May 28, 2017

California's big quake is "definite"

Reed Saxon / AP

A startling headline in the L.A. Times: "The Big One is going to happen, no matter how much you want to deny it, California scientists say." Rong-Gong Lin II, who has earthquakes as part of his beat, writes:

"Seismologist Lucy Jones ... said the way experts like her used to talk about earthquakes wasn't very effective. They tended to focus on the probability of a major earthquake striking in the next 30 years ... Now she is making a dramatically different point, emphasizing that a devastating earthquake will definitely happen, and that there is much the public can do to protect themselves."

  • What's coming: "[N]ext year, scientists and the U.S. Geological Survey are expected to unveil the first limited public phase of an earthquake early warning system that would eventually offer seconds and perhaps more than a minute of warning through smartphones and computers. The system has been planned for years but still could be derailed by budget cuts proposed by President Trump."
  • Failure of imagination: "Jones recalled a ... trip to a devastated area of Japan washed away by a tsunami after the magnitude 9 earthquake off the nation's east coast in 2011. Communities there endured a death toll as high as 10% of the population."
  • "She remembered being taken to Otsuchi, where the city hall sat behind a 20-foot sea wall. Experts had forecast a 16-foot tsunami from the quake. 'The city leaders ignored protocol that said to move to higher ground and conducted their emergency meeting in the city hall. When the tsunami poured over the sea wall, they lost over 1,000 people, including most of their city government.'"

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213Map.
  3. Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
  4. Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
  5. Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
  6. Poll: 1 in 10 Americans believe the economy will never return to normal.
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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

DetailsArrowUpdated 19 mins ago - Economy & Business

Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative that includes billions more for hospitals and states.

Go deeperArrowUpdated 20 mins ago - Economy & Business