Clem’s Chronicles: Economy/Cowboys Tent Collapse/H1N1 Swine Flu

Happy Monday everybody. Here’s tonight’s ABC NEWS editorial note

ECONOMY/MR. MARKET LOOKING GOOD-How about some good news to start off our work week? The Dow Jones was up over 200 points today. A double dose of good housing news ignited the advance: Pending U.S. home sales rose more than forecast and had their second straight monthly gain, while construction spending rose unexpectedly in March after five straight declines. That Dow advance of 214.33, or 2.6 percent, had the DJI finish above 8400 for the first time since January 13. Betsy Stark, reporting on WORLD NEWS, did some tallying and reports that “the Dow is now up almost 29 percent from its low in March. The S and P 500, a much broader stock index, is up 34 percent and today it actually turned positive for the year.” Stark tells us some folks on Wall Street “were saying it’s possible this turnaround is the real deal.” Case in point-the American consumer. Stark tells us “economists see signs that the all-important American consumer, who drives the economy is starting to regain some confidence.” YAY! Remember though that  “good economic news” is relative. Stark again: “Economists say the good news is the picture has gone from being completely black to mixed with shades of gray. And as the government’s massive stimulus policies kick in, it should continue to brighten.” Warren Buffett, the billionaire Omaha-based chairman of Berkshire Hathaway, isn’t jumping up and down with joy about an economic recovery just yet telling Bianna Golodryga “We do know it will be over but I can’t predict the timing but I will say that we have a ways to go but who knows.”

PRESIDENT OBAMA/TAX LOOPHOLES PLAN-President Obama unveiled a plan today to tackle tax loopholes used by corporations that do business overseas. The president is proposing to raise taxes on the overseas profits of U.S. companies, and to go after evaders who abuse offshore tax shelters. Obama says the government also is hiring nearly 800 new IRS agents to enforce the U.S. tax code. Administration officials say the plan will save American taxpayers over $200 billion in the next ten years. The move is likely to play well in Peoria, but in Washington, D.C. the jury is still out. Jake Tapper reports a note from Senate Finance Committee Chairman Max Baucus (D-MT) commenting on President Obama’s plan which read in part: "…further study is needed to assess the impact of this plan on U.S. businesses. I want to make certain that our tax policies are fair and support the global competitiveness of U.S. businesses." 

COWBOYS TENT COLLAPSE:  U.S. Occupational Safety and Health Administration inspectors are in Dallas trying to determine why a Dallas Cowboy practice tent collapsed Saturday during a thunderstorm.  Seventy people – including coaches, players and television crews – were inside when a microburst caused the air-supported canopy to crash, injuring 12 people.  Three people suffered serious injuries; Cowboys special teams coach Joe DeCamillis underwent surgery Monday for his fractured cervical vertebrae, scouting assistant Rich Behm was permanently paralyzed from the waist down and assistant athletic trainer Greg Gaither had surgery on his right leg. As Ryan Owens reported on WORLD NEWS, this is not the first time a tent like this has collapsed:  “The company that built the tent, Summit Structures of Pennsylvania, says proper engineering was used back in 2003 and that the roof was just replaced last year. Summit was held liable for 4 million dollars after another roof collapse in Philadelphia in 2003.” Summit released a statement saying that the installation and maintenance of the tent was managed by professional, licensed engineers.  Summit president Nathan Stobbe said he and other Summit reps were in Irving working with local officials to "fully assess this severe weather event."  OSHA has six months to report whether faulty construction or weather caused the accident. (thanks to Marisa Bramwell for this entry)

H1N1 SWINE FLU/LATEST NUMBERS-Cribbing from the always excellent Paula Cohen “H1N1 Swine Flu-all in one email” note. The World Health Organization reports 1,085 cases in 21 countries resulting in 26 deaths. The numbers here in the US, the CDC revised their number downward today-279 confirmed cases in 36 states that’s resulted in 1 death. In Mexico, where this whole thing began, officials say most businesses will reopen on Wednesday. Universities return to class on Thursday and primary schools next Monday(David Kerley). In Washington, DHS Secretary Janet Napolitano emerged from a White House meeting and told reporters “"As the Centers for Disease Control and Prevention noted over the weekend, we have started to see encouraging signs that this virus may be mild and that its spread may be limited.  We are, therefore, cautiously optimistic, but nevertheless we realize that this is not the time to rest."

CHINA VS. SWINE FLU (H1N1): As the west continues to manage the epidemic, China is notching up their protection efforts to avoid another Avian Flu outbreak. Lama Hasan reported tonight on WORLD NEWS that “6 years ago, the Chinese government was criticized for being slow to react to the SARS outbreak. It killed 299 people in Hong Kong and paralyzed the city.” Which may explain China’s seeming over-reaction in its’ reaction to the HINI Swine Flu outbreak. In Hong Kong 300 people have been quarantine for the past 4 days after a guest from Mexico tested positive for the flu. The other 299 guests have shown no symptoms. Lama Hasan notes that the Chinese were escorting “passengers…off a flight from Mexico to Beijing this weekend. Now they too are under quarantine in Chinese hospitals and hotels, along with a number of Mexicans who have not visited their country in months.”  In response Mexico has sent a plane to China to pick up their citizens and stop what President Calderon said is “repressive, discriminatory measures”.  With a population 3 times the size of the US, the Chinese are not taking any chances with this virus because if it were to spread, it could be very hard to contain. (thanks to Faisal Jamil for this entry).

PAKISTAN-With the Taliban continuing to make advances in Pakistan (ABC’s Habibullah Khan noted in an update today “I was in the region over the weekend and things don’t look good”), Luis Martinez attended a briefing today by Admiral Mike Mullen: “Adm. Mike Mullen met with reporters today and Pakistan took up a major part of today’s briefing, namely concerns about the security of its nuclear arsenal and the offensive in Buner.  He said there’s a ‘strategic concern’ about the security of Pakistan’s nuclear weapons, but he said several times that he’s ‘comfortable’ that Pakistan can maintain security over them and that they are not in any imminent threat of falling into the hands of terrorists. Though ‘gravely concerned’ by the situation in Pakistan, Mullen says he’s encouraged by the recent Pakistani military offensives, but as with past operations he says it’s too soon to tell if it will be lasting.  The US needs ‘patience and persistence’ with Pakistan according to Mullen because they will move at their own pace against the Taliban.   However, he sounds a bit more optimistic than he did a week ago when traveling in the region he said Pakistan was closer to the tipping point, interestingly today he couldn’t provide a definition for what he meant by tipping point. 

OTHER STUFF-
–TURKEY ATTACK–Masked assailants with grenades and automatic weapons attacked a wedding ceremony in southeast Turkey on Monday, killing 45 people and wounding 20 others. Rana Senol says the attack is not believed to be a terrorist attack. Turkish television  said the motive could be an old feud between rival groups of pro-government village guards who fight alongside Turkish troops against Kurdish rebels in the region. If that is the case, the government would come under renewed pressure to rein in the militiamen, some of whom have been linked to drug smuggling and other crimes. (AP)
–BOSTON GLOBE– Negotiations between The Boston Globe and its largest union reached an impasse Monday, largely over lifetime job guarantees that the 137-year-old newspaper says it has to end if it will survive. The newspaper’s owner, the New York Times Co., struck agreements with six of seven unions at the Globe in an effort to cut $20 million in annual costs. But talks stalled with the largest union, the Boston Newspaper Guild, which represents about 700 editorial, advertising and business employees. Globe management backed off – at least temporarily – on a threat to file a notice required by federal law to begin the process of shutting down the newspaper. Both sides said they would resume talks in coming days, but did not specify when. (AP)
–LEBRON JAMES was named the National Basketball Association’s Most Valuable Player today garnering 109 first-place votes out of a possible 121. Kobe Bryant finished a distant second. It was the first MVP award for the 24-year-old James, and the first in the history of the Cleveland Cavaliers franchise.