Caracas, Venezuela – The Freedom Road Socialist Organization (FRSO) labor delegation met today with Tibisay Lucena, president of the CNE (the National Electoral Council) to discuss the upcoming elections. Lucena spoke about this election as very important in the face of U.S aggression and the economic war.
Minneapolis, MN – Worldwide, cases of COVID-19 have broken the 100,000 mark. There are more than 400 cases in the United States, a number that is rising every day. That number is likely much higher, but test kits remain in short supply.
San José, CA – On Friday, March 6, the Labor Department reported that 273,000 new jobs were created in January, driving the unemployment down to 3.5%. But despite this strong job report, U.S. stocks fell again; the broadest S&P 500 was down 50 points or about 1.75%. The Dow Jones Industrial Average, which is made up of 30 large companies, fell less than 1% as investors may have felt larger companies are safer havens. But the real flight was to bonds, with the ten-year U.S. Treasury Bond interest rate falling to another record low of 0.75%.
Coronavirus fear strikes back after a day of gains
San José, CA – On Thursday, March 5, the day after U.S. stocks soared on hopes that a Biden presidency would be better for Wall Street, economic worries about the new Coronavirus (COVID-19) drove down stocks again. The Dow Jones Industrial Average fell almost 1000 points, or 3.5%, with other averages falling a bit less. Interest rates on the ten-year U.S. Treasury Bonds fell to another record low of less than 0.92%, showing both fear among U.S. investors and expectations of weaker economic growth.
Minneapolis, MN – Freedom Road Socialist Organization’s Political Secretary Steff Yorek stated today, March 4, “As COVID-19 spreads here in the United States, the potential exists for the corporate health care system to be overwhelmed. American capitalism has developed a health care system that’s poorly equipped to do basic public health. There is no profit in disease prevention.”
San José, CA – On Tuesday, March 3, the U.S. central bank, the Federal Reserve, cut interest rates by one-half of one percent. This emergency action was taken between the regular Fed meetings every six weeks. This was the first time that the Fed had acted between meetings since the financial crisis in October of 2008.
St. Paul, MN – The Anti-War Committee is joining with the Climate Justice Committee to unwelcome Vice President Mike Pence when he comes to Saint Paul, 5 p.m., March 5, at the InterContinental Saint Paul Riverfront, 11 E Kellogg Boulevard.
St. Louis Park, MN – Amy Klobuchar supporters couldn’t fill the gymnasium, March 1, at Saint Louis Park High School, even with the help of some 250 protesters demanding freedom for Myon Burrell, an innocent Black teen she sent to prison for life when she was the county district attorney. Myon Burrell’s family, the Racial Justice Network, Minneapolis NAACP, Black Lives Matter Twin Cities, Twin Cities Coalition for Justice for Jamar, Communities United Against Police Brutality, and Black Lives Matter Minnesota called for community members to mobilize to protest at the Klobuchar rally, two days before the primary vote. For more than a month, they’ve been calling on Klobuchar to drop out of the race. Hours after the protest, she announced she’s doing just that.
Trump tweets while novel Coronavirus infections surge outside China
San José, CA – For a second day in a row, U.S. stock prices fell about 3% Tuesday, February 25. After a 1000-point drop on Monday, the Dow Jones Industrial Average fell almost 900 points, or more than 3%, while the broader S&P 500 fell 3%. Investors fled to buy bonds, pushing their prices up and their interest rate down to all-time record lows, with the ten-year U.S. government bond interest rate falling to 1.35%. Typically falling interest rates show fear of slower economic growth or even a recession ahead.