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Reuters / March 18, 2020 Pressure is growing in Washington for the U.S. Federal Reserve to use its emergency powers to lend directly to businesses hurt by the coronavirus. The U.S. Treasury, senior bankers, the U.S. Chamber of Commerce, and some senior senators want the central bank to make broader use of its powers under Section 13(3) of the Federal Reserve Act to provide credit directly to businesses under “unusual and exigent” circumstances. On Tuesday, the Fed used that authority to resurrect a pair of 2008 financial crisis-era programs aimed at boosting liquidity for the two dozen banks that transact directly with the Fed and to unclog a short-term funding market essential to large corporations. But those programs do not get funds directly to small businesses, a lynchpin of the U.S. economy. Bolstering this sector is seen as critical at a time that measures taken to contain the virus outbreak have started forcing closures of enterprises ranging from corner bodegas and restaurants to fashion boutiques and health spas. Policymakers are wrestling with unprecedented issues, including which type of businesses the Fed could lend to and at what rate, what collateral the Fed would need in return, what extra conditions it should impose on the loans, and how the Treasury would backstop the risk. Any such plan would have to be approved by the Treasury, which would also have to guarantee the loans because the Fed is not allowed to take on such large credit risk. The Treasury had indicated a willingness to do this. Aspects of such a facility may also require approval from Congress, and some lawmakers may be reluctant to hand so much power to the Fed, an independent agency. In recent interviews, Treasury secretary Steven Mnuchin has said he wants to see the Fed’s powers expanded by Congress after they were curtailed following the financial crisis. In a news conference on Sunday night after the Fed slashed interest rates to near zero and announced new bond purchases, Fed chair Jerome Powell said he felt the central bank’s existing authority was adequate, and asking Congress for new powers “is not something we’re actively considering right now…I think we do have plenty of space to adjust our policy.” The Fed is reluctant to become a direct lender to large portions of the economy, preferring to focus on providing liquidity to the financial system and leave fiscal stimulus measures to Congress instead. Members of the Treasury Borrowing Advisory Committee (TBAC), which regularly talks with the administration on market issues, have discussed ways in which the Fed can use its emergency power to support smaller businesses in phone calls over the past week. Some TBAC members are concerned that securing needed approvals could take weeks, while measures are required immediately to support the economy. But they believe there was already enough momentum on Capitol Hill for measures to be approved in days, adding that Congress had been able to move swiftly to adopt fiscal measures after the terrorist attacks of 9/11. With liquidity rapidly drying up in short-term funding markets, the Fed has taken a raft of measures over the past week to ease the strain, including urging banks to use its discount window and providing cash through the commercial paper markets. Those interventions lead the U.S. markets to briefly rebound 6% on Tuesday, but with markets falling again 8% on Wednesday, investors, bankers and lobbyists said the Fed may need to take further steps to ease liquidity strain.

Congresswoman Katie Porter can be my lawyer anytime. The people responsible for health in the US appear clueless. I suspect they know far more then they're sharing with the public, and it's not good news. . .

Nobody hated Rockwell's "Stopmaster" wedge-type brakes back in the 1970's and 1980's more than me. Nobody. However, the modern European wedge brakes actually work well. Solid performance, lower cost and lighter weight wheel ends.

U.S. Virus Plan Anticipates 18-Month Pandemic and Widespread Shortages The New York Times / March 17, 2020 WASHINGTON — A federal government plan to combat the coronavirus warned policymakers last week that a pandemic “will last 18 months or longer” and could include “multiple waves,” resulting in widespread shortages that would strain consumers and the nation’s health care system. The 100-page plan, dated Friday, the same day President Trump declared a national emergency, laid out a grim prognosis for the spread of the virus and outlined a response that would activate agencies across the government and potentially employ special presidential powers to mobilize the private sector. Among the “additional key federal decisions” listed among the options for Mr. Trump was invoking the Defense Production Act (DPA) of 1950, a Korean War-era law that authorizes a president to take extraordinary action to force American industry to ramp up production of critical equipment and supplies such as ventilators, respirators and protective gear for health care workers. “Shortages of products may occur, impacting health care, emergency services, and other elements of critical infrastructure,” the plan warned. “This includes potentially critical shortages of diagnostics, medical supplies (including PPE and pharmaceuticals), and staffing in some locations.” P.P.E. refers to personal protective equipment. The plan continued: “State and local governments, as well as critical infrastructure and communications channels, will be stressed and potentially less reliable. These stresses may also increase the challenges of getting updated messages and coordinating guidance to these jurisdictions directly.” The plan was marked “For Official Use Only // Not For Public Distribution or Release.” Much of the plan is bureaucratic in nature, describing coordination among agencies and actions that in some cases have already been taken, like urging schools to close and large events to be canceled. But its discussion of the Defense Production Act came as lawmakers and others urged Mr. Trump to invoke its powers. President Trump said on Tuesday that he was not ready to invoke the Defense Production Act. “We’re able to do that if we have to. Right now, we haven’t had to, but it’s certainly ready. If I want it, we can do it very quickly. We’ve studied it very closely over two weeks ago, actually. We’ll make that decision pretty quickly if we need it. We hope we don’t need it. It’s a big step.” Passed in 1950 shortly after American troops went to war defending South Korea against an invasion from North Korea, the Defense Production Act was based on powers used during World War II and authorized the president to require businesses to prioritize and accept contracts necessary for national defense. Over the years, its scope has been expanded to include domestic preparedness and national emergencies. A president can make direct loans or loan guarantees and purchase commitments, subsidies or other incentives to influence industry to help in times of crisis. Other key decisions outlined as options for the president include distributing medical supplies and equipment from the Strategic National Stockpile, providing money to states to help them meet demands caused by the coronavirus outbreak and prioritizing the distribution of essential resources to focus on areas most in need. “The spread and severity of Covid-19 will be difficult to forecast and characterize,” the government plan said. It warned of “significant shortages for government, private sector, and individual U.S. consumers.”

U.S. stock-index futures trigger ‘limit-down’ rule. How the stock market “circuit breakers” work A fall of 7% for the S&P 500 index once markets open would trigger a separate circuit-breaker rule that pauses market-wide stock trading for 15 minutes. If the S&P 500 were to extend a fall to 13% on the day in the regular stock market session once trading resumes after a 7% halt, it would trigger another 15-minute halt. However, trading wouldn’t stop if the decline occurred after 3:25 p.m. A 20% drop in the S&P 500 would trigger what’s known as a level three circuit breaker, which would stop trading for the remainder of the session.

They absolutely can !

Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%. Mnuchin's comments came as he urged Republican senators to act on economic stimulus measures totaling $1 trillion designed to avert that kind of worst case scenario. Mnuchin also said he is concerned the economic ramifications of the coronavirus pandemic could be worse than the 2008 financial crisis

Surely they're joking...................????? Reuters / March 17, 2020 The Native American [Indian] gaming industry on Tuesday requested $18 billion in U.S. federal aid as it shut casinos that are [allegedly] the sole source of commercial revenue for dozens of tribes in a bid to slow the coronavirus epidemic.

After working around the globe, I personally want any 85,000 lb (38,555 kg) bogie to have planetary hub reduction axles.

Bloomberg / March 17, 2020 The Trump administration is discussing a plan that could amount to as much as $1.2 trillion in spending -- including direct payments of $1,000 or more to Americans within two weeks -- to blunt some of the economic impact of the widening coronavirus outbreak. Treasury Secretary Steven Mnuchin pitched $250 billion in checks to be sent at the end of April with a second set of checks totaling $500 billion four weeks later if there’s still a national emergency. “Americans need cash now, and the president wants to give cash now. And I mean now, in the next two weeks,” Mnuchin said Tuesday at a White House briefing alongside President Donald Trump. “It is a big number,” Mnuchin said. “This is a very big situation in this economy, we put a proposal on the table that would inject $1 trillion into the economy.” The administration had been discussing a total aid package of $850 billion, but discussions later included spending as much as $1.2 trillion. The cash payments would be part of a stimulus plan Mnuchin is negotiating with Congress. The administration hasn’t decided on how much to send Americans, but wants the checks to exceed $1,000. Mnuchin’s proposal included $300 billion for small business loans, $200 billion in stabilization funds, $250 billion in cash payments and a possible second round of checks. Including tax deferrals, that would bring the cost of the plan to around $1.2 trillion. Mnuchin said the administration will aim not to send checks to millionaires but stressed the need for urgency. The checks will be subject to some kind of income test. Mnuchin also said the government intends to keep stock markets open. Plunging stock prices and the abrupt drop-off of consumer spending during a time of social distancing has crystallized the need for Congress to act quickly and boldly. The Federal Reserve has already used much of its toolbox to shore up the economy, leaving policymakers to dull the extent of the damage with fiscal stimulus. News of stepped-up government efforts to offset the financial damage caused by the outbreak prompted a rebound in U.S. stocks. The S&P 500 jumped as much as 7% before paring back to 4%, continuing a streak of volatility last seen during the Great Depression. The Dow Jones Industrial Average notched a 2% gain. The Senate on Tuesday was poised to take up a House-passed economic relief measure. That package, negotiated by Mnuchin and Pelosi last week and endorsed by the president, pays for virus testing, bolsters unemployment and food assistance and will send tens of billions in fresh aid to states. Its centerpiece gives workers at companies with fewer than 500 employees up to 12 weeks of paid family and sick leave to deal with issues involving the coronavirus, including staying home to care for children home from school. The tax credits for paid family, sick and medical leave in the virus bill would cost nearly $104.9 billion. The idea of issuing checks to Americans has been endorsed by lawmakers across the ideological spectrum. But it may not be practical to get money to Americans as fast as Trump desires. When Congress sent stimulus checks in 2009 to combat the financial crisis it took more than two months from the signing of the bill to checks hitting the mail. It’s quickest and simplest for Congress to send the same amount to every individual person, but still will take months to happen. If lawmakers decide to give more money to lower-income workers, it becomes even more complicated. In a further move to relieve financial stress on average Americans, Mnuchin said that individual taxpayers can get a deadline extension on paying taxes of up to $1 million and corporations can defer tax payments of up to $10 million. The deferments can total as much as $300 billion, Mnuchin said, up from $200 billion he proposed last week. The 90-day delay gives taxpayers additional time to pay their outstanding tax liabilities without interest or penalties. The White House is encouraging taxpayers to still file by April 15 if they don’t owe the IRS any money.

No mention of it on the website..................https://www.macktrucks.com/powertrain-and-suspensions/axles/

If you mean the Federal Reserve dropping interest rates to zero on Sunday, that scares the heck out of me because now the Fed is out of ammunition should things get worse down the road.

Heavy Duty Trucking (HDT) / March 16, 2020 Mack Trucks introduced the Mack S852, an 85,000-lb. gross axle weight rating of its proprietary tandem drive axles, which is available for order now. Customers can spec it for specialized severe-duty or heavy-haul applications on Mack Granite models. For extreme loads at slow speeds, the S852 tandem drive axles have a creep rating of 105,000 lbs. Today’s Mack drive axles are engineered with a double-reduction design and include several design advantages implemented through continuous research and development efforts, according to Mack, such as the use of Durapoid bevel and helical gears. This design provides favorable gear tooth geometry that helps eliminate localized stress and loading on the gear tooth end, providing enhanced strength and longer gear life. Frictional losses are also reduced in this gear design, allowing Mack axles to deliver up to 1.5% improved fuel efficiency. “Low-traction situations can be a challenge for truck drivers, seriously impacting their productivity,” said Roy Horton, Mack Trucks director of product strategy. “To help address that issue, we offer standard inter-axle and optional inter-wheel power dividers that automatically distribute torque between the slipping and non-slipping axle or wheel respectively.” The axles also feature a top-mounted carrier design that is not only less prone to main seal leaks, but also provides more than two inches of additional ground clearance. An additional benefit of Mack’s top-mounted carrier design is improved driveline angles between the drive axles. Instead of a three and a half to eight-degree angle, Mack’s prop shaft angle is just one to two degrees. This maximizes universal joint life, allows for greater axle articulation and reduces vibrations for a smoother ride. It also reduces torque losses for improved efficiency. The new rating comes as Mack celebrates 120 years of drive axle design, engineering and manufacturing this year. “Mack has a long and rich history of engineering and manufacturing its own powertrain components, including drive axles, as it fits with our philosophy that components designed to work together, simply work better,” said Horton. “We welcome the new S852, which will broaden the applications our trucks are built to handle.” .

I would like to see a 180 day deferral (6 months), and we very well might before all is said and done.

This just in from the White House: MarketWatch / March 17, 2020 Treasury Secretary Steven Mnuchin on Tuesday said President Trump has authorized the deferral of $300 billion in payments to the IRS. Mnuchin said if individuals owe a payment, they can defer up to $1 million, and corporations may defer $10 million. The deferrals will be penalty-free for 90 days as the U.S. grapples with the coronavirus crisis.

Croatia is ahead of the game! All countries should do this. ------------------------------------------------------------------------- Reuters / March 17, 2020 Croatia’s government proposed on Tuesday to postpone tax payments for at least three months and make loans available to struggling business in response to the fallout from the coronavirus pandemic. “The goal of our economic measures is to save jobs and secure sufficient liquidity,” Prime Minister Andrej Plenkovic told a cabinet session. Parliament is expected to approve the measures this week. The postponement of tax payments on profit and income, as well as other salary contributions, will be extended for an additional three months if needed. Finance Minister Zdravko Maric said at the end of the six-month period, taxpayers would be able to pay overdue taxes in up to 24 monthly installments without any interest.

CNN's grossly biased headlines and dramatized reporting of the news should all be a crime.

S&P Global's economists today forecast a global recession this year. They now estimate global GDP growth in 2020 at just 1.0%-1.5%, with risks remaining firmly on the downside. IHS Markit now expects a recession to begin in the second quarter, and predicts the downturn will last through the end of the year. They see unemployment rate rising to 6% from the current 50-year low of 3.5%, a large increase that would hinder a recovery. Saudi Aramco Chief Executive Amin Nasser said on Monday that he is “very comfortable” with $30 oil. Goldman Sachs says oil consumption is down by 8 million barrels a day. The bank expects West Texas Intermediate (WTI) to trade higher than Brent this quarter, and cut its Brent forecast for the second quarter to just $20 a barrel.

Wall Street Journal / March 14, 2020 U.S. highway-safety regulators are suspending rules that limit daily driving hours for truck drivers moving emergency supplies such as medical equipment, hand sanitizer and food in response to the nationwide coronavirus outbreak. The Transportation Department’s Federal Motor Carrier Safety Administration announced the nationwide exemption late Friday, following President Trump’s declaration of a national emergency over the pandemic. The move “will help America’s commercial drivers get these critical goods to impacted areas faster and more efficiently,” FMCSA Acting Administrator Jim Mullen said. It comes as hospitals report shortages of medical masks and as retailers and manufacturers are straining under surging demand for everything from hand sanitizer to staples such as toilet paper and rice. As anxious consumers stockpile goods, grocers have turned to rationing, imposing purchase limits on disinfectant wipes, cleaning supplies and other high-demand products. The move is the first time the FMCSA has issued nationwide-wide relief from hours-of-service regulations, although regional declarations have waived those rules in response to disasters such as hurricanes. Federal regulations limit most commercial truck drivers to 11 hours of driving time in a 14-hour workday, restrictions intended to reduce accidents caused by highway fatigue. The national emergency declaration applies to carriers providing direct assistance to relief efforts tied to the coronavirus pandemic, such as moving medical supplies and equipment to test, diagnose and treat Covid-19. It also applies to those hauling goods to help prevent its spread, including masks, gloves, hand sanitizer and disinfectants. Drivers transporting “food for emergency restocking of stores” are also covered by the declaration. It also applies to motor carriers moving medical and emergency services providers, people needed to set up and manage temporary housing and quarantine facilities, and people being moved for medical, isolation or quarantine purposes, the agency said. The declaration doesn’t apply to routine commercial deliveries or truckers hauling mixed loads that include essential supplies. Drivers that inform motor carriers they need immediate rest must be permitted at least 10 consecutive hours off duty.

Coronavirus vaccine test opens with 1st doses Associated Press / March 15, 2020 SEATTLE — U.S. researchers gave the first shots in a first test of an experimental coronavirus vaccine Monday, leading off a worldwide hunt for protection even as the pandemic surges. With careful jabs in the arms of four healthy volunteers, scientists at the Kaiser Permanente Washington Research Institute in Seattle began an anxiously awaited first-stage study of a potential COVID-19 vaccine developed in record time after the new virus exploded out of China and fanned out across the globe. The Associated Press observed as the study’s first participant, an operations manager at a small tech company, received the injection in an exam room. Monday’s milestone marked just the beginning of a series of studies in people needed to prove whether the shots are safe and could work. Even if the research goes well, a vaccine would not be available for widespread use for 12 to 18 months, said Dr. Anthony Fauci of the U.S. National Institutes of Health. At a news conference, President Donald Trump praised how quickly the research had progressed. Fauci noted that 65 days have passed since Chinese scientists shared the virus’ genetic sequence. He said he believed that was a record for developing a vaccine to test. This vaccine candidate, code-named mRNA-1273, was developed by the NIH and Massachusetts-based biotechnology company Moderna Inc. There’s no chance participants could get infected because the shots do not contain the coronavirus itself. It’s not the only potential vaccine in the pipeline. Dozens of research groups around the world are racing to create a vaccine against COVID-19. Another candidate, made by Inovio Pharmaceuticals, is expected to begin its own safety study next month in the U.S., China and South Korea. The Seattle experiment got underway days after the World Health Organization (WHO) declared the new virus outbreak a pandemic because of its rapid global spread, which has infected more than 169,000 people and killed more than 6,500. Starting what scientists call a first-in-humans study is a momentous occasion for scientists, but Jackson described her team’s mood as “subdued.” They’ve been working around-the-clock readying the research in a part of the U.S. struck early and hard by the virus. Still, “going from not even knowing that this virus was out there ... to have any vaccine” in testing in about two months is unprecedented, Jackson told the AP. Some of the study’s carefully chosen healthy volunteers, ages 18 to 55, will get higher dosages than others to test how strong the inoculations should be. Scientists will check for any side effects and draw blood samples to test if the vaccine is revving up the immune system, looking for encouraging clues like the NIH earlier found in vaccinated mice. “We don’t know whether this vaccine will induce an immune response or whether it will be safe. That’s why we’re doing a trial,” Jackson stressed. “It’s not at the stage where it would be possible or prudent to give it to the general population.” Most of the vaccine research under way globally targets a protein aptly named “spike” that studs the surface of the new coronavirus and lets it invade human cells. Block that protein and people cannot get infected. Researchers at the NIH copied the section of the virus’ genetic code that contains the instructions for cells to create the spike protein. Moderna encased that “messenger RNA” into a vaccine. The idea: The body will become a mini-factory, producing some harmless spike protein. When the immune system spots the foreign protein, it will make antibodies to attack — and be primed to react quickly if the person later encounters the real virus. That’s a much faster way of producing a vaccine than the traditional approach of growing virus in the lab and preparing shots from either killed or weakened versions of it. But because vaccines are given to millions of healthy people, it takes time to test them in large enough numbers to spot an uncommon side effect, cautioned Dr. Nelson Michael of the Walter Reed Army Institute of Research, which is developing a different vaccine candidate. “The science can go very quickly but, first, do no harm, right?” he told reporters last week. The Seattle research institute is part of a government network that tests all kinds of vaccines and was chosen for the coronavirus vaccine study before COVID-19 began spreading widely in Washington state. Kaiser Permanente screened dozens of people, looking for those who have no chronic health problems and are not currently sick. Researchers are not checking whether would-be volunteers already had a mild case of COVID-19 before deciding if they are eligible. If some did, scientists will be able to tell by the number of antibodies in their pre-vaccination blood test and account for that, Jackson said.

Trump said Monday that the novel coronavirus outbreak in the United States could last until July or August. “People are talking about July, August, something like that … could be longer than that.”

Salt Lake City Police Department (SLCPD) March 14, 2020 "Due to the confirmed case of #COVIDー19 from community spread, SLCPD is asking all criminal activities/nefarious behavior to cease until further notice. We appreciate your anticipated cooperation in halting crime & thank criminals in advance. We will let you know when you can return to your normal criminal behavior. #SocialDistancingNow #behaveyourself Also, find more information about #coronavirus here: https://www.slc.gov/mayor/covid-19/" https://www.facebook.com/slcpd/posts/3115773975102552?_fb_noscript=1

Britain asks Ford to produce lifesaving hospital ventilators Reuters / March 16, 2020 Britain has asked Ford Motor Company to help make health equipment including hospital ventilators to cope with the coronavirus outbreak. Ford said it was assessing the situation. The U.S. automaker operates two engine factories in Britain, which made just under 1.1 million engines in 2019. One of the two sites, in Bridgend in Wales, is due to close this year. It was not immediately clear how a manufacturer of cars could turn to producing specialist medical equipment, which international parts would be needed or what certification would be required. One option could be to adopt defense industry rules which can be used to order certain factories to follow a design to produce a required product quickly. British industry has the capability to do that but is unlikely to make the electronic components that would also be required. Robert Harrison, professor of automation systems at the University of Warwick in central England, said it would be a significant task, perhaps taking many months, for engineering companies to manufacture ventilators. "They would have to tool up production lines and train workers to assemble and test the product," he said. Sourcing the parts, for example, electronics, valves and air-turbines, quickly could be difficult, Harrison said. The ventilators are sophisticated devices. "It is crucial that they work correctly in order to keep the patient alive, as these are life-critical pieces of equipment," he said. Different approach Many countries are trying to buy ventilators, used to keep people with coronavirus alive if they struggle to breathe. Britain, which has reported 35 coronavirus deaths and 1,372 cases, has taken a different approach to some European countries that have imposed stringent lockdowns to try to slow the spread of the disease. Prime Minister Boris Johnson will speak to manufacturers to seek support for the production of "essential medical equipment” for the National Health Service, a spokesman for his Downing Street office said. "He will stress the vital role of Britain's manufacturers in preparing the country for a significant spread of coronavirus and call on them to step up and support the nationwide effort to fight the virus," the spokesman said.