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Mo News: Desperation & Starvation Fears In China
Mosheh Oinounou
April 11, 2022
Good morning!
Hope everyone had a great weekend. It's National Pet Day, so don't forget to give your pooch an extra belly rub ;)
Here's today's rundown:
Shanghai residents are revolting over extreme Covid lockdowns as shocking video emerges
Russia has a new general and a new strategy in Ukraine, as Zelensky speaks to 60 Minutes about what's next
US mortgage rates are climbing above 5%, but will that cool a red-hot housing market?
Scottie Scheffler won the Masters; Tiger Woods had his career-worst weekend but his presence alone was its own victory
Murder charges to be dropped for Texas woman arrested over abortion
Elon Musk no longer joining Twitter board as the CEO warns there will be "distractions ahead"
The average price of gas could dip below $4 a gallon this week.
Good News Monday: Let's start the week on the right foot.
See you tonight at 9pmET on my regular Mondays with Mosh Instagram Live, where I take all your questions.
~ @Mosheh
🚨 CHINA LOCKDOWN OUTRAGE
Residents in Shanghai have started to revolt over China's draconian 'Zero Covid' lockdown (Yes, China is still committed to stopping Covid at all costs while most of the world is learning to live with it). The city of about 26 million residents has been under a strict lockdown for about three weeks.
At this point, residents are only allowed to leave their homes once a day to get food -- IF -- they can find it. There are reports of massive food shortages and elderly residents unable to access medicine. Parents are also being separated from their children if they test positive. ~ Daily Beast
Voice From The Ground: An Economist journalist in Shanghai reports: "Messaging boards linked to Weibo, a popular Twitter-like platform, have been inundated with pleas for help. One woman said her father, who is suffering from cancer, was blocked from leaving his home and is 'considering suicide.' A man sought epilepsy medication for his young son; he 'did not dare consider the consequences' of failing to obtain it. Videos show people fighting over boxes of food." ~EconomistA U.S. consulate employee in Shanghai issued a plea on the WeChat platform last week to spare some food for the Marines stationed there. ~Reuters
Shocking Images: Videos show crowds looting supermarkets and food parcels, confronting authorities and demanding supplies. There are other videos of people screaming from their apartments because they've run out of food.One viral clip below also features a drone playing a recording calling on residents to "control your soul's desire for freedom. Do not open the window or sing."
Government officials claim they have secured enough supplies for residents, according to the state-owned newspaper Global Times, following all of the complaints about deliveries of food and other basics. ~GuardianShanghai is China's economic hub and the country's second-largest city. Its population of 26 million is equivalent to America's 10 largest cities COMBINED. (Think NYC+LA+Chicago+Houston...and on and on)
Cases Still Climbing: Despite the lockdowns, Covid cases rose to more than 23,000 new infections on Friday alone. Most are asymptomatic, according to local leaders. Health officials have warned that the Omicron variant is so contagious that lockdowns won't be able to stop it. China's draconian tactics appear to have been more effective against previous variants. ~France 24
And Still, No Covid Deaths: Shanghai has reported more than 130,000 cases since March 1, but Chinese officials claim there have been no deaths.
🇺🇦 ZELENSKY: 'I'M READY TO GIVE MY LIFE'
Russia is regrouping and developing a new war strategy after strong pushback from Ukrainian forces. Ukrainian officials say they have won the battle of Kyiv, and are prepping for a fight in the Donbas region to the east (which includes Luhansk and Donetsk). ~ The Hill
In an interview with 60 Minutes Sunday night, Ukrainian President Zelensky said Ukrainians were defending their right to live. "These are human values. So that Russia doesn't choose what we should do and how I'm exercising my rights. That right was given to me by God and my parents."He added that he is ready to die, if necessary. "I don't want to make myself out to be a hero. I love my family. I want to live many more years, but choosing between running or being with my people, of course I'm ready to give my life for my country." ~CBS News
New Russian Strategy: “Russia has changed its behavior in this war... They have retreated. They have pulled back from substantial territory in northern and northeastern Ukraine. Chiefly, the reason they made those adjustments is because they were beaten by the Ukrainians.” -- White House National Security Adviser Jake Sullivan on CBS' "Face the Nation"
In an interview on ABC, Sullivan also said that the U.S. was "going to get Ukraine the weapons it needs to beat back the Russians to stop them from taking more cities and towns where they commit these crimes."
New Commander: Russia has a new military commander in charge of the Ukraine invasion, Gen. Alexander Dvornikov. "He's one of Russia’s most experienced military officers and — according to U.S. officials — a general with a record of brutality against civilians in Syria" ~ Time
Russia Warns US: The United States has been sending military equipment to Ukraine. Russian Ambassador to the US Anatoly Antonov called it dangerous and provocative: "They can lead the U.S. and the Russian Federation onto the path of direct military confrontation." ~ Newsweek
War Crimes Forensic Investigation: The Guardian reports: "A wealthy northwest Kyiv commuter town before the conflict began, the name of Bucha is now synonymous with Russian war crimes....the scale of the violence against civilians which took place here – murders, rapes, torture, looting – is horrifying."
🏠 HOUSING MARKET'S 'LAST GASP'
With mortgage rates climbing at the quickest pace in nearly three decades, most experts say the red-hot housing market is poised for a slowdown-- the question is, how big a slowdown? The monthly mortgage payment it takes to buy the typical home in the U.S. is now up by a staggering 55% compared with the start of last year, Yahoo! Finance reports.
Freddie Mac reported late last week that the average rate on the 30-year loan this week rose to 4.72%. Some homebuyers are already seeing rates above 5%.
Home prices have climbed by more than 30% over the past two years. Still, up until recently, record low mortgage rates meant that for many homebuyers, monthly payments remained reasonable. But "now that rates have returned to pre-pandemic levels, new homebuyers are starting to feel the full weight of record prices." ~ Yahoo! Finance
Bloomberg News describes the state of play like this: "Spring traditionally ushers in a rush of home transactions in the U.S., but this year, buyers are in an especially precarious spot. They’re under the gun, sprinting to outrun soaring borrowing costs and escalating prices that threaten to sideline them indefinitely. That’s running counter to the Federal Reserve’s efforts to curb inflation and cool the overheated housing market by raising interest rates."
The Shiller Home Price Index is the benchmark of average single-family home prices.
How will rising rates impact the market? Here's what the experts say:
"This is the last gasp. We are going to see the market freeze up here if rates don't come back down in the next several months." -- Mark Zandi, chief economic for Moody's Analytics. ~Bloomberg
Mark Vitner, senior economist at Wells Fargo Securities, expects competition to ease a bit as rates for the average 30-year loans crosses above 5%. But the flood of investors and people moving from high-cost states to more-affordable ones will keep prices rising even if some shoppers are forced to step back. ~Bloomberg
And real estate legend Barbara Corcoran told Mo News earlier this month that she doesn't think buyers will really pull back unless interest rates go up even higher: "As interest rates go up, it's going to temper demand. But I'm not worried about that. Interest rates, I would think they'd have to go up by 10% to knock out the market... But if you're a homebuyer, the sooner you buy, the better."
What You're (Not) Googling: Online searches for "homes for sale" are down 10% year over year, according to Daryl Fairweather, chief economist at real estate brokerage firm Redfin. The number of people going to look at homes is down a bit too. ~NPR
🗞 OTHER BIG HEADLINES
Twitter's largest shareholder seemed to agree last week to join the social media platform's board of directors. It's not clear exactly why he changed his mind. Some are speculating it may have had to do with this: Musk currently owns just over 9% of Twitter and all board members are not allowed to own more than 14.9%. Either way, the Twitter CEO said last night, "this is for the best."
Musk tweeted this weekend about turning Twitter offices into homeless shelters and giving premium users automation verification. (NBC News)
A Texas district attorney is now dismissing the case against Lizelle Herrera, a 26-year-old who was initially arrested on murder charges after what authorities said was a "self-induced" abortion." It was not clear which legal statute Herrera was alleged to have violated. Texas law also explicitly exempts a woman from a criminal homicide charge for aborting her pregnancy. (Washington Post)
Round 1 is over. French President Macron, the centrist incumbent, will face Marine Le Pen, the leader of a far-right populist party, in a runoff for the presidency. They were the top two finishers in the first round of voting on Sunday. One trend to notice inside France and abroad: Extreme parties of the right and left took some 51 percent of the vote, a clear sign of the extent of French anger and frustration. The runoff is set for April 24. (The Economist)
The regulation on so-called "ghost guns" -- unregulated, untraceable weapons made from kits -- would address a critical gap in the government's ability to track them. (CNN)
The No. 1 golfer in the world has won the No. 1 major in the sport. Scottie Scheffler dominated the final three rounds of the 2022 Masters en route to a green jacket, record $2.7 million payout and further enshrinement as the hottest golfer on the planet, carding a 10-under 278 to win his first career major on Sunday. (CBS Sports)
Tiger Woods had his career-worst weekend, but finished 72 holes in good spirits: "I wasn't exactly playing my best out there, but to just have the support out there -- an appreciation from all the fans -- I don't think words can really describe that given where I was a little over a year ago and what my prospects were at that time."
Pittsburgh Steelers Quarterback Dwayne Haskins was killed early Saturday morning after he was struck by a dump truck while walking on a South Florida interstate. Authorities said it was "unknown" why the 24 year old professional athlete was walking on the interstate. (Fox News)
Former WGN weatherman Jim Ramsey, whose signature baritone voice and kindly demeanor were staples of the network’s news broadcasts for Chicago residents for three decades, died at age 69, the network announced Friday. (Chicago Sun Times)
[A personal note: Ramsey talked to me about a career in news and meteorology when I visited the WGN studios at age 7. I was obsessed with maps and geography as a young child. The visit was one of the highlights of my childhood and helped inspire me to get into this business. I will always be incredibly thankful for his kindness.]
JetBlue Airways and Spirit Airlines canceled hundreds of flights due to staffing issues and bad weather in Florida late in the week. The flight woes come as the airlines begin merger talks following JetBlue's surprise bid for the budget airline on Tuesday. Spirit said it will entertain JetBlue's offer while not abandoning its earlier deal to merge with fellow budget airline Frontier. (USA Today)
Science says you may need less exercise than you think to live a long and healthy life. Recent studies overwhelmingly show that we can accumulate our 150 weekly minutes of moderate exercise in whatever way works best for us-- even a couple minutes at a time. (NY Times)
☀️ GOOD MOOD MONDAY
A baby who was born at just 25 weeks and weighing one pound at birth is now headed home from a Boston hospital. Check out the before and after pictures of Bradi Foster. Her dad says doctors gave her a 40% chance of survival.
The best part of this post: The amazing comments from parents who also had 1-pound "miracle babies" that are doing great.
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[Top Banner Photo Credit: Wang Gang/VCG via Getty Images]