Thursday, April 16, 2020

Reflections on a Disaster (Update)


From the initial Duck Soup post: Reflections on a Disaster (4/1/2020). Updated occasionally to see how closely we're following the script.

Update (4/7/2020): I forgot to add the main issue of conflict once the response/execution process is in full swing (actually, the main issue right from the beginning): More Harm Than Good. At the time of this writing we're closing in on what experts hope will be peak contagion/recorded deaths. Expect to see an escalating struggle between health experts/politicians/others vs. economists/politicians/business leaders/others on the issue of when to ease up on social distancing measures (basically, defining "success"). I'm already seeing calls to isolate the most vulnerable (old, underlying health conditions, etc.) and letting everyone else take their chances (possibly developing 'herd immunity' in the process). In other words, pitting numbers of deaths against numbers of unemployed and the health of the economy - which itself is on life-support at the moment.

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Ok folks, here we are a week and a half later (4/16/2020). How are things going? (I'm not doing millions of links, so Google them yourselves): Well, the President is pushing some vague authority to reopen the economy (even though he never shut it down in the first place, and governors are pushing back, forming regional coalitions). The small business stimulus program has already run out of money (some businesses never seeing a dollar). No money for individuals yet. The financial sector is a black hole and could blow up at any time on any number of issues including over-leveraged and inter-connected risk, and things like loan defaults on car and house payments (some kind of cascading failure process, like 2008). Rent and mortgage payment relief proposals are mired in the weeds. No widespread virus/antibody testing yet (still several weeks off at best). No expansive contact tracing. No widespread availablility of masks. No killer vaccine on the horizon, maybe new year at the earliest (and no clear leading candidate). Respiratory intubation procedures should be avoided if at all possible. Secondary infections and virus mutations reported (!), a significant setback for vaccine production if true. More to come. See original post.] 

See also: The Fight Against COVID-19: “Bending the Curve” & Then What? (Wolf Street); and Wishful Thinking on Ending Coronavirus Lockdowns (Naked Capitalism).