Research from investment bank JP Morgan allegedly found coronavirus infection rates decreasing in states that have lifted their lockdown measures.
CNBC anchor Carl Quintanilla posted a lengthy thread to Twitter outlining the investment bank’s research, which counters many media and political figures who predicted dire consequences for those states when coronavirus lockdown measures began lifting.
“JPMorgan has a devastating piece arguing that infection rates have declined — not increased — in states where lockdowns have ended, ‘even after allowing for an appropriate measurement lag.’ (Kolonavic),” Quintanilla tweeted to introduce the thread.
JPMorgan has a devastating piece arguing that infection rates have declined — not increased — in states where lockdowns have ended, “even after allowing for an appropriate measurement lag.” (Kolonavic)
(1/x) pic.twitter.com/E6TJ3Qsa2b
— Carl Quintanilla (@carlquintanilla) May 20, 2020
Quintanilla’s next tweet included similar patterns “for various countries,” opining that “the pandemic and COVID-19 likely have its own dynamics unrelated to often inconsistent lockdown measures that were being implemented.”
Same goes for various countries, adds JPM. “This means that the pandemic and COVID-19 likely have its own dynamics unrelated to often inconsistent lockdown measures that were being implemented..”
(2/x) pic.twitter.com/D3Tju8x2LF
— Carl Quintanilla (@carlquintanilla) May 20, 2020
The CNBC anchor then quoted from the research with his next several tweets, the first of which contended that, while the lockdowns may have been “justified initially,” policy makers did not take into account the “millions of lives” that “were being destroyed … with little consideration that [lockdowns] might not only cause economic devastation but potentially more deaths than COVID-19 itself.” (RELATED: DeSantis Unloads On Media For Dire Florida Predictions: ‘Hell, We’re 8 Weeks Away From That’)
More JPM: “In the absence of conclusive data, these lockdowns were justified initially.” But “millions of lives were being destroyed .. with little consideration that [lockdowns] might not only cause economic devastation but potentially more deaths than COVID-19 itself.”
(3/x)
— Carl Quintanilla (@carlquintanilla) May 20, 2020
JP Morgan opined about the partisan divide surrounding the ongoing response to the epidemic:
JPM: Demagogues “will be tempted to use COVID-19 to blame immigrants, people of a different race, or use the pandemic as a pretext to intensify geopolitical tensions. .. We will closely monitor how these risks evolve, but at this point see them as potential tail risks..”
( END )
— Carl Quintanilla (@carlquintanilla) May 20, 2020
JPM: “The initial response of the administration was to downplay the risk of the COVID-19 epidemic. However, since then, this simplistic thesis changed significantly. The administration shifted to forecasting a larger negative impact (setting the stage for them to ‘outperform’ ..
— Carl Quintanilla (@carlquintanilla) May 20, 2020
… shifting the pandemic blame to China and the WHO, and .. shifting the blame for economic pain to large blue states that are perceived to be slowing down the reopening of the economy. Indeed, allowed economic activity across the country is now largely following partisan lines”
— Carl Quintanilla (@carlquintanilla) May 20, 2020
—> it should be noted that JPM’s Kolanovic came close to calling the peak in US cases back on April 6. (The S&P 500 is up nearly 20% since this tweet)https://t.co/EIGVc4RctS https://t.co/i2ZfrWVUVQ
— Carl Quintanilla (@carlquintanilla) May 20, 2020