Despite the specter of coronavirus lurking over the world’s economy, all appears well with the world, judging by Wall Street’s overnight performance. China’s rate of new infections has plunged, even as coronavirus makes its presence felt in the far-flung corners of the globe. The followed the Federal Reserve’s lead, announcing a 50-basis point cut in rates yesterday, reinforcing the thesis that the world’s major central banks are embarking on a coordinated rate-cutting cycle to offset a coronavirus slowdown.
In the Democrat primaries, the establishment favorite, Joe Biden, swept Super Tuesday states. Only those almond milk latte-drinking greenies in California upset the organic apple cart. Siding with left-leaning Bernie Sanders, a definite non-favorite of Wall Street, Corporate America and the one percenters. Having spent over $500 million of his own money, but with only American Samoa to show for it, Michael Bloomberg dropped out of the race and endorsed Mr Biden….