By: Stan Choe

Stocks are falling sharply on Wall Street Tuesday after an emergency interest-rate cut by the Federal Reserve failed to wipe out fears that a fast-spreading virus outbreak could lead to a recession.

Major indexes were down more than 3% in afternoon trading, bringing the Dow Jones Industrial Average down more than 800 points.

It took just 15 minutes for an early rally to evaporate following the Fed’s surprise move. While the cut helped raise confidence for some investors, traders were still debating how effective a rate cut can be on what is ultimately a health crisis. Some investors are also questioning whether more aid is on the way to stabilize the market, while others called the Fed’s move premature to begin with. For more than a few, the Fed’s steepest rate cut since 2008 recalled the dark days of the financial crisis.

After popping to a 1.5% gain shortly after the Fed’s announcement, the S&P 500 swung between modest gains and losses for about an hour before turning decisively lower in the late morning. The index was down 3.2%, as of 2:11 p.m. Eastern time, and on pace for its eighth drop in the last nine days. Other indexes had similar, jagged moves.

Everything from bonds to a gauge of traders’ fear of large stock moves swung sharply following the Fed’s cut, and the yield on the 10-year Treasury fell below 1.00% for the first time in history. Markets have been on edge for nearly two weeks, as the virus spreads beyond China and companies across continents and industries say they expect it to hit their profits.

The Fed has a long history of coming to the market’s rescue with lower rates and other stimulus, which has helped this bull market in U.S. stocks become the longest in history. Some analysts said the Fed’s latest cut should provide some more confidence.

“Confidence in markets is crucial,” said Quincy Krosby, chief market strategist at Prudential Financial. “Without confidence, you don’t have a market.”

The Dow had jumped 5% Monday to its best day in more than a decade on rising anticipation for aid from the Fed and other central banks. Even before Tuesday’s rate announcement, traders were convinced that the Fed would cut rates by half a percentage point at its next meeting, scheduled for March 17-18. Monday’s surge followed up the worst week for the S&P 500 since the financial crisis as worries about the virus’ economic toll mounted.

But doubts are high about whether the medicine provided by central banks can be as effective this time around. Lower rates can encourage shoppers and businesses to borrow and spend more, but they can’t reopen factories that have been shut or recall workers out due to quarantines.

Fed Chairman Jerome Powell acknowledged that central banks can’t solve the health crisis. But he said the Fed recognizes the fast spread of the virus is a risk for the economy, and he cited concerns from the travel and hotel industries.

The high stakes pushed the Fed to cut rates outside of a regularly scheduled meeting for the first time since the 2008 financial crisis, when investors were considering a complete meltdown of the world’s financial system as possible if not likely. That in itself may have added to the market’s dread Tuesday.

“I don’t believe that market participants woke up this morning thinking we were facing a crisis similar to the global financial crisis,” said Kristina Hooper, chief global market strategist at Invesco. “But that’s what the Fed’s actions suggested to some.”

She said investors will likely have mixed emotions about the move for days.

Some economists also called the Fed’s move premature, given that U.S. economic data has yet to show a sharp drop due to the virus.

“The nature of today’s announcement could send the wrong signal to market participants, including individual investors who are concerned with recent market volatility,” said Roger Aliaga-Diaz, chief economist of the Americas at Vanguard.

The Dow was down 849 points, or 3.2%, at 25,862. It was down as many as 356 points shortly after trading opened, only to swing to a gain of 381 points after the Fed’s announcement before turning sharply lower as day went on. The Nasdaq was down 3%.

European stock markets were broadly higher. Asian markets were also generally strong, though Japan’s Nikkei 225 fell 1.2%.

Bond yields swung following the Fed’s announcement. The yield on the 10-year Treasury slumped to 0.96% from 1.08% late Monday. The 10-year yield tends to fall when expectations are for weak economic growth and inflation.

Shorter-term yields, which move more on Fed actions, had even more dramatic drops. The two-year Treasury yield sank to 0.64% from 0.81%. The one-month yield fell to 0.92%.

Gold jumped $49.50, or 3.1%, to $1,644.30. Investors often pile into the metal when they’re looking for safety or when they’re anticipating lower interest rates.

A gauge of fear in the stock market swung wildly up and down through the day. The VIX measures how much traders are paying to protect themselves from future swings in stocks, and it was down roughly 25% immediately after the Fed’s announcement, only to swing to up 10% in the afternoon.

Earlier in the day, the Group of Seven major industrialized countries pledged support for the global economy, but they stopped short of announcing any specific new measures. Disappointment in the lack of action helped push U.S. stocks lower at the opening of trading, before the Fed surprised markets with its announcement of the steep, half-point rate cut at 10 a.m. Eastern time.

The G-7, which includes the U.S., Japan and Germany, among others, made its statement after weeks of warnings from companies that the virus will hit their finances. Economic groups have also warned of worsening forecasts for global economic growth.

Investors are still speculating whether other central banks will join and cut rates and offer stimulus in a coordinated effort around the world. Before the Fed made its move, the Reserve Bank of Australia cut its key interest rate to a record low 0.5%.

(AP)

By: AP

The news that Amtrak will ramp up repairs to its century-old Hudson River rail tunnel while a project to build a new tunnel languishes likely will translate into more headaches for already beleaguered commuters.

U.S. Transportation Secretary Elaine Chao told a House subcommittee Thursday that federal officials are working with Amtrak on a plan to accelerate the work now on the 110-year-old tunnel.

The new tunnel, proposed nine years ago as part of the larger Gateway project to transform rail capacity in the New York region, is mired in a funding dispute between the federal government and New York and New Jersey and currently is ineligible for federal grants.

Amtrak already shuts down one of the existing tunnel’s two tubes during overnight and weekend hours to repair damage accelerated by flooding from 2012’s Superstorm Sandy. The Gateway plan called for shutting down the tunnel for a complete overhaul once a new tunnel is built, but Chao said Thursday that beginning the repair work now “is the right move.” She noted that building a new tunnel would take seven to 10 years and cost an estimated $11 billion, under the most favorable conditions.

The new plan calls for more extensive repairs that will require further service disruptions, said Stephen Gardner, Amtrak’s senior executive vice president and chief operating and commercial officer.

“We’re trying to balance what we can do now with the impacts of doing it now,” Gardner told The Associated Press at a transportation conference in New York on Thursday. “If we have to curtail rush hour for the next five years to do some interim work, there’s huge impacts to that. So we’re tying to find that right balance.”

The most disruptive repairs could “require a complete outage at some point,” he added.

The problems — including water leaking in, crumbling walls, an outdated track bed and overhead wire issues — are so extensive that they won’t all be repaired, even under the new plan, Gardner conceded.

Gardner also cast doubt on the idea that 12,000-volt electrical cables currently encased in concrete damaged by Sandy can be installed on racks on the tunnel walls. New York Gov. Andrew Cuomo opted for that approach to avoid a lengthy planned shutdown last year of New York City’s L subway line connecting Brooklyn and Manhattan. The idea has gained traction for the Amtrak tunnel in recent months, and Chao referred to it Thursday.

“This is not the same situation as the Canarsie tube, which is low voltage, 600 DC volts,” Gardner said. “People get confused about applying a method to a completely different technological solution. With 12,000 volts, it explodes, it arcs. You have to protect it in a fireproof, very robust encasement of some sort.”

  (AP)

By: Justin Goldhaber

If idle hands are the Devil’s workshop, what are idling cars?

The 1980’s punk rocker Billy Idol has thrown his support behind New York City’s program to cut the number of idling vehicles in the city.

Mayor de Blasio joined Idol to announce a new anti-idling advertising and publicity campaign. The campaign is part of a larger anti-idling initiative aimed at boosting public awareness on the harmful effects of idling, expanding enforcement of anti-idling laws, and encouraging individuals to file citizen complaints.

In 2018, DEP began a “Citizens Air Complaint Program” where individuals who witness and record a truck or bus idling can file a complaint online with DEP and collect 25% of the penalty, $87.50 of a $350 fine. Launching today, the public awareness campaign encourages drivers to shut off their engines to reduce idling and increase accountability for commercial vehicles. Additional information can be found at billyneveridles.nyc.

“Billy Idol never idles and neither should you,” said de Blasio. “It chokes our air, hurts the environment, and is bad for New York. We’re sending a loud message with a Rebel Yell: turn off your engines or pay up.”

“I love New York City and I’m delighted to lend my support to a campaign benefitting our environment. Like most New Yorkers, I‘m troubled when I see cars and trucks sitting idle while polluting our neighborhoods. New Yorkers are some of the most hardworking, passionate people in the world and I hope they will join me in turning off their engines. SHUT IT OFF NEW YORK!” said Billy Idol.

“We need an all hands on deck approach to stop idling throughout New York City,” said Deputy Mayor Laura Anglin. “That includes increasing enforcement, changing the behavior of our drivers, doubling down on our public education of the harmful effects of idling, and yes, enlisting the help of a rock star to ensure sure drivers remember to shut off their engine.”

“Shutting off your vehicle’s engine is one of the simplest things a New Yorker can do to help improve the quality of the air we all share,” said DEP Commissioner Vincent Sapienza. “We’re thrilled to have Billy Idol lead this campaign and remind drivers to shut their engines off!”

Idol will attend multiple events in New York City today to kick-off the campaign, including a stop at City Hall. The one million dollar ad campaign launches today throughout New York City, features Billy Idol and his message Billy Never Idles, Neither Should You. Shut your engine off. The effort includes 12 high-profile billboard locations, gas station TV, radio and multiple social media platforms (hashtag #billyneveridles), as well as LinkNYC and NYC TaxiTV, exposure and placement on City fleet vehicles equipped with anti-idling and emission control technology.

By: Veronica Kordmany

In the landmark trial of former Hollywood icon, Harvey Weinstein, an anonymous juror who played a role in convicting the disgraced movie mogul revealed that the rape and sexual assault charges, did not consider factor into the trial’s implications for the #MeTooMovement.

Harvey Weinstein was initially accused of sexual harassment and rape in 2017 by more than 20 women, all of which claim they were harassed sometime in the past 30 years. The collective action of coming out with their survivor-stories ignited the #MeTooMovement in Hollywood–actress Alyssa Milano took to Twitter, saying “If you’ve ever been sexually harassed or assaulted, write ‘Me too’ as a reply to this tweet.” In the following weeks, #MeToo would be used by millions of women.” Since then, Weinstein has been in and out of courtrooms, reaching settlements, dismissals, and, now, convictions, all of which tie back to his alleged inappropriate behavior with his female coworkers.

Weinstein, 67, was found guilty Monday of raping an aspiring actress in a New York City hotel room in 2013 and sexually assaulting production assistant Mimi Haleyi at his apartment in 2006. He faces the possibility of anywhere between five and 25 years in prison when he is sentenced in March 2020.

The anonymous juror, who was identified in the CBS interview by his first name, Malbin, alone, said the jury took excruciating pains to make a decision based on the concrete law and evidence. They finally decided that the actress’ testimony, about the 2013 assault, warranted a guilty verdict on the charge of third-degree rape; a smaller charge than the first-degree conviction sought by prosecutors.

“It wasn’t rape in the first degree,” Malbin said. “There was no physical compulsion with the threat of bodily harm or death. But there was no consent given, despite a lack of physical resistance, and a reasonable person should have known that there was no consent given in that instance.” When asked by a CBS reporter whether Weinstein should be in jail, Malbin said, “That’s not for me to say.”

The former Hollywood mogul, who has an injured back and other health problems, has been in Bellevue Hospital’s wing for prisoners while awaiting transfer to New York City’s Rikers Island jail complex. “You know, I could say that a man of his age and of his current health, the general population at Rikers sounds like a pretty dangerous place,” Malbin said.

Weinstein has maintained his defense that any sexual contact was consensual. His lawyers have promised to appeal the conviction.

By: Jamison Parkgilder

There was a time when disease and pestilence were blamed on the Devil. They still are – only now the Devil is named Donald J. Trump.

New York City Mayor Bill de Blasio, who ignited laughter when he tried for the presidency, said this week he is unsatisfied with the president’s handling of the Coronavirus outbreak.

Rather than advance possible solutions, the failed candidate who runs this city railed at President Trump, Vice President Mike Pence and the federal Centers for Disease Control and Prevention in his weekly radio segment.

“This is really getting ridiculous,” de Blasio insisted. “In a crisis, you actually have to improvise and create and decentralize, and they’re not doing it. And this is going from a disorganized mess to a failure very, very quickly.”

“This is not political. This is just about actual management and leadership,” de Blasio said with a straight face. “Donald Trump and Mike Pence can’t organize two for lunch. I mean, this is unbelievable.”

New York City officials are still waiting to hear from federal officials about another Big Apple resident is, in fact, infected with the Coronavirus.

The mayor’s Democratic colleagues have been vocal in playing up the potential damage to both people and the economy in the hopes of using them against Trump in the upcoming election. Democrats, of course, have denied it, also with straight faces. Vice President Mike Pence, however, was having none of it during an appearance on NBC News’ Meet the Press. “When you see voices on our side pushing back on outrageous and irresponsible rhetoric on the other side, I think that’s important, and I think it’s justified,” he said in response to questions about remarks from Donald Trump Jr. and others.

Pence, of course, was right. Talk show host Rush Limbaugh said days ago, “It looks like the coronavirus is being weaponized as yet another element to bring down Donald Trump.” The president himself said at a South Carolina rally that the coronavirus was the Democrats’ “new hoax” to use against him.

Indeed, health officials themselves have heaped praise on the president for his handling of the outbreak. In comments from the White House days ago, Trump said that the U.S. has “closed up our borders to flights coming in from certain areas, areas that were hit by the coronavirus and hit pretty hard. And we did it very early. A lot of people thought we shouldn’t have done it that early, and we did, and it turned out to be a very good thing. And the number one priority from our standpoint is the health and safety of the American people. And that’s the way I viewed it when I made that decision. Because of all we’ve done, the risk to the American people remains very low. We have the greatest experts in the world — really, in the world, right here — people that are called upon by other countries when things like this happen.”

By Howard M. Riell

Back away from the bag and keep your hands in plain sight!

Governor Andrew M. Cuomo has launched a statewide education and outreach campaign to ensure that New Yorkers are aware of the March 1 ban on single-use plastic bags.

The BYOBagNY campaign, spearheaded by the New York State Department of Environmental Conservation, includes TV and radio advertisements, social media, Google Ads, and events hosted by Feeding New York State food banks across the state.

“Right this minute, plastic bags are hanging in trees, blowing down the streets, filling up our landfills and polluting our lakes, rivers and streams—all hurting our environment,” Cuomo said. “Twelve million barrels of oil are used to make the plastic bags we use every year and by 2050 there will be more plastic by weight in the oceans than fish. We took bold action to protect our environment and ban these environmental blights and with this campaign we’re going to make sure New Yorkers are ready and have all the facts.”

As part of this effort, DEC is distributing more than 270,000 reusable bags with a focus on low- and moderate-income communities. DEC’s BYOBagNY campaign includes TV and radio placements, ads on YouTube targeting New Yorkers, boosted social media placements, a Google ad campaign, video promotions at Thruway rest stops and more that will continue over the next few months.

In addition, DEC is bolstering its ongoing outreach to stakeholders and industry associations, including the Food Industry Alliance, the Retail Council, the New York Association of Convenience Stores, and partnering with New York State agencies to distribute reusable bags and elevate the BYOBagNY message.

DEC is also providing its nine regional offices with BYOBagNY educational materials for use as outreach at public events and is working with New York State Department of Taxation and Finance to coordinate cross-agency efforts related to clear communication of the law entities required to collect state sales tax. DEC is currently distributing hundreds of thousands of reusable bags across the state to low- and moderate-income New Yorkers with the help of partner state agencies and Feeding New York State, the statewide food bank organization.

Department of Environmental Conservation Commissioner Basil Seggos said, “New York continues to be a national leader on environmental issues, and the plastic bag ban is the latest in a series of actions Governor Cuomo has directed to preserve our air, land, and waters for future generations. DEC is proud to be at the forefront of these efforts and will continue to work to develop solutions to combat climate change and protect the environment and we continue to encourage New Yorkers to BYOBagNY and bring their own reusable bags wherever and whenever they shop.”

DEC will continue to focus its outreach and education efforts to ensure a smooth transition for consumers and affected retailers, with enforcement to follow in the months ahead. Governor Cuomo signed legislation to ban the sale of single-use plastic bags in New York State on Earth Day, April 23, 2019.

By: Shiryn Ghermezian

“It is unfortunate that some members of the opposing team disrespected Israel’s national anthem. We are proud to be the only university who sings both the American and Israeli national anthems before every athletic competition and major event,” said Yeshiva University president Ari Berman.

Yeshiva University president Ari Berman slammed the “disrespectful” decision by two Brooklyn College volleyball players to kneel during the playing of “Hatikvah,” Israel’s national anthem, at a recent match hosted by the university.

“It is unfortunate that some members of the opposing team disrespected Israel’s national anthem,” Berman told JNS. “We are proud to be the only university who sings both the American and Israeli national anthems before every athletic competition and major event. Nothing makes me prouder to be an American than living in a country where our religious freedom, our Zionism and our commitment to our people will never be impeded and always be prized.”

The two athletes, part of the Brooklyn College Bulldogs men’s volleyball team, kneeled on the ground when the song blared on the loudspeaker before the match against Yeshiva University’s Maccabees on Feb. 23.

The Brooklyn players were later identified as Omar Rezika and Hunnan Butt in social-media posts about the event.

A video of the athletes kneeling on the ground was posted on Facebook by Sarah Serfaty, a Stern College student watching from the stands inside Yeshiva University’s Max Stern Athletic Center.

The Bulldogs won the game 3-0.

While some social-media users claimed Rezika and Butt refused to shake hands with the Jewish athletes, Yeshiva University debunked that claim. The Jewish school wrote on Twitter that accusations about a handshake not taking place are “not accurate.” It added, “Please rest assured that if anything like that should ever occur we would handle it through the proper channels.”

A Brooklyn College spokesperson said the school “strongly condemns all forms of anti-Semitism and hatred,” and also defended the students’ rights under the First Amendment to kneel during Israel’s national anthem.

Neither team responded to requests for comments from JNS, though many social-media users took to the Bulldogs’ official Instagram page to call out the athletes for not showing sportsmanship during the game.

Their anti-Semitic actions were called “disrespectful” and “shameful,” and one Instagram user wrote to the team saying, “You should put out a statement either condemning the anti-Semitic actions of the two who knelt, or kick them off your team. If Bklyn won’t punish the players, the conf needs to,” referring to the CUNY Athletic Conference.

(JNS.org)