The Bureau of Economic Analysis (BEA) released the first quarter Gross Domestic Product (GDP) advanced estimate and the result is a 4.8% decline in economic activity. [BEA Here]

The revised fourth quarter GDP shows the economy was growing at 2.1 percent prior to the COVID-19 shutdown.  The severity of the change in GDP reflects a severe drop in consumer spending, essentially bringing the economy to a halt in March as the entire nation went into lock-down.  As the BEA explains:

The decline in first quarter GDP was, in part, due to the response to the spread of COVID-19, as governments issued “stay-at-home” orders in March. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending.

The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. (more)

Digging down into the details the data shows what we all have seen.  There is some specific data that is noteworthy in the tables.

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Sometimes a special message needs a special messenger.  Today, amid the anxiety and stress created by the coronavirus pandemic, a very special messenger named Michael visited the White House and delivered a very important message to everyone:

…”At Bitty and Beaus we like to use the phrase ‘not broken’. That means me and all my important co-workers are not broken, and we have lots to offer. I know the great country of the United States isn’t broken either.”…   ~ Michael

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Indeed, this too shall pass.

Thank you Michael; thank you.

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President Donald Trump delivers remarks from the East Room of the White House on the Paycheck Protection Program, part of coronavirus relief package known as the CARES Act, that is set up to help small businesses continue to operate and pay employees during the economic downturn caused by the COVID-19 pandemic.

UPDATE: Video and Transcript Added

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[Transcript] – THE PRESIDENT: Well, thank you very much everyone. This is a great honor. And I see you have social distance on your mind and that’s a very good thing. Jovita, congratulations. Tremendous job you’re doing.

I want to thank everyone for being at the White House — a very special house, a very special place. No matter where you go in the world, they love the White House. And being here in the East Room of the White House in particular, where so many important functions have taken place over the years.

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Earlier today President Trump and members of the COVID-19 task force met with Florida Governor Ron DeSantis at the White House.  DeSantis spoke about the actions Florida has taken to help and support the state’s nursing home population.

The approach to protect the vulnerable population by Florida Governor DeSantis contrasts against the approaches taken in New York and New Jersey which were not so effective. Additionally, DeSantis highlights the use of the national guard to assist in testing and mitigation. [Video Below – Transcript to Follow]

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NOTE: The rude journalist in the oval office is Hunter Walker from Yahoo News who constantly brags to his peers about his resistance efforts.

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Fox News host Tucker Carlson provided some additional insight into the Flynn documents that were filed with the court last Friday noting the potential for the documents to be unsealed tomorrow.  According to an earlier report by Maria Bartiromo the documents relate to notes taken by former FBI legal counsel James Baker; and surround the events that encompassed the FBI interview of General Flynn in January 2017.  WATCH:

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In a supplement to the defense motion to dismiss [pdf here] we discover some of the evidence of prosecutorial misconduct turned over by the DOJ to the Flynn defense. Specifically Lt. General Michael Flynn’s plea was based on: (1) a framing by the FBI; and (2) a threat against Michael Flynn Jr. if his father didn’t sign the plea.

If the reports are accurate it is very likely Judge Sullivan will allow the plea to be removed.  If the documents are as strong as outlined the entire case could be dismissed.

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“relatively speaking”…

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Notice how President Trump always says: “you’d have been at war with North Korea”.  Notice how President Trump doesn’t say: “you’d have been at war with Kim Jong-un”.

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The U.S. Department of Justice, Attorney General Bill Barr, has issued a memo (pdf here) citing a needed balance between COVID-19 mitigation efforts and U.S. civil rights under the constitution.  Notably AG Barr identifies both “religious freedom”, and “undue interference with the national economy” within his memo.

[…] “Many policies that would be unthinkable in regular times have become commonplace in recent weeks, and we do not want to unduly interfere with the important efforts of state and local officials to protect the public. But the Constitution is not suspended in times of crisis. We must therefore be vigilant to ensure its protections are preserved, at the same time that the public is protected” (citation)

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It is being reported the San Francisco Bay area will remain in a state of forced lock-down with an extension of the stay-at-home orders throughout May.  Considering this is the home of Speaker Nancy Pelosi,… this decision highlights an expectation that the federal government will bail out local and state governments.

We anticipated this type of approach where Blue states & Blue regions will keep their economies closed as long as possible to inflict maximum political damage.  Simply, if San Francisco were not confident they will gain a federal bailout they would not be keeping their economic system closed for another entire month.

CALIFORNIA – Public health officials in Alameda, Contra Costa, Marin, San Francisco, San Mateo and Santa Clara counties say they will extend the shelter-in-place orders through May.

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National Economic Council Director Larry Kudlow appears on Fox Business to discuss more details about reopening the U.S. economy.  As Kudlow shares if we advance Main Street policies to generate economic expansion there will likely be much less need for any financial recovery package.  We cannot spend our way out of the problem.

Providing tax relief and incentives for manufacturing and business investment in the U.S. is one way to generate faster growth and recover jobs without direct spending.

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Representative Jim Jordan appears on Fox Business with Lou Dobbs to discuss Trump Removal 4.0.  As Jordan outlines there are already eight different oversight teams looking over the Wuhan Virus spending. The Clyburn committee was exclusively created to target President Trump.

Additionally, Jordan goes to the big picture and discusses the latest revelations about the DOJ and FBI; while holding cautious optimism toward Bill Barr and John Durham.

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Man, if only the House would have made Jordan the Speaker in January 2017.

::heavy sigh::

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