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Post by thelivyjr » Thu Oct 22, 2020 1:40 p


"Leading economic indicators signal slowing U.S. growth in September"

By Jeffry Bartash

Published: Oct. 22, 2020 at 10:30 a.m. ET

The numbers:

A broad measure of the economy grew again in September, but the slower pace of expansion likely signals that the U.S. lost some momentum, a new survey shows.

The leading economic index rose 0.7% last month, following increases of 1.4% in August and 2% in July, the Conference Board said Thursday.

The index had suffered historic declines this year early in the coronavirus pandemic.

What happened:

The advance in the leading index in September was driven by a decline in new jobless claims — aka layoffs — and an increase in builder permits to build new houses.

Yet most of the indicators in the leading index appear to be weakening again.

The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

Big picture:

U.S. economic growth was bound to slow after a huge surge once it reopened in May.

The question is just how much.

Many economists predict sharply lower growth in the final three months of 2020 without another major financial stimulus from Washington, but so far the economy has held up better than expected despite the expiration of most federal aid in July.

What they are saying?:

“The decelerating pace of improvement suggests the U.S. economy could be losing momentum heading into the final quarter of 2020,” said Ataman Ozyildirim, director of business cycles research at the board.

Market reaction:

The Dow Jones Industrial Average and S&P 500 fell slightly in Thursday trades. ... od=markets

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Post by thelivyjr » Thu Oct 22, 2020 1:40 p


"Existing-home sales soared in September — 7 in 10 homes sold in less than a month"

By Jacob Passy

Published: Oct. 22, 2020 at 11:43 a.m. ET

The numbers:

Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates.

Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday.

Compared with a year ago, home sales were up nearly 21%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, the trade group’s chief economist, said in the report.

“I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.36 million.

What happened:

The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however.

More than seven in 10 homes on the market in September sold in less than a month.

As a result, by month’s end the total inventory of homes for sale dropped to a 2.7 months’ supply, the lowest on record.

A 6-month supply of homes is considered to be indicative of a balanced market.

The dwindling inventory of homes for sale, when combined with increased demand from buyers, drove prices higher.

The median existing-home price was $311,800, roughly 15% higher than in September 2019.

That’s the largest increase in home prices since late 2005.

Nevertheless, home sales grew in every region across the country, led by a 16.2% jump in the Northeast, the National Association of Realtors reported.

The big picture:

A combination of factors has driven home sales to their highest pace in many years.

“Existing home sales continued to register higher than one year ago as low mortgage rates helped offset the sting of sharply higher prices,” said Danielle Hale, chief economist at

“Greater buyer and, perhaps more importantly, seller confidence also helped boost home sales activity this month.”

But there’s still the chance that the wheels could come off for the housing market in the months to come.

Unless sellers choose to enter the market in droves, the limited supply of homes for sale will naturally put a ceiling on how high sales volumes can go.

And as the pandemic continues, the risk of a prolonged economic downturn could cause some buyers to rethink making a big purchase right now given rising home prices, especially if they are worried about their job security.

What they’re saying:

“Higher earners have been more likely to retain their incomes, allowing the housing market to continue booming despite extremely high unemployment levels."

"Without a broader recovery, there remains risk to the housing market,” said Ruben Gonzalez, chief economist at Keller Williams.

“Mortgage rates are rock-bottom, and most homebuyers are much older than the typical customer-facing employee laid off during the Covid epidemic, but lending standards have tightened."

"We doubt this will be enough to push activity down materially anytime soon, but we don’t expect further big gains in home sales,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Market reaction:

The Dow Jones Industrial Average and the S&P 500 were both down in Thursday morning trading. ... 2020-10-22

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Post by thelivyjr » Thu Oct 22, 2020 1:40 p


"U.S. jobless claims sink 55,000 to pandemic low of 787,000 as California comes back on line"

By Jeffry Bartash

Published: Oct. 22, 2020 at 12:37 p.m. ET

The numbers:

The number of Americans who lost their jobs and applied for unemployment benefits in mid-October slid to a new pandemic low in a welcome sign for the economy, but the decline stemmed in part from fewer new claims in California after a temporary applications freeze.

Initial jobless claims filed through state programs fell by 55,000 to 787,000 in the seven days ended Oct. 17, marking the first time they’ve dropped below 800,000 since the coronvirus epidemic began in March.

Economists polled by MarketWatch had forecast new claims to fall to 860,000 in the week ended Oct. 17.

New claims in the prior week were also lowered to 842,000 from 898,000, the Labor Department reported Thursday, in an unusually large revision.

What makes the latest report harder to decipher was the inclusion again of new jobless claims from California after a two-week pause.

The state stopped accepting applications temporarily to work down a large backload, update its computer systems, and install new fraud-detection measures.

The updated figures from California also contributed heavily to the large downward revision two weeks ago.

What happened:

California said new jobless claims totaled an unadjusted 158,877 in the past week, down from 176,083 two weeks ago.

The state’s numbers had been frozen at 226,179 in the U.S. Labor Department’s national summary while it worked to improve its unemployment-compensation system.

California typically accounts for almost 20% of all new jobless claims in the country, but it’s run closer to 30% during the coronavirus pandemic.

The state’s latest weekly figures put it closer to its usual trend relative to the rest of the nation, but it’s unclear if the pause had any effect on new filings.

Continuing jobless claims filed through state programs, meanwhile, sank by 1.02 million to a seasonally adjusted 8.37 million in the week ended Oct 10.

That’s yet another pandemic low.

The decline isn’t as good as it looks, though.

A large number of people no longer getting paid state benefits have been shifted into a federal program that offers extended compensation.

Federal continuing claims have almost tripled since August to 3.3 million.

Altogether, the number of people receiving benefits from eight separate state and federal programs fell by 1.05 million to unadjusted 23.2 million as of Oct. 3, the latest data available.

Some economists question the accuracy of the estimate since other government data indicates unemployment is significantly lower.

Big picture:

The number of people applying for benefits each week had been stuck for two months in the 800,000s, suggesting that either more layoffs were taking place or that the rate of hiring had slowed.

Whether the improvement in the labor market has resumed, as suggested by the latest claims report, is something Wall Street will watch closely in the next few weeks.

Other economic reports suggest the speed of the recovery has slowed, a potentially troubling trend that could get even worse amid another rise in coronavirus cases.

Many economists contend another big government stimulus is needed to help the U.S. avoid further slippage, but Washington is hardly any closer to a deal than it was three months ago when most major federal benefits expired.

What they are saying?

“The downtrend in claims is good news, but the level is still extremely high by historical standards,” said chief economist Scott Brown of Raymond James.

“The labor market remains under stress with risk of permanent damage from an uncontrolled virus,” said chief U.S. economist Rubeela Farooqi of High Frequency Economics.

Market reaction:

The Dow Jones Industrial Average and S&P 500 fell slightly in Thursday trades. ... 2020-10-22

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Post by thelivyjr » Fri Oct 23, 2020 1:40 p

CNBC Bonds

"10-year Treasury yield rises for a 7th straight day to four-month high"

Yun Li @YunLi626, Vicky McKeever @vmckeevercnbc

Published Fri, Oct 23 20205:10 AM EDT Updated Fri, Oct 23 20208:47 AM EDT

U.S. Treasury yields extended their move higher on Friday as investors monitored signs of progress on a stimulus deal in Washington.

The yield on the benchmark 10-year Treasury note climbed for a seventh straight day to 0.859%, the highest level since June.

The yield on the 30-year Treasury bond also rose slightly to 1.680%.

Yields move inversely to prices.

Yields climbed after House Speaker Nancy Pelosi suggested Thursday that progress was being made in negotiations with the White House over an economic stimulus package and an expected a deal could be signed “pretty soon.”

Positive news on the coronavirus treatment front also drove investors out of safe bonds.

Gilead Sciences said the Food and Drug Administration approved the company’s drug, remdesivir, for use as a treatment against the coronavirus.

Rising yields also followed the final U.S. presidential debate between President Donald Trump and Democratic candidate Joe Biden on Thursday evening.

Investors will also have a eye on flash Markit PMI (purchasing managers’ index) readings, expected at 9:45 a.m. ET, for an indication as to the health of the country’s economic recovery.

No auctions by the U.S. Treasury are scheduled for Friday. ... opes-.html

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Post by thelivyjr » Fri Oct 23, 2020 1:40 p


"Oil falls about 2% on Libyan output, COVID-19 demand concerns"

By Laila Kearney

October 22, 20209:11 PM

NEW YORK (Reuters) - Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.

Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.

“As soon as that came out, the market cratered,” said Bob Yawger, director of energy futures at Mizuho in New York.

U.S. crude settled at $39.85 a barrel, falling 79 cents, or 1.9%.

Brent crude settled at $41.77 a barrel, losing 69 cents, or 1.6%.

For the week, U.S. crude futures lost 2.5% and Brent futures shed 2.7%.

Italy and several U.S. states reported record daily increases in infections, while France extended curfews for about two-thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.

“What’s holding us back is the uncertainty about demand - when we’re going to get a vaccine, when things are going to get back to normal, concerns about more shutdowns,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Russian President Vladimir Putin on Thursday said Moscow did not rule out extending OPEC+ oil output cuts, but that assurance did not offset the expectations for rising Libyan output and demand worries, analysts said.

“They need to say, ‘We are not going to bring back those two million barrels,’” Yawger said.

OPEC+, which includes Russia and the Organization of the Petroleum Exporting Countries, is due to increase production by 2 million bpd in January 2021.

U.S. energy companies added five oil rigs to raise the total rig count to 287 in the week to Oct. 23, the highest since May, energy services firm Baker Hughes Co said.

The rig count is an indicator of future supply.

Additional reporting by Alex Lawler in LONDON and Aaron Sheldrick in TOKYO; Editing by Marguerita Choy, David Goodman and Sonya Hepinstall ... KL8N2HE2BW

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Post by thelivyjr » Fri Oct 23, 2020 1:40 p

Yahoo Finance

"Stocks mixed as stimulus fears bite, Intel sinks after rough Q3"

Emily McCormick·Reporter

Fri, October 23, 2020, 4:04 PM EDT

Stocks reversed earlier gains and ended mixed on Friday, as investors continued to eye commentary from officials around stimulus talks and considered the final presidential debate.

The S&P 500 and Nasdaq ended the day slightly higher, although the blue-chip index still logged its first weekly loss in a month after declining early in the week.

The Dow ended in the red as a couple of components declined after posting disappointing quarterly results.

Shares of Intel sold off more than 10% after the company unexpectedly posted a quarterly decline in data center chip sales, driven by a near-halving of revenue from enterprise and government clients during to the pandemic.

Shares of peer Dow component American Express also declined, after the company reported third-quarter profit that missed consensus expectations.

Meanwhile, Gilead’s stock rose but then pared gains after the company’s COVID-19 antiviral treatment remdesivir became the first to receive formal approval from the U.S. Food and Drug Administration.

The drug was used as part of President Donald Trump’s treatment following his COVID-19 diagnosis this month.

During the regular session Thursday, the three major indices got a boost after House Speaker Nancy Pelosi told reporters in Washington that negotiators were “just about there” when it came to hashing out a deal for more virus-relief aid, stoking optimism that negotiators would manage to settle their differences and reach an agreement this week.

However, Friday morning, White House economic adviser Larry Kudlow said on Bloomberg TV that “the ball’s not moving much right now” in discussions, and that he doesn’t “want to make any predictions” on timing of an agreement.

Investors have been on edge over whether a deal would get done – and legislation actually passed – ahead of the November election.

Just earlier this week, Pelosi had set a Tuesday deadline to come to an agreement with the White House, but later moved that goalpost out further and said she was eyeing a deal by the end of the week.

And Senate Republicans have so far opposed passing a multi-trillion-dollar relief package, raising the specter that any major deal reached between House Democrats and the White House would ultimately get struck down.

Data earlier in the day underscored the extent of the economic damage with the coronavirus pandemic and lack of stimulus both still at play.

While headline new jobless claims fell more than expected last week, another more than half-million Americans exhausted regular state benefits and rolled onto a longer-term unemployment compensation program, suggesting a large number of individuals put out of work earlier on during the pandemic were still unemployed.

Here’s where the major equity indices ended the session on Friday:

S&P 500: +11.92 points (+0.35%) to 3,465.41

Dow: -28.03 points (-0.1%) to 28,335.63

Nasdaq: +42.28 points (+0.37%) to 11,548.28

Activity in the U.S. service sector picked up more than expected in October, according to IHS Markit’s preliminary October purchasing managers’ index (PMI).

The index climbed to 56.0 for the month from 54.6 in September, with consensus economists having expected the index to remain at the same level in October.

This marked the highest level since February 2019.

U.S. manufacturing sector activity also rose by the most since early 2019, with its PMI ticking up to 53.3 from 53.2 in September.

Readings above the neutral level of 50.0 indicate expansion in a sector.

Here’s what Chris Williamson, chief business economist for IHS Markit, had to say in a statement of improvements:

“The US economy looks to have started the fourth quarter on a strong footing, with business activity growing at a rate not seen since early 2019.

"The service sector led the expansion as increasing numbers of companies adapted to life with COVID19, while manufacturing continued to report solid growth amid rising demand from households and businesses."

"A slowdown in hiring and weaker new order inflows were in part attributable to hesitancy in decision making ahead of the presidential election."

"More encouragingly, business optimism surged higher, indicating that firms have become increasingly positive about prospects for the coming year amid hopes of renewed stimulus, COVID-19 containment measures gradually easing and greater certainty for businesses and households after the presidential elections.” ... 14917.html

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Post by thelivyjr » Fri Oct 23, 2020 1:40 p

IHS Markit Flash U.S.Composite PMI

"Recovery gains momentum amid sustained upturn in demand

23rd October 2020


▪ Flash U.S. Composite Output Index at 55.5 (54.3 in September). 20-month high.

▪ Flash U.S. Services Business Activity Index at 56.0 (54.6 in September). 20-month high.

▪ Flash U.S. Manufacturing PMI at 53.3 (53.2 in September). 21-month high.

▪ Flash U.S. Manufacturing Output Index at 53.0 (53.1 in September). 2-month low.

Data collected October12-22

U.S. output growth regained growth momentum in October, as business activity rose at the fastest rate for 20 months and business optimism improved markedly.

The upturn was largely driven by service providers, though manufacturing firms also reported a further solid increase in production.

Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 55.5 at the start of the final quarter of 2020, up from 54.3 in September and signalling the fastest increase in private sector business activity since February 2019.

Service sector firms recorded a marked and accelerated rate of expansion in output.

The composite index is based on original survey data from IHS Markit’s PMI surveys of both services and manufacturing.

The quicker pace of increase in activity signalled the return of growth momentum, following a slight dip in the pace of expansion at the end of the third quarter.

Although the upturn in activity quickened, the pace of new business growth eased slightly in October.

Slower expansions in new orders were seen among manufacturers and service providers, with some firms stating that the ongoing impact of the coronavirus disease 2019 (COVID-19) pandemic had weighed on demand.

Other companies noted that a number of clients were holding back on placing orders until after the upcoming presidential election.

Nonetheless, the rise in new business remained solid overall and was the second-fastest since March 2019.

Meanwhile, the increase in foreign client demand slowed notably, as manufacturers registered a renewed contraction in new export orders.

With the rate of growth in activity outpacing that of new orders, firms recorded a slower accumulation in backlogs of work.

As a result of this reduced pressure on capacity, companies expanded their workforce numbers at a slower rate than that seen in September.

On the price front, input costs rose strongly in October, albeit at the slowest pace for four months.

The softer rise was driven by service providers, as manufacturers indicated a faster increase in cost burdens.

At the same time, the rate of output charge inflation eased, as firms sought to boost sales by price discounting and struggled to pass on higher costs to clients.

Finally, business confidence picked up notably across the manufacturing and service sectors, signalling the greatest degree of confidence since May 2018.

Greater optimism regarding the outlook for output over the coming year stemmed from expectations of sustained client demand, political uncertainty easing after the election and hopes of an end to COVID-19 related restrictions at some point over the coming year.

IHS Markit Flash U.S. Services PMI

The seasonally adjusted IHSMarkit Flash U.S. Services PMI Business Activity Index registered 56.0 in October, up from 54.6 in September.

The index reading bounced back from the slight dip seen at the end of the third quarter, and indicated the sharpest expansion in business activity since February 2019.

The rate of new business growth remained strong overall in October, but softened amid ongoing COVID-19 restrictions and a slower expansion of new export business.

Reflecting softer pressure on capacity, firms increased their work force numbers at a slower pace in October.

The rate of employment growth was faster than the series average, but dipped to a three-month low.

Meanwhile, inflationary pressures also eased.

Despite a further strong rise in cost burdens, service providers sought to generate more sales and limit increases in output charges.

Service sector firms were, however, much more upbeat regarding the outlook for business activity over the next year.

The degree of optimism was the strongest since April 2018 amid hopes of an end to COVID-19 restrictions.

IHS Markit Flash U.S. Manufacturing PMI

Goods producers signalled the quickest improvement in the health of the manufacturing sector since the start of 2019, as highlighted by the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index posting 53.3, up fractionally from 53.2 in September.

October data signalled a fourth successive monthly expansion and a further move away from the substantial contraction seen in April.

Despite the rate of production growth slowing at the start of the fourth quarter, the expansion in new orders accelerated and was the sharpest since January 2019.

The upturn broadly stemmed from domestic clients as new export orders fell for the first time since July.

Nonetheless, firms were better able to process new business inflows as the accumulation in backlogs of work eased to only a marginal rate.

As such, manufacturers registered a slower rise in employment in October.

Some firms, however, stated that difficulties finding suitable candidates weighed on their ability to hire.

In line with their service sector counterparts, manufacturers indicated greater confidence in the outlook for output.

Goods producers noted the increased use of discounting to attract clients during October, with selling prices rising only moderately.

In contrast, cost burdens rose the steepest rate since January 2019 amid supplier shortages.


Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said: “The US economy looks to have started the fourth quarter on a strong footing, with business activity growing at a rate not seen since early 2019."

"The service sector led the expansion as increasing numbers of companies adapted to life with COVID-19, while manufacturing continued to report solid growth amid rising demand from households and businesses.“

"A slowdown in hiring and weaker new order inflows were in part attributable to hesitancy in decision making ahead of the presidential election."

"More encouragingly, business optimism surged higher, indicating that firms have become increasingly positive about prospects for the coming year amid hopes of renewed stimulus, COVID-19 containment measures gradually easing and greater certainty for businesses and households after the presidential elections.” ... 4655469302

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Post by thelivyjr » Mon Oct 26, 2020 1:40 p


"Pelosi unveils 25th Amendment bid, questions Trump's fitness"


October 9, 2020

WASHINGTON (AP) — House Speaker Nancy Pelosi unveiled legislation Friday that would allow Congress to intervene under the 25th Amendment to the Constitution to remove the president, insisting it’s not about President Donald Trump but inspired by the need for greater congressional oversight of his White House.

Pelosi has been raising questions about Trump’s mental fitness since his COVID-19 diagnosis and demanding more transparency about his health.

The bill would set up a commission to assess the president’s ability to lead the country and ensure a continuity of government.

It comes one year after Pelosi’s House launched impeachment proceedings against Trump.

“This is not about President Donald Trump — he will face the judgment of the voters,” Pelosi said at a press conference at the Capitol.

Just weeks before the Nov. 3 election, with no hopes of the bill becoming law, the rollout was quickly dismissed as a stunt by Trump’s team and top allies.

“It’s an absurd proposal,” said White House press secretary Kayleigh McEnany on Fox.

“Absolutely absurd,” said Senate Majority Leader McConnell during an appearance in

The president’s opponents have discussed invoking the 25th Amendment for some time, but are raising it now, so close to Election Day, as the campaigns are fast turning into a referendum on Trump’s handling of the coronavirus pandemic.

Pelosi said Trump needs to disclose more about his health after his COVID-19 diagnosis and when, exactly, he first contracted COVID as others in the White House have become infected.

More than 210,000 Americans have died and millions more have tested positive for the virus, which shows no signs of abating heading into what public health experts warn will be a difficult flu season and winter.

The legislation that would create a commission as outlined under the 25th Amendment, which was passed by Congress and ratified in 1967 as a way to ensure a continuity of power in the aftermath of President John F. Kennedy’s assassination.

It says the vice president and a majority of principal officers of the executive departments “or of such other body as Congress” may by law provide a declaration to Congress that the president “is unable to discharge the powers and duties of his office.”

At that point, the vice president would immediately assume the powers of acting president.

“Let Congress exert the power the Constitution gave us,” Pelosi said Friday standing before a poster of the amendment.

Pelosi was joined by Rep. Jamie Raskin, D-Md., a constitutional scholar, who has proposed similar bills in the past.

“In times of chaos we must hold fast to our Constitution,” he said Friday.

Raskin said the commission would be launched “only for the most extreme situations.”

But, as Congress showed by impeaching — and acquitting the president over the past year — the legislative branch is determined to exert itself at times as a check on the executive branch.

“Congress has a role to play,” Raskin said.

Trump says he “feels great” after being hospitalized and is back at work in the White House.

But his doctors have given mixed signals about his diagnosis and treatment.

Trump plans to resume campaigning soon.

Congress is not in legislative session, and so any serious consideration of the measure, let alone votes in the House or Senate, is unlikely.

But the bill serves as a political tool to stoke questions about Trump’s health as his own White House is hit by an outbreak infecting top aides, staff and visitors, including senators.

In a stunning admission, McConnell said Thursday that he had stopped going to the White House two months ago because he disagreed with its coronavirus protocols.

His last visit was Aug. 6.

“My impression was their approach to how to handle this was different from mine and what I insisted we do in the Senate, which is to wear a mask and practice social distancing,” McConnell said at a campaign stop in northern Kentucky for his own reelection.

Associated Press writers Bruce Schreiner in Frankfort, Kentucky, and Aamer Madhani, Laurie Kellman and Padmananda Rama in Washington contributed to this report. ... 45aa76d435

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Post by thelivyjr » Mon Oct 26, 2020 1:40 p


"Louisiana must prepare for Zeta while still recovering from two hurricanes, governor says"

By Madeline Holcombe and Haley Brink, CNN

Updated 4:06 PM ET, Mon October 26, 2020

(CNN) - With Hurricane Zeta approaching the Gulf Coast, Louisiana is preparing for potential impact while still working to repair the damage from Hurricanes Laura and Delta.

"We must roll up our sleeves, like we always do, and prepare for a potential impact to Louisiana," said Gov. John Bel Edwards.

It has been a very active hurricane season, and it could be record setting for Louisiana.

Zeta is forecast to reach the state at or near hurricane strength Wednesday -- and if it does, it will set the record for most named storms in the state in one season.

It would be the fifth, following Cristobal, Laura, Marco, and Delta.

Zeta would also bring Louisiana to tie with Florida in 2005 as the most landfalls in any state in one season.

"This storm is expected to make landfall somewhere on the Gulf Coast by midweek, meaning we have a few days to prepare."

"As we've seen this hurricane season, a tropical threat during the ongoing COVID-19 emergency is challenging, but something we can handle," Edwards said in a tweet.

As of Monday afternoon, Zeta was still about 100 miles southeast of Cozumel, Mexico and moving to the northwest at 10 mph.

Maximum sustained winds are now 80 mph, making Zeta the 11th hurricane of the hyperactive season.

"While the current NHC forecast indicates that the system should weaken below hurricane strength before landfall, users are reminded that strong tropical storms can still produce significant storm surge, rainfall, and wind impacts along the northern Gulf Coast" the National Hurricane Center said Sunday.

And the area is still reeling from back to back storms.

Hurricane Laura struck as the strongest storm in Louisiana since 1856 in late August.

In Louisiana and Texas, the storm destroyed homes and structures in its path and killed at least 25 people.

More than 8,000 Hurricane Laura evacuees were in shelters six weeks later when Delta struck, Edwards said.

Hurricane Delta left a trail of "hazards like flooded roads, downed power lines and displaced wildlife" across the state, Edwards tweeted at the time.

The storm killed at least four people, spawned more than 10 tornado reports from the Gulf Coast to the Carolinas, and covered part of Louisiana in more than 17 inches of rain.

"Even if it wasn't quite as powerful as Hurricane Laura, it was much bigger," Edwards said of Delta.

"Obviously, this was a very serious, very large and powerful storm that produced significant amounts of damage."

Zeta is the 27th named storm of the 2020 Atlantic Hurricane season, tying a record set in 2005 for named storms, according to the National Weather Service.

CNN's Melissa Alonso contributed to this report. ... index.html

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Post by thelivyjr » Mon Oct 26, 2020 1:40 p

City Journal - A publication of Manhattan Institute

"To Destroy America - As its Marxist pedigree makes clear, Black Lives Matter is committed to overthrowing our entire system."

Mike Gonzalez

September 1, 2020

The protests that sprang up in the wake of George Floyd’s killing in Minneapolis seemed like spontaneous outpourings of grief and anger.

They weren’t entirely.

Though many who joined their ranks may have been moved by outrage at the images of Floyd’s death, those operating behind the scenes have prepared for this moment for a long time.

Indeed, the leaders of the Black Lives Matter organizations fueling this summer’s disturbances were trained by self-described Marxist revolutionaries who have long used the plight of black Americans as justification for overthrowing America’s constitutional order.

They frankly admit that such “organizing” is the key to their goal of world revolution.

Our political leaders owe it to themselves and to their fellow Americans to understand this blueprint before rhetorically embracing, let alone implementing, the radical changes that the protesters and rioters are demanding.

The goal of upending the American system is, moreover, also evident among the consultants now conducting “anti-racism training” within major corporations and foundations.

These facilitators of anti-white struggle sessions disdain the capitalist system and seek its replacement — and the mainstream media cheers them on.

In a July New York Times article on the BLM movement, Douglas McAdams, professor emeritus at Stanford, wrote: “It looks, for all the world, like these protests are achieving what very few do: setting in motion a period of significant, sustained, and widespread social, political change."

"We appear to be experiencing a social change tipping point — that is as rare in society as it is potentially consequential.”

But who initiated this demand for change?

After the initial protests following Floyd’s death, public outrage was channeled — by trained activists working from a playbook — into manifestations that often grew riotous.

The Black Lives Matters Global Network and Movement for Black Lives organizations have been the nerve center of the protests.

They have been laying the groundwork for years, carefully cultivating a network of groups that could organize protests when the moment came and amplify the message through social media.

Consider the BLM Global Network.

The three women who thought up the BLM name in 2013, and then added the hashtag, later founded the global network.

They remain in charge.

As the New York Times Magazine explained, “while much of the nation’s attention drifted away from Black Lives Matter, organizers and activists weren’t dormant.”

One of the three founders, Alicia Garza, said that “the movement’s first generation of organizers has been working steadily to become savvier and even more strategic over the past seven years, and have been joined by motivated younger leaders.”

As the Times report elaborates, “One of the reasons there have been protests in so many places in the United States is the backing of organizations like Black Lives Matter.

"While the group isn’t necessarily directing each protest, it provides materials, guidance and a framework for new activists.”

Deva Woodly, a professor at the New School, told a Times reporter that, “those activists are taking to social media to quickly share protest details to a wide audience."

". . . These figures would make the recent protests the largest movement in the country’s history.”

Melina Abdullah, of BLM’s Los Angeles chapter, told an interviewer that the demonstrations in that city had been strategically planned: “We built kind of an organizing strategy that said, build black community [to] disrupt white supremacy.”

Their targets, she said, were the neighborhoods where “white affluent folks” lived.

“That’s one of the reasons the marches and the protests were in Beverly Hills.”

A Los Angeles Times story emphasizes the central role that the BLM organization played, saying: “The unprecedented size and scope of recent rallies speaks to how Black Lives Matter has transformed from a small but passionate movement into a cultural and political phenomenon.”

Weeks after Floyd was killed, BLM members were “continuing to channel their outrage and grief over his killing into a sustained mass campaign for profound social change."

"The group has political sway that would have seemed unimaginable just a few months ago.”

In a 2015 interview, Patrice Cullors, another of the three founders, said that she and Garza were “trained Marxists.”

Abdullah, of the Los Angeles BLM chapter, was born a red-diaper baby — “Raised in the 70s, in the picket lines of Oakland, by activist parents,” as the interviewer put it.

Her paternal grandfather was Gunter Reimann, a member of the German Communist Party.

Garza cut her organizing teeth as director of People Organized to Win Employment Rights (POWER), founded by Marxists Garth Ferguson, Patty Snitzler, Regina Douglas, Brian Russell, and Steve Williams.

To Williams we owe the concept of “transformative organizing,” which insists “that effective organizing for social change cannot simply be based on an apolitical and highly specific analysis of what is possible in the short term.”

Cullors trained for a decade as a radical organizer in the Labor/Community Strategy Center, established and run by Eric Mann, a former member of the Weather Underground, the 1960s radical faction identified by the FBI as a domestic terrorist group.

The “Weathermen” explained in their 1969 foundational statement that they were dedicated to “the destruction of U.S. imperialism and the achievement of classless world: world communism.”

The ties between the BLM Global Network and the Weathermen run deep.

National Review’s Andrew McCarthy revealed in a recent exposé that Weather Underground supporter Susan Rosenberg, whose 1984 sentence of 58 years in prison for possession “of 740 pounds of explosives, an Uzi submachine gun, an M-14 rifle, another rifle with a telescopic sight, a sawed-off shotgun, three 9-millimeter handguns in purses and boxes of ammunition” was commuted by President Bill Clinton, serves as vice chair of the board of directors of Thousand Currents — the radical, grantmaking institution that until July sponsored the BLM Global Network.

Rosenberg was also sought on federal charges that she aided the 1979 prison escape of Joanne Chesimard, a Communist now living in Cuba, and whom Cullors quotes approvingly in her book When They Call You a Terrorist.

(Since July, the Global Center has become “a project” of the Tides Center, another donor and supporter of the hard Left and its ideas).

Mann, who served 18 months in prison for assault and battery and disturbing the peace, remains committed to overthrowing the American system and achieving world revolution through organizing.

He calls his Strategy Center the “Harvard of Revolutionary graduate schools,” or “the University of Caracas Revolutionary Graduate School.”

The Center’s purpose, he told a seminar at the University of California, San Diego in 2008, is “to build an anti-racist, anti-imperialist, anti-fascist united front.”

Mann says that the Center must teach people to organize strategically because “people think they can join an organization, and go out, and change the most dictatorial country in the world by just showing up."

"We don’t think so."

"Organizing is a skill, is a vocation.”

During the Center’s “six-month, intensive training program,” classes offer a mix of theory — Mann’s wife teaches a class on “problems of imperialism, women’s studies, strategies and tactics” — with street activism, where students are held accountable.

“How many people did you organize?"

"How did it go?”

They also teach how to raise funds.

“If we’re going to build a revolution, you gotta ask people for money . . . the poor must pay for their own liberation, so we need to teach you to ask for money,” Mann told the students.

“I spend my time organizing mainly young people who want to be revolutionaries,” Mann said.

If you’re not in organizing, “your life is meaningless,” and you risk becoming a “bourgeois pig.”

The challenge for students, Mann told the class, was to ask themselves, “Am I making decisions to change the system?"

"Am I being tied to the masses?”

Universities serve as vital centers of recruitment and radicalization.

“The university,” Mann explained, “is the place where Mao Zedong was radicalized, where Lenin and Fidel were radicalized, where Che was radicalized."

"The concept of the radical middle class of the colonized people, or in my case the radical middle class of the privileged people, is a model of a certain type of revolutionary.”

The goal for students, he told his class, was to “Take this country away from the white settler state, take this country away from imperialism and have an anti-racist, anti-imperialist and anti-fascist revolution.”

In their 1969 declaration, You Don’t Need a Weatherman to Know Which Way the Wind Blows, Bill Ayers, Bernardine Dohrn, John Jacobs, and other revolutionary leaders of the Weather Underground spoke of black people not so much as the reason for their push to destroy American society and institute world Communism, but as a means to achieve their goals.

American blacks were considered a colonized subject of the United States, along with the people of Vietnam and Bolivia — another victim of U.S. imperialism.

Their liberation was secondary to the general struggle; seeking black liberation for its own sake was just a form of bourgeois nationalism.

“No black self-determination could be won which would not result in a victory for the international revolution as a whole,” the document affirmed.

These are the ideological sources for what could be the largest radical movement in American history — one that could lead to real policy changes.

One component is street pressure, driven by the likes of Mann and Cullors.

Another takes place in plusher environments, such as Fortune 500 companies or the halls of Congress.

Consultants like White Fragility author Robin DiAngelo told 184 Democratic legislators in a conference call in June that their policies hurt black lives.

DiAngelo told The New York Times that “capitalism is so bound up with racism."

"… [it] is dependent on inequality, on an underclass."

"If the model is profit over everything, you’re not going to look at your policies to see what is most racially equitable.”

Up to now, the American system has resisted socialism by offering prosperity and opportunity.

Our politicians today need to understand what they’re facing from the BLM movement and what is at stake.

The “white settler state” of Eric Mann’s fevered mind is in reality the American constitutional order.

The imperialism that Mann, Rosenberg, DiAngelo, and others imagine is the American free-market system that has been the most successful weapon against poverty ever devised.

Political leaders of either party feeling pressured to adopt BLM policies or even just mouth the rhetoric should spend some time examining the movement’s intellectual sources — and its political goals.

Mike Gonzalez is the Angeles T. Arredondo senior fellow on E Pluribus Unum at The Heritage Foundation. He is the author of the new book The Plot to Change America: How Identity Politics is Dividing the Land of the Free.

City Journal is a publication of the Manhattan Institute for Policy Research (MI), a leading free-market think tank. ... ves-matter

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