promises in the service of unpopular, pointless actions that make their president seem less generous than Donald Trump. More stories from theweek.com7 scathingly funny cartoons about Trump's CPAC appearanceAfter 50 years, a long-lost family photo has made its way back where it belongsThe complicated quagmire of Dr. Seuss

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  • Meghan ignored advice and wore Prince Salman earrings three weeks after Jamal Khashoggi murder

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  • Biden cuts 16 million people off from stimulus checks after striking deal with moderate Senate Democrats, study says

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  • Court docs reveal Saudi wealth fund courted by Hollywood and Wall Street owned planes used in Jamal Khashoggi's killing

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  • The Trumps are trying to sell a Florida home for $49 million after buying it from the former president's sister for $18 million in 2018

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