Monday morning news drop
Fed Chair Jerome Powell tells 60 Minutes America is going back to work Federal Reserve Chairman Jerome Powell gives his thoughts on how the economy is rebounding from the COVID-19 pandemic. Scott Pelley reports. (60 Minutes)
What happens after the stock market is up big? 12 month returns were negative 65% of the time following a gain of 50% or more in a 1-year period. However, there wasn’t a single 3-year period following a 12-month gain of 50% or more that showed a negative return. (Fortune)
A Hidden Bond-Market Problem American savers could once count on bonds to provide meaningful returns with modest risk. Not anymore. (Bloomberg)
In 2020, There Was an Epic Collapse of Demand. Now, the Problem Is Supply. Recent setbacks raise doubt about how quickly businesses can respond to customers who seem intent on spending (Upshot)'
Inside the Fight for the Future of The Wall Street Journal A special team led by a high-level manager says Rupert Murdoch’s paper must evolve to survive. But a rivalry between editor and publisher stands in the way. (New York Times)
Joe Biden Wants to Put the World’s Corporate Tax Havens Out of Business The administration is vowing to fund a historically ambitious infrastructure and economic modernization plan in part by solving one of the thorniest problems created by global capitalism. “If implemented, such an international agreement would lead to a collapse of the development model of tax havens. A high global minimum tax can change the face of globalization.” (Slate)
You Won’t Remember the Pandemic the Way You Think You Will The pandemic has not been a single, traumatic “flashbulb” event like the assassination of John F. Kennedy, the fiery disintegration of the space shuttle Challenger, or 9/11. Starting in March 2020, hundreds of millions of Americans began forming their own impressions of it. As psychologists and anthropologists who study memory will tell you, we tend to lay out our anecdotes almost like short stories or screenplays to give our lives meaning; our plots (do they have silver linings? hopeful endings?) can reveal something about how we handle setbacks (The Atlantic)
How BC Fumbled the Third Wave Four experts say leaders were warned of the variant threat but misread key data and failed to respond fast enough. (Tyee)
A Look Inside the Anti-Vaxx Playbook How the anti-vaccine establishment is waging war against Covid-19 vaccines. The roughly 150 leading anti-vaxx social media accounts gained more than 10 million followers, mostly on Instagram and YouTube, between 2019 and December 2020. (Bloomberg)
B.C. mass timber movement gets boost with backing for 13 new projects A pair of government funding announcements last week will provide more than $5 million for 13 mass timber projects throughout B.C., giving the fast-growing market for cross-laminated timber and other such materials an added shot in the arm. (On-Site)
Trump Put a Right-Wing Radio Host in Charge of a National Park. Emails Show the Chaos That Ensued. Michael Savage used his position at San Francisco’s Presidio to stir up a controversy over Japanese American internment. (Mother Jones)
Golf still can’t figure out how it feels about Bryson DeChambeau In the leadup to this year’s Masters, a video of Bryson DeChambeau began making the rounds. In it, DeChambeau is shown taking practice cuts on the driving range. It’s like watching a guy chop down a tree with a crowbar. The violence with which DeChambeau approaches the game – everything from the twitchy run up to the tee to the back-snapping swing – is mesmerizing. (Globe and Mail)