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Thursday, January 28, 2021

Scott Atlas: Will The Truth On COVID Restrictions Really Prevail?

Authored by Scott Atlas via RealClearPolitics.com,

The consequences of the SARS2 coronavirus pandemic and its management have been enormous. Over 400,000 American deaths have been attributed to the virus; more will certainly follow.  Even after almost a year, the pandemic still paralyzes our country. Despite all efforts, there has been an undeniable failure to stop cases from rapidly escalating and preventing hospitalizations and death. 

Here’s the reality -- almost all states and major cities, with a handful of exceptions, have implemented severe restrictions for many months, including closures of businesses and in-person school, mobility restrictions and curfews, quarantines, limits on group gatherings, and mask mandates dating back to at least the summer.  These measures did not significantly change the typical pattern or damage from the SARS2 virus.  President Biden openly admitted as much in his speech to the nation on Jan. 22, when he said “there is nothing we can do to change the trajectory of the pandemic in the next several months.”  Instead of rethinking the results of implemented policies, many want to blame those who opposed lockdowns and mandates for the failure of the very lockdowns and mandates that were widely implemented.

Ironically, all new policies will coincide with a decrease in cases, because that decrease is already evident across the United States. Hospitalizations in every age group, by CDC data, as well as deaths, have begun to decline. Confirming that trend is the marked drop in symptomatic COVID-19 patients coming to emergency rooms, down 40% from its peak almost a month ago to become lower than that seen before Thanksgiving. Despite that reality, is there any doubt how most of the American media will portray this in their analysis of the administration’s “First 100 Days”?

And let’s be clear about behavior -- social mobility tracking of Americans and data from GallupYouGov, the COVID-19 Consortium, and the CDC have shown significant reductions of movement as well as a consistently high percentage of mask wearing since the late summer similar to Western European countries and approaching that in Asia.

America has an internal comparison.

Florida, a large, diverse, highly populated state, stands out as having one of the highest percentages of vulnerable elderly in the entire nation, one of only two states with more than 20% over 65 years of age. Florida widely opened schools and businesses months ago, discarded most mobility restrictions, and ended mandates. Florida did not eliminate cases, hospitalizations, or deaths, but Florida has outperformed many states during the recent surge, including those with warm climates, like California, that implemented longstanding lockdowns Florida’s deaths per capita has also beaten half the country as well as the national average. Even if Floridians on their own behaved similarly to people under mandates, why is that not a subject of open discussion and highlighted by the media?

Separate from their limited value in containing the virus -- efficacy that has often been “grossly exaggerated” in published papers -- lockdown policies have been extraordinarily harmful.  The harms to children of closing in-person schooling are dramatic, including poor learning, school dropouts, social isolation, and suicidal ideation, most of which are far worse for lower income groups. A recent study confirms that up to 78% of cancers were never detected due to missed screening over three months. If one extrapolates to the entire country, where about 150,000 new cancers are diagnosed per month, three-fourths to over a million new cases over nine months will have gone undetected. That health disaster adds to missed critical surgeries, delayed presentations of pediatric illnesses, heart attack and stroke patients too afraid to call emergency services, and others all well documented.

Beyond hospital care, CDC reported four-fold increases in depression, three-fold increases in anxiety symptoms, and a doubling of suicidal ideation, particularly among young adults after the first few months of lockdowns, echoing the AMA reports of drug overdoses and suicides. Domestic abuse and child abuse have been skyrocketing due to the isolation and specifically to the loss of jobs, particularly in the strictest lockdowns. Given that many in-person schools have been closed, hundreds of thousands of abuse cases are never reported, since schools are the number one agency where abuse is noticed. Finally, the unemployment “shock” from lockdowns, according to a new NBER study, will generate a 3% increase in mortality rate and a 0.5% drop in life expectancy over the next 15 years, disproportionately affecting African Americans and women. That translates into what they called a “staggering” 890,000 additional U.S. deaths from the lockdowns.

We know we have not yet seen the full extent of the damage from lockdowns, because it will last for decades. Perhaps that is why lockdowns were not recommended in previous pandemic analyses, even for infections with far higher death rates. 

To determine the best path forward, shouldn’t policymakers objectively consider both the data and the totality of impact of policies to date? That’s the importance of health policy experts with a broader scope of expertise than that of epidemiologists and basic scientists. That necessarily means admitting that social lockdowns and significant restrictions on individuals are deadly and extraordinarily harmful, especially on the working class and poor.

Optimistically, we are seeing the light at the end of the long tunnel with the rollout of vaccines, now at 1.5 million per day. On the other hand, using logic that would put “Alice in Wonderland’s” Mad Hatter to shame, the new vaccines have been more frequently administered first to healthier, younger people instead of those at risk to die. Few states at the time of this writing have administered most of their vaccinations to people over 65; many have given more than 80% to low-risk age groups. And why is the fact that tens of millions already have biological protection after being infected with the virus -- so they should not be immediate priorities -- not even acknowledged?

Just as in Galileo’s time, another problem is the “vested academic interests.” Many universities have overtly intimidated views contrary to their own, seemingly for political motives, leaving many afraid to speak up. Perhaps university mottos like Harvard’s “truth,” Stanford’s “the winds of freedom blow,” and Yale’s “light and truth” need revision. Social media has piled on with a heavy hand to eliminate discussion of conflicting evidence. Without permitting, indeed encouraging, open debate and admission of errors, we might never solve any future crisis. 

America is now a country where differing interpretations of science in order to seek the truth is the new anathema.  I fear that “the science” has been seriously damaged, and many have simply become fatigued by the arguments.  That is even worse, because fatigue will allow fallacy to triumph over truth. Perhaps Harvard Medical School Professor Martin Kulldorff was correct when he lamented, “After 300 years, the Age of Enlightenment has ended.”

*  *  *

Scott W. Atlas, MD, a senior fellow at the Hoover Institution, served from August through November 2020 as a special adviser to the president.

https://www.zerohedge.com/covid-19/scott-atlas-will-truth-covid-restrictions-really-prevail 

Monopar started at Buy by Roth

 Target $49

https://finviz.com/quote.ashx?t=MNPR

Eyeing GameStop, Malaysian retail investors look to prop up medical glove shares

 

Malaysian retail investors are looking to buy stocks of medical glove makers to drive up their share prices and squeeze out short sellers, drawing inspiration from the recent rally at U.S. firm GameStop Corp.

Shares of GameStop have surged 1,700% in just two weeks as amateur U.S. investors piled in and forced hedge funds to lose billions on their short positions.

The WallStreetBets forum on Reddit, where small investors discuss stocks anonymously, is seen as having fuelled the GameStop rally.

In a new forum on Reddit called BursaBets, created on Thursday, Malaysian retail investors discussed buying up stocks of glove makers, and complained about share prices having dropped in recent months even as the firms' profits grew.

Malaysia is the world's largest producer of medical gloves, demand for which has soared due to the COVID-19 pandemic.

"Whoever is still holding gloves (has) already been through hell, join me by saying 'eff you' to investment banks, fund managers, market manipulators, and everyone else," said an user called '_Revenant_' who started the BursaBets forum.

The national stock exchange is called Bursa Malaysia.

"We're gonna be fighting in our markets tomorrow," the user said, adding that WallStreetsBets has inspired "us to bring our market back into our control".

Discussions in the forum centered around Top Glove - the biggest glove making company - and short positions in the sector.

Investors short stocks they see as vulnerable to weakness by borrowing them for a fee and selling them with the aim of buying them back at a lower price. If the stock continues to rise, they may have to buy back at a higher price.

Those betting on a rise also risk losing their investment if the price increase proves unsustainable.

Institutional investors typically drive share moves. Analysts have noted an increase in retail interest in Malaysian glove makers in the past year, though it is unclear how much of an impact any retail buying may have.

Top Glove gained 290% last year, hitting an all-time high of 9.76 ringgit ($2.41) per share in August, but it has since fallen nearly 40% as COVID-19 vaccines became available. It reported a record profit in December.

Investors have also raised questions about the company's treatment of staff after over 5,000 factory workers became infected with the coronavirus.

Shares of other glove makers - Supermax Corp, Hartalega Holdings and Kossan Rubber Industries - have also seen similar rallies and declines.

Top Glove, Kossan and Hartalega were the three most shorted stocks as of Jan. 27, according to data from the stock exchange. Supermax was in the top ten.

Malaysian markets were closed on Thursday for a public holiday, and are set to reopen on Friday.

https://www.marketscreener.com/quote/stock/HARTALEGA-HOLDINGS-6500179/news/Inspired-by-GameStop-Malaysian-retail-investors-look-to-prop-up-medical-glove-shares-32299107/

COVID-19 pummels U.S. economy in 2020; performance weakest in 74 years

 

The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty.

The Commerce Department's snapshot of fourth-quarter gross domestic product on Thursday also showed the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly $3 trillion in relief money from the government.

President Joe Biden has unveiled a recovery plan worth $1.9 trillion, and could use the GDP report to lean on some lawmakers who have balked at the price tag soon after the government provided nearly $900 billion in additional stimulus at the end of December.

The Federal Reserve on Wednesday left its benchmark overnight interest rate near zero and pledged to continue injecting money into the economy through bond purchases, noting that "the pace of the recovery in economic activity and employment has moderated in recent months."

The economy contracted 3.5% in 2020, the worst performance since 1946. That followed 2.2% growth in 2019 and was the first annual decline in GDP since the 2007-09 Great Recession. Nearly every sector, with the exception of government and the housing market, suffered a decline in output last year. The 3.9% drop in consumer spending was the largest since 1932.

The economy plunged into recession last February. In the fourth quarter, GDP increased at a 4.0% annualized rate as the virus and lack of another spending package curtailed consumer spending, and partially overshadowed robust manufacturing and the housing market. GDP growth for the last quarter was in line with forecasts in a Reuters poll of economists.

The big step-back after a historic 33.4% growth pace in the July-September period left GDP 2.5% below its level at the end of 2019. With the virus not yet under control, economists are expecting growth to further slow down in the first quarter of 2021, before regaining speed by summer as the additional stimulus kicks in and more Americans get vaccinated.

The services sector has borne the brunt of the coronavirus recession, disproportionately impacting lower-wage earners, who tend to be women and minorities. That has led to a so-called K-shaped recovery, where better-paid workers are doing well while lower-paid workers are losing out.

U.S. stocks opened higher. The dollar slipped against a basket of currencies. U.S. Treasury prices were lower.

WEAK LABOR MARKET

The stars of the recovery have been the housing market and manufacturing as those who are still employed seek larger homes away from city centers, and buy electronics for home offices and schooling. Manufacturing's share of GDP has increased to 11.9% from 11.6% at the end of 2019.

A survey last week by professors at the University of Chicago and the University of Notre Dame showed poverty increased by 2.4 percentage points to 11.8% in the second half of 2020, boosting the ranks of the poor by 8.1 million people.

Rising poverty was underscored by persistent labor market weakness. In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits totaled a seasonally adjusted 847,000 for the week ended Jan. 23. While that was down 67,000 from the prior week, claims remain well above their 665,000 peak during the 2007-09 Great Recession.

Including a government-funded program for the self-employed, gig workers and others who do not qualify for the regular state unemployment programs 1.3 million people filed claims last week.

The economy shed jobs in December for the first time in eight months. Only 12.4 million of the 22.2 million jobs lost in March and April have been recovered. About 18.3 million Americans were receiving unemployment checks in early 2021.

Lack of jobs and the expiration of a government weekly jobless subsidy restrained growth in consumer spending to about a 2.5% rate in the fourth quarter. Consumer spending, which accounts for more than two-thirds of the U.S. economy, notched a record 41% growth pace in the July-September quarter.

Business investment grew at a 13.8% rate, with spending on equipment rising at a 24.9% pace. There were also increases in spending on nonresidential structures and intellectual property.

Businesses also accumulated inventories last quarter, which contributed to GDP growth. But the inventory accumulation included imports, leading to a larger trade deficit, which subtracted from growth.

The housing market recorded another quarter of double-digit growth, thanks to historically low mortgage rates. Government spending was weak, hurt by state and local governments, whose finances have been squeezed by the pandemic.

https://www.marketscreener.com/quote/stock/WELLS-FARGO-COMPANY-14861/news/COVID-19-pummels-U-S-economy-in-2020-performance-weakest-in-74-years-32294302/

Novartis in talks on helping make COVID-19 vaccines, tests

 Novartis is talking to other companies about helping to make vaccines and tests for COVID-19, the Swiss drugmaker said on Thursday without providing more details.

“Novartis Technical Operations is currently exploring ways in which we can collaborate with our partners in the industry, and leverage our manufacturing capacity and capabilities to contribute to the pandemic effort,” it said in response to a query.

“We are currently in discussions with several companies with a view to supporting the manufacturing of vaccines and components for tests for COVID-19, and we will share details as soon as possible.”

Novartis last year agreed to license two of Molecular Partners’ antiviral drugs that it hopes to use to treat COVID-19 patients.

Novartis’s gene therapy unit AveXis also last year signed a manufacturing agreement to produce a novel genetic COVID-19 vaccine being developed by the U.S.-based Mass General Brigham health care system.

https://www.reuters.com/article/us-health-coronavirus-novartis/novartis-in-talks-on-helping-make-covid-19-vaccines-tests-idUSKBN29X19P

Racing the virus: Why tweaking the vaccines won't be simple

 After developing and rolling out COVID-19 vaccines at record speed, drugmakers are already facing variants of the rapidly-evolving coronavirus that may render them ineffective, a challenge that will require months of research and a massive financial investment, according to disease experts.

Executives from Moderna Inc and Pfizer Inc and partner BioNTech SE are considering new versions of their vaccines to respond to the most concerning variants identified so far. That is just one piece of the work needed to stay ahead of the virus, nearly a dozen experts told Reuters.

A global surveillance network to assess emerging variants must be built. Scientists need to establish what level of antibodies will be required to protect people from COVID-19 and determine when vaccines need to be altered. And regulators must convey what is needed to demonstrate updated vaccines are still safe and effective.

“At this point, there is no evidence that these variants have changed the equation in terms of protection from the vaccine,” said Dr. Michael Osterholm, an infectious disease expert at the University of Minnesota. “But we have to be prepared for that.”

Johnson & Johnson told Reuters the concerning variant first identified in South African has got its attention and will tweak its vaccine accordingly if needed. Pfizer said it could produce a new vaccine relatively quickly, but a top vaccine executive said manufacturing it presents additional challenges.

The urgency of this effort is clear.

Moderna on Monday said lab studies showed antibodies made in response to its vaccine were six times less effective at neutralizing a lab-created version of a South African variant than prior versions of the virus.

A study released on Wednesday ahead of peer review found the South African variant reduced neutralizing antibodies 8.6-fold for the Moderna vaccine and by 6.5-fold for the Pfizer/BioNTech shot, although a separate Pfizer-backed study released on Wednesday suggests its vaccine may be more hardy. Moderna said this week it is starting work on a potential booster shot.

COULD TAKE MONTHS

Just how far protection can drop before a COVID-19 vaccine needs to be altered is not yet known. With influenza, an eightfold drop in vaccine-induced antibody protection means time to update. That does not necessarily apply to this coronavirus.

“The problem is we don’t know what the cut point is for coronavirus,” said Dr. John Mascola, director of the Vaccine Research Center at the National Institute of Allergy and Infectious Diseases (NIAID), whose scientists helped develop Moderna’s vaccine.

Mascola said both studies testing the Moderna vaccine against the South African variant are roughly in the “same ballpark.” It could be that antibody protection is high enough from the vaccine that it will still be effective, he said.

NIAID scientists are analyzing data from Moderna’s late-stage trial to see what level of neutralizing antibodies is required for protection. They are comparing individuals who were vaccinated but got sick anyway to vaccinated people who remained healthy.

It could take two months to complete this work, Mascola said. They hope to produce a benchmark for the minimum level of vaccine-induced antibodies needed to protect against COVID-19.

A global surveillance network is also needed to identify troubling new variants as they emerge, similar to one used to track fast-mutating flu viruses. That could cost tens to hundreds of millions of dollars in the United States alone.

Richard Webby, a flu surveillance expert from St. Jude Children’s Research Hospital, said the United States could probably build a system to identify variants fairly quickly. Developing the capability to determine whether they evade current vaccines will take more time.

The United States is currently conducting genetic sequencing to look for changes in the virus in just 0.3% of positive coronavirus tests. That pales compared with 10% in the UK, which was first to discover a major mutation in the virus that increases transmission by at least 50%. Experts said countries should sequence at least 5% of positive cases to detect significant changes in the virus.

Companies are waiting for the U.S. Food and Drug Administration to relay what testing will be needed for altered vaccines, said Phil Dormitzer, one of Pfizer’s top viral vaccine scientists. With influenza vaccines, companies can make changes without new trials. “But that’s after doing it for 50 years,” he said.

Peter Marks, who oversees the FDA’s vaccine approval process, has said small trials testing updated vaccines in around 400 participants may be needed at first. Even that could add months to the process.

Norman Baylor, chief executive of Biologics Consulting and a former FDA vaccines official, said the agency will lay out the regulatory road. But public health agencies like the U.S. Centers for Disease Control and Prevention and the World Health Organization would decide when vaccines should be updated, as with flu.

Altering Pfizer’s vaccine would require “a very minor change,” Dormitzer said.

Like Moderna’s, it uses messenger RNA (mRNA) technology, which relies on synthetic genes that can be generated and manufactured in weeks.

He estimates the company could make a prototype version in a week or so, and take another two months to scale up and update their lab tests.

J&J, which is expected to release late-stage trial data on its vaccine within days, has laid the groundwork to address troubling virus changes, Chief Scientific Officer Paul Stoffels told Reuters. Its trial included sites in South Africa, which should give the company insight on that variant.

If a change is necessary, Stoffels said J&J likely would add a second strain into its existing vaccine.

“We are looking at this with a lot of attention,” he said.

https://www.reuters.com/article/us-health-coronavirus-vaccines-variant-f/racing-the-virus-why-tweaking-the-vaccines-wont-be-simple-idUSKBN29X1DI

White House denies 'split' strategy for COVID-19 relief legislation

 The White House on Thursday denied a media report that it could split President Joe Biden’s $1.9 trillion COVID-19 relief proposal into two bills, as part of a strategy to get the divided Senate to quickly pass some aid for Americans.

Biden has made ramping up the U.S. response to the COVID-19 pandemic, which has killed nearly 430,000 people in the United States and left millions out of work, a major focus of his first week in office. But Republicans and some Democrats have balked at the cost of his proposal, which is on top of $4 trillion in aid approved by Congress last year.

With the Senate split 50-50, the misgivings have stirred speculation the White House could propose a two-pronged strategy, beginning with a bill small enough to garner enough Republican support to clear the Senate’s 60-vote threshold for most legislation.

Politico reported the administration was considering a bill that would provide $600 billion to $800 billion in aid, including scaled-back funding for vaccine distribution, unemployment and food assistance as well as relief checks targeted for those in need.

Democrats are also moving ahead with plans to use a parliamentary procedure called reconciliation, which would allow them to enact much of Biden’s proposal by a simple majority in the Senate - without Republican votes. Vice President Kamala Harris would break any tie vote in the Senate.

But two senior White House officials moved quickly on Thursday to shoot down the idea of a split approach.

“The needs of the American people aren’t partial; we can’t do this piecemeal,” White House economic adviser Brian Deese, who has been involved in talks with a bipartisan group of lawmakers in the Senate and House of Representatives, said on Twitter.

White House spokeswoman Jen Psaki said there is nothing partisan about aiding Americans and businesses reeling from the pandemic.

“The needs of the American people are urgent from putting food on the table, to getting vaccines out the door to reopening schools. Those aren’t partisan issues,” Psaki said on Twitter.

“We are engaging with a range of voices - that’s democracy in action - we aren’t looking to split a package in two.”

https://www.reuters.com/article/us-health-coronavirus-usa-congress/white-house-denies-split-strategy-for-covid-19-relief-legislation-idUSKBN29X21L