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Today’s Agenda
Meet the New Boss (You)
The pandemic isn’t over. But for the 48% of Americans with at least one vaccine shot, a happy ending to their personal Covid journey is very near. But this won’t be a time machine back to late 2019. Wear your neck pouches and cargo pants if you must, but expect the new normal to look very different.
In fact, this could be a chance at a whole new life. Maybe even a better one. Going back to the office, for example, you may be tempted to overwork to show your gratitude. Too many employers apparently think working from home betrays a troubling lack of devotion, and we mustn’t have that. But one thing the pandemic should have taught us was to commandeer our own work-life balance, and we must keep showing that beast who’s the real boss after it’s over, writes Sarah Green Carmichael. If your employer wants to turn you into a contractor because you won’t join Dan for birthday sheet cake in the break room or whatever, then maybe it’s time for a new employer.
Heck, if your work-life balance, family and employment agreement allow it (and please check with all of these first), you might even consider getting a side gig, suggests Abadesi Osunsade. It can give you new skills, new connections and a new sense of purpose. Eventually it might even give you a new career.
Of course, some things will be just like 2019: We’re buying tooth whiteners and travel bags again, writes Andrea Felsted. Savings accounts still pay you basically nothing. But now Fidelity is letting teenagers invest in stocks. Sure, yes, teens lack a fully developed prefrontal cortex. But with some guidance they can still learn useful financial skills, writes Brian Chappatta. Maybe they’ll end up supporting you in your dotage, or at least have something constructive to do with babysitting money. It’s a brave new world.
The $15 Minimum Wage Argument Is Over
When President Joe Biden cut a $15 minimum wage from his Covid relief bill earlier this year, it seemed like a big loss in the war to lift the federal floor from $7.25 an hour, where it has languished since the early days of the Obama administration. But even then, the Fight for Fifteen was already being won, writes Noah Smith. That campaign hasn’t moved Congress — not much does — but it has moved companies, states and cities across the country to raise wages. Even Bank of America just got in on the action. Now $15 an hour is locked in the public consciousness as a reasonable base wage. Maybe we should have asked for more.
Bonus Biden-Plan Reading: Biden and Congress should revive Build America Bonds to pay for infrastructure. — Bloomberg’s editorial board
Asia’s Success Stories Turn Sour
Almost nobody had a better 2020 than Singapore, Taiwan and the other Asian countries that managed to crush the Covid pandemic into a tiny little ball and flick it into the ocean. Many of them aren’t doing nearly as well in 2021. Taiwan, for example, let its success go to its head, writes Tim Culpan. Complacency, especially among older citizens, let the virus invade and really spread there for the first time. This has triggered harsher containment measures than any Taiwan has employed so far.
Lockdowns helped Singapore beat the disease last year. But now that it’s back, Singapore is being a little less aggressive about shutting down the economy, writes Dan Moss. This may be an acknowledgement that striving for Covid Zero is not only impossible, but may be too extreme to be manageable.
Further Pandemic Reading: Behavioral science offers ways to overcome vaccine hesitancy. — Peter Orszag
Telltale Charts
Michael Burry’s new Big Short is Tesla. Unlike his other famous bets, this one isn’t early, notes Liam Denning. But it has recently gotten very uncrowded, probably because Tesla has laid waste to many shorts. But maybe the timing is right now.
Rare Bears
After spending much of the past decade with 20%-40% of its float held short, Tesla's short interest has plunged to an all-time low
Source: Bloomberg
Note: Short interest as a share of Tesla's equity free float.
AT&T’s deal to unload Time Warner to Discover rings the dinner bell for a whole bunch more M&A in streaming media, writes Tara Lachapelle.
Meet the Buyers and Sellers
Any companies whose blue bar below is barely visible can safely be considered to be in play
Source: Bloomberg
Further Reading
JPMorgan Chase’s reshuffling sets up what could be a damaging fight over Jamie Dimon’s job. — Elisa Martinuzzi
WeWork’s new prospectus exposes how much money it wasted on bad deals and executive pay under Adam Neumann. — Chris Bryant
Will we get a congressional probe of January 6? It’s up to Mitch McConnell. — Jonathan Bernstein
China’s Mars landing would be an even greater success if it were sharing data with the world. — Clara Ferreira Marques
Much of today’s world was predicted by science fiction. — Tyler Cowen
ICYMI
We may be undercounting a deadly Covid syndrome in kids.
Colonial Pipeline keeps having problems.
Biden drove an electric Ford truck.
Kickers
Sleep may have evolved before brains.
Dreams evolved to assist generalization.
Lost village found in Italian lake.
Notes: Please send dreams and complaints to Mark Gongloff at mgongloff1@bloomberg.net.
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This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
To contact the editor responsible for this story:
Mike Nizza at mnizza3@bloomberg.net
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May 19, 2021 at 03:37AM
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The Vaccinated Are Filled With Post-Covid Pandemic Potential - Bloomberg
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