By Lewis
Krauskopf
NEW YORK (Reuters) - A shakeup in stocks accelerated
by the past week’s surge in Treasury yields has investors weighing how far a
recent leadership rotation in the U.S. equity market can run, and its
implications for the broader S&P 500 index.
Moves this
week further spurred a shift that has seen months-long outperformance for
energy, financial and other shares expected to benefit from an economic
recovery, while a climb in Treasury yields weighed on the technology stocks
that have led markets higher for years.
The
two-track market left the benchmark S&P 500 down for the week, and sparked
questions about whether it could sustain gains going forward if the tech and
growth stocks that account for the biggest weights in the index struggle.
So far this
year, the S&P 500, which gives more influence to stocks with larger market
values, is up 1.5%, while a version of the index that weights stocks equally is
up 5%.
“That just
tells us the gains are less narrow, more companies are participating, and I
think that’s healthy,” said James Ragan, director of wealth management research
at D.A. Davidson.
The focus on
market leadership comes as investors are weighing whether the S&P 500 is
due for a significant pullback after a 70% run since March, with the rise in
long-dormant yields the latest sign of trouble for equities as it means bonds
are more serious investment competition. The yield on the 10-year U.S. Treasury
note this week jumped to a one-year peak of 1.6% before pulling back.
Economic
improvement will be in focus in the coming weeks, including the monthly U.S.
jobs report due next Friday, as will the country’s ability to ensure widespread
coronavirus vaccinations, especially as new variants emerge.
Tech and
momentum stocks helped drive returns in 2020 “when everyone was locked down and
all they had was their computer,” said Jack Ablin, chief investment officer at
Cresset Capital Management. “Now it seems with the vaccines, the stimulus and
the prospect of reopening that we are looking out toward a recovery phase.”
The shift in
the market this week is building on one that was fueled in early November, when
Pfizer’s breakthrough COVID-19 vaccine news generated broad bets on an economic
rebound in 2021.
More
https://www.reuters.com/article/us-usa-stocks-weekahead/wall-street-week-ahead-investors-weigh-new-stock-leadership-as-broader-market-wobbles-idUSKBN2AR02C
But
the Old Lady of Threadneedle Street’s Chief Economist gives a warning on
inflation. Does Fed Chairman Powell speak with “forked tongue” on inflation? Are the US central banksters saying one thing
for the market punters but intending to react fast when inflation occurs?
Bank of
England's Haldane warns inflation "tiger" is prowling February 26, 2021 12:12 PM By Andy
Bruce , David Milliken
LONDON (Reuters) - Bank of England Chief Economist
Andy Haldane warned on Friday that an inflationary “tiger” had woken up and
could prove difficult to tame as the economy recovers from the COVID-19
pandemic, potentially requiring the BoE to take action.
In a clear
break from other members of the Monetary Policy Committee (MPC) who are more
relaxed about the outlook for inflation, Haldane called inflation a “tiger
(that) has been stirred by the extraordinary events and policy actions of the
past 12 months.
“People are
right to caution about the risks of central banks acting too conservatively by
tightening policy prematurely,” Haldane said in a speech published online.
“But, for me, the greater risk at present is of central bank complacency
allowing the inflationary (big) cat out of the bag.”
Haldane’s
comments prompted British government bond prices to fall to their lowest level
in almost a year and sterling to rise as he warned that investors may not be
adequately positioned for the risk of higher inflation and Bank Rate.
“There is a
tangible risk inflation proves more difficult to tame, requiring monetary
policymakers to act more assertively than is currently priced into financial
markets,” Haldane said.
He pointed
to the BoE’s latest estimate of slack in Britain’s economy, which was much
smaller and likely to be less persistent than in the years following the
2007-09 financial crisis, thereby leaving less room for the economy to grow
before generating inflationary pressure.
Haldane also
cited a glut of savings built by businesses and households during the pandemic
that could be unleashed, as well as the government’s large fiscal response to
the pandemic, as other potentially inflationary factors.
More
https://www.reuters.com/article/britain-boe-haldane/update-2-bank-of-englands-haldane-warns-inflation-tiger-is-prowling-idUSL8N2KW4LB
Analysis:
Global bond rout turns up the heat on central banks February 26, 2021 11:18 AM
By Swati
Pandey , Tom
Westbrook
SYDNEY/SINGAPORE (Reuters) - Central banks in Asia
struggled to smother a selloff in global bonds on Friday, piling pressure on
their bigger peers to do more, as spooked investors sold assets to cover
deepening losses and rushed out of crowded positions in stocks.
The erratic
trade evoked memories of last March and comes as the pandemic recovery enters a
delicate phase, with financial markets moving swiftly to price in an end to the
cheap money that had lit a fire under world stocks for a year.
Australia’s
central bank launched a surprise bond buying operation to try and staunch the
bleeding, calming cash markets but barely taming the fear, evident in more
liquid futures trade.
The Bank of
Korea promised as much as $6.3 billion in new bond buying before the end of
June, but the currency kept crumbling for a two-day fall of more than 1.5%.
And as
selling spread to gold, stocks, commodities and emerging markets’ currencies,
investors were turning to the biggest central banks to step in and to hurry up.
“It’s pretty
clear that central banks now need to put a leash on the bond market,” said Matt
Sherwood, head of investment strategy at fund manager Perpetual in Sydney.
“I think
that would be much more constructive than just sitting there and hoping it all
goes away,” he said, adding focus was in particular on whether the Bank of
Japan or the U.S. Federal Reserve would step up bond buying at longer tenors.
Bonds,
normally considered a safe bet, sit at the heart of financial markets because
they determine the cost of capital which serves as a reference point for all
other asset pricing.
The rout is
being driven by the speed of the recovery and expectations of higher inflation,
even as major central banks predict benign consumer prices and cheap money.
But it also
has the potential to choke the recovery and upend markets as investors
liquidate profitable trades to pay for losses on bond holdings.
More
https://www.reuters.com/article/us-global-markets-bonds-rout-analysis/analysis-global-bond-rout-turns-up-the-heat-on-central-banks-idUSKBN2AQ1H1
In
Texas news, the Great Global Warming Freeze in Texas has repercussions.
Texas grid
users failed to pay $2 billion in charges on Friday - official notice February 27, 2021 12:38 AM
HOUSTON, Feb
26 (Reuters) - Texas’s power grid operator on Friday canceled Griddy Energy
LLC’s access to the state’s power network, and shifted all its customers to
other utilities, according to a notice by the grid operator.
Electric
Reliability Council of Texas (ERCOT) said it had transferred Griddy’s customers
to one or more rival providers. Griddy was the power marketer that sold
consumers power at wholesale rates, which rose to $9,000 per megawatt hour for
days as cold weather struck the state last week. (Reporting by Gary McWilliams,
Editing by Rosalba O’Brien)
https://www.reuters.com/article/usa-weathergriddy/texas-electric-firm-griddy-loses-access-to-texas-grid-customers-turned-over-to-rivals-idUSL1N2KX00B
Texas’ ag
industry faces hundreds of millions in losses after deep freeze Andy Uhler Feb 26, 2021
Weather has returned to normal in Texas — it was even sunny
and 75 most of the week. But the state is still dealing with some interruptions
in commerce from the Presidents’ Day freeze
Grocery stores are getting restocked and many are almost
back to normal, although some are still limiting the quantities of milk and
eggs that people can buy. The freeze hit the agriculture industry hard.
Preliminary estimates put the cost to Texas farmers and ranchers at hundreds of millions of dollars
“We’re going to have a lot of farmers go bankrupt from this
freeze,” said Sid Miller, Texas’ agriculture commissioner. He said farmers are
on tight margins even without natural disasters and did what they could to
prepare for the storms.
“You know,
the tractors got antifreeze and block heaters,” Miller said. “We’ve got generators
to run the dairy barn, but everybody else wasn’t ready. The milk processors
went down, you know, the trucking companies and egg processors went down.”
Miller said
dairy farmers had to dump 14 million gallons of milk because they couldn’t get
it to processing plants.
A lot of
poultry farmers lost power for days and couldn’t get more fuel for their
generators.
“The baby
chicks that just hatched that are, you know, going to be on your store shelves
in three months, a lot of them froze to death,” Miller said.
He said
Texas might have to import from other places if there’s a shortage which would
make milk, chicken and eggs more expensive at the grocery store. Stores can’t
just immediately restock shelves because they don’t keep a lot of extra stock
on hand.
More
https://www.marketplace.org/2021/02/26/texas-ag-industry-faces-hundreds-of-millions-in-losses-after-deep-freeze/
Finally,
move over Tesla here comes Trumps nemesis Huawei EVs.
Exclusive: China's Huawei, reeling from U.S. sanctions, plans
foray into EVs – sources February 26, 20216:06 AM
HONG KONG/BEIJING (Reuters) - China’s Huawei plans to make
electric vehicles under its own brand and could launch some models this year,
four sources said, as the world’s largest telecommunications equipment maker,
battered by U.S. sanctions, explores a strategic shift.
Huawei plans to start making cars - sources
Huawei Technologies Co Ltd is in talks with state-owned
Changan Automobile and other automakers to use their car plants to make its
electric vehicles (EVs), according to two of the people familiar with the
matter.
Huawei is also in discussions with Beijing-backed BAIC
Group’s BluePark New Energy Technology to manufacture its EVs, said one of the
two and a separate person with direct knowledge of the matter.
The plan heralds a potentially major shift in direction for
Huawei after nearly two-years of U.S. sanctions that have cut its access to key
supply chains, forcing it to sell a part of its smartphone business to keep the
brand alive.
Huawei was placed on a trade blacklist by the Trump
administration over national security concerns. Many industry executives see
little chance that blocks on the sale of billions of dollars of U.S. technology
and chips to the Chinese company, which has denied wrongdoing, will be reversed
by his successor.
A Huawei spokesman denied the company plans to design EVs
or produce Huawei branded vehicles.
“Huawei is not a car manufacturer. However through ICT
(information and communications technology), we aim to be a digital
car-oriented and new-added components provider, enabling car OEMs (original
equipment manufacturers) to build better vehicles.”
Huawei has started internally designing the EVs and
approaching suppliers at home, with the aim of officially launching the project
as early as this year, three of the sources said.
Richard Yu, head of Huawei’s consumer business group who
led the company to become one of the world’s largest smartphone makers, will
shift his focus to EVs, said one source. The EVs will target a mass-market
segment, another source said.
More.
https://www.reuters.com/article/businessNews/idUSKBN2AQ0KD?il=0
I’ve
been rich and I’ve been poor. Rich is better.
Frank
Sinatra.
Covid-19 Corner This
section will continue until it becomes unneeded.
J&J’s
One-Shot Covid Vaccine Receives FDA Advisers’ Backing By Robert
Langreth and Riley
Griffin
26
February 2021, 22:05 GMT Updated on 26 February 2021, 23:20 GMT
Presentations
show low rate of side effects, rising immunity
·
Johnson & Johnson ’s single-shot coronavirus
vaccine won the backing of a panel of U.S. government advisers, paving the way
for authorization of the country’s third immunization against the deadly virus.
Experts advising the U.S. Food and Drug Administration
voted 22-0, with no abstentions, that the benefits of the vaccine outweigh its
risks in adults 18 and older, a decision that could help bolster the vaccine
supply as new variants continue to spread. The FDA usually follows the
nonbinding recommendations of its advisory panels and could authorize the shot
within days.
The J&J candidate is highly anticipated because it can
be kept in a refrigerator for three months, an advantage over the mRNA vaccines
that must be frozen when stored for longer periods, and its single-shot regime.
Biden administration officials have said the U.S. expects J&J to release 3
million to 4 million shots next week, assuming it’s authorized for use.
“This is a relatively easy call,” said Eric
Rubin , a committee member who’s also editor-in-chief of the New England
Journal of Medicine. “It clearly gets us way over the bar, and it’s nice to
have a single-dose vaccine.”
More
https://www.bloomberg.com/news/articles/2021-02-26/j-j-s-one-shot-covid-19-vaccine-receives-fda-advisers-backing?utm_source=webpush&utm_campaign=BreakingNews%7CStory%7CQP5MGBDWX2PU01
Israeli
researchers say spirulina algae could reduce COVID mortality rate The algae has
been shown to reduce inflammation. By MAAYAN
JAFFE-HOFFMAN FEBRUARY 24, 2021 21:17
A team of
scientists from Israel and Iceland have published research showing that an
extract of spirulina algae has the potential to reduce the chances of COVID-19
patients developing a serious case of the disease.
The research,
published in the peer-reviewed journal Marine Biotechnology, found that an
extract of photosynthetically manipulated Spirulina is 70% effective in
inhibiting the release of the cytokine TNF-a, a small signaling protein used by
the immune system.
The research was
conducted in a MIGAL laboratory in northern Israel with algae grown and
cultivated by the Israeli company VAXA, which is located in Iceland. VAXA
received funding from the European Union to explore and develop natural
treatments for coronavirus.
Iceland’s MATIS
Research Institute also participated in the study.
In a small
percentage of patients, infection with the coronavirus causes the immune system
to release an excessive number of TNF-a cytokines, resulting in what is known
as a cytokine storm. The storm causes acute respiratory distress syndrome and
damage to other organs, the leading cause of death in COVID-19 patients.
“If you control or
are able to mitigate the excessive release of TNF-a, you can eventually reduce
mortality,” said Asaf Tzachor, a researcher from the IDC Herzliya School of
Sustainability and the lead author of the study.
During
cultivation, growth conditions were adjusted to control the algae’s metabolomic
profile and bioactive molecules. The result is what Tzachor refers to as
“enhanced” algae.
Tzachor said that
despite the special growth mechanism, the algae are a completely natural
substance and should not produce any side effects. Spirulina is approved by the
US Food and Drug Administration as a dietary substance. It is administrated
orally in liquid drops.
“This is natural,
so it is unlikely that we would see an adverse or harmful response in patients
as you sometimes see in patients that are treated with chemical or synthetic drugs, ” he
said.
The
algae have been shown to reduce inflammation. Tzachor said that if proven
effective, spirulina could also be used against other coronaviruses and
influenza.
More
https://www.jpost.com/health-science/israeli-researchers-say-spirulina-algae-could-stop-covid-19-deaths-660064
UK team
testing tablet, spray alternatives to COVID-19 vaccine February 24, 2021 18:49
LONDON:
Researchers who produced the Oxford University COVID-19 vaccine are assessing
the use of tablets or nasal sprays to replace jabs.
Lead
researcher Sarah Gilbert told a parliamentary committee that “we’re … thinking
about second-generation formulations of vaccines” that could replace
injections, but they will “take time to develop.”
She added:
“We have flu vaccines that are given by nasal spray, and this could be a very
good approach in the future to use vaccines against coronaviruses.
“It’s also
possible to consider oral vaccination where you have to take a tablet that will
give the immunization, and that would have a lot of benefits for vaccine
rollout — if you didn’t need to use the needles and syringes for people.”
Both options
“will have to be tested for safety and then for efficacy as well, because the
immune responses that will be generated by both of those approaches will be a
little bit different to what we get from an intramuscular injection,” Gilbert
said.
Kate
Bingham, who chaired the UK government’s vaccines taskforce, said two
injections given by healthcare professionals is “not a good way of delivering
vaccines.”
She told the
BBC: “We need to get vaccine formats which are much more scalable and
distributable, so whether they’re pills or patches or nose sprays.”
https://www.arabnews.com/node/1815236/world
Nasal Sprays
Are Part Of The Fight Against Covid-19. Here's How Several sprays in development are showing
promising results for preventing – and even treating – infection.
By Natasha Hinde 26/02/2021 06:00am GMT
If Covid-19 vaccines are the superheroes, fighting against
the worst effects of coronavirus with a needle and vial, they’re soon set to
get a seriously kick-ass sidekick in different guise: the nasal spray.
Teams of scientists around the world are hard at work
developing sprays that will
not only deliver Covid-19 vaccines into the body – great news for needle
phobics – but may also help prevent and treat early infection from the
virus.
The
nose , you see, is a key entry point for the SARs-CoV-2 virus. It gets in
via the droplets produced when someone infected with Covid-19 coughs, sneezes
or speaks. Cells
inside the nose have more of a certain receptor – the ACE-2 receptor – than
other cells in the body, and these are like magnets for the coronavirus, making
the nose far more susceptible to the unwanted invader.
There, the virus can lock on to and enter cells using its
spike protein – and rapidly multiply. This is why it’s so important to wear a
face mask over your nose as well as mouth – but it’s also where nasal spray
vaccines come in...
----One such spray, called Taffix, has already been found
to prevent Covid-19 from occurring. A trial among Orthodox Jews attending a
religious festival in Israel in September 2020 found that while the celebration
was effectively a
super-spreader event – with infections in the local population rising from
18% to 28% – a small group of people didn’t seem to be impacted much.
The reason? They used a nasal spray. Of 243 participants,
83 used the Taffix spray during the two-day event and for the following two
weeks. The spray is thought to work in 50 seconds and offers protection for up
to five hours.
When rates of infection were examined, two participants in
the nasal spray group tested positive for Covid-19 compared to 16 in the group
who declined the product. This equated to a 78% reduction in risk of infection
when the spray was used.
The spray wouldn’t be a replacement for face masks, warn
its creators – rather an additional layer of protection. Dr Dalia Meggido,
co-founder and chief executive officer of Nasus Pharma, the biopharma company
that developed the spray, said it could be particularly useful in high-risk
settings such as on public transport and in shops and schools.
---- A nasal antiviral created by researchers at Columbia University was
found to block transmission of SARS-CoV-2 in ferrets and researchers are
hopeful the same results could be achieved in humans. The compound in the
Columbia University spray – a lipopeptide developed by researchers – is
designed to prevent the new coronavirus from entering host cells in the nose.
Scientists
at Lancaster University began working on a nasal spray in March 2020 that aims
not only to prevent infection but stop the virus spreading. They ran animal
trials on hamsters from July to September, and are currently analysing the
results with a team of researchers at the Biomedical Research Institute in San
Antonio, Texas before human trials can begin.
---- Australian
biotech company, Ena Respiratory, has also been working on a nasal spray that
aims to help prevent Covid-19 – by boosting the immune system. It works by
stimulating the innate immune system, the first line of defence against the
invasion of pathogens into the body.
When taken once or twice weekly, this nasal spray reduced viral replication of SARS-CoV-2 by up
to 96% in ferrets. By boosting the immune response at the primary site of
infection, the ability of the Covid-19 virus to infect and replicate was
dramatically reduced, a study by Public Health England showed.
While nasal sprays are proving to be useful in preventing
the virus from entering the body’s cells, some are being developed which could
also act as treatments for early infection. One Canadian nasal spray is being
tested as a treatment for the virus in clinical trials at Ashford
and St Peter’s Hospitals NHS Foundation Trust in Surrey. The nitric oxide nasal
spray – called SaNOtize – is designed to kill the SARS-CoV-2 virus in the upper
airways and stop it from replicating and spreading to the lungs.
In lab tests, the spray proved to be 99.9% effective in
killing the virus within two minutes, and in animal tests, rodents who were
given the spray and deliberately infected with the virus saw a 95% drop in
viral load within a day of infection, while others showed no detectable virus.
More
https://www.huffingtonpost.co.uk/entry/nasal-spray-covid_uk_60366c9dc5b62daa0bffac88
Professor Tim Spector. Approx. 6
minutes.
Reasons to be
cheerful as COVID cases stall https://www.youtube.com/watch?v=ZULTz5EWKbw
Next, some very useful vaccine
links kindly sent along from a LIR reader in Canada. The links come from a most
informative update from Stanford Hospital in California.
World Health Organization -
Landscape of COVID-19 candidate vaccines . https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine
Tracker . https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Stanford Website . https://racetoacure.stanford.edu/clinical-trials/132
FDA information . https://www.fda.gov/media/139638/download
Regulatory Focus COVID-19
vaccine tracker . https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some more useful Covid links.
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
https://rt.live/
The Spectator
Covid-19 data tracker (UK) https://data.spectator.co.uk/city/national
Success cover a multitude of blunders.
George Bernard Shaw.
Technology Update.
With events happening fast in the development of solar power and
graphene, I’ve added this section. Updates as they get reported. Is converting
sunlight to usable cheap AC or DC energy mankind’s future from the 21st
century onwards.
Fire risk
prompts ban on electrics in underground car parks Martin Bensley
Feb 23, 2021
Battery-powered mobility is seen as the way of the future. So
how come some fire hazard specialists are saying electric cars should be banned
from underground car parks and tunnels?
(dpa) - Electric
cars may be less of a burden on the environment than diesels, but a serious
downside to these zero-emission vehicles is the fire risk they pose in
underground car parks.
The issue has prompted officials in Germany to ban
electrics from underground car parks in two towns after a blaze broke out in a
subterranean lot.
The car that burned out two months ago in Kulmbach in
Bavaria was elderly petrol-engined VW Golf hatchback and not a pure
electric. However, the damage caused was extensive and the facility had to be
shut down for five months.
Officials said the consequences would have been much worse
if a battery car had caught fire. Now Teslas, all other electrics and even
petrol and diesel hybrids are no longer allowed to use two underground car parks
in Kulmbach and Leonberg in the German state of Baden-Wuerttemberg.
In other countries, a wider debate on whether electrics
should be banned from underground car parks and tunnels was sparked after a
Swiss researchers published footage of the loud bang, metre-long flames and
copious amounts of thick, black smoke caused by an electric car on fire.
To see what the impact of burning electric car batteries
would be on rescue services and other nearby drivers in tunnels or car parks,
the Swiss Materials Testing and Research Institute (Empa) deliberately set a
number of electric cars on fire in enclosed spaces.
The resulting video
footage
"The visibility in the previously brightly lit tunnel
section quickly approaches zero," the testers said, backing up their
analysis with various videos of exploding electric cars. "After a few
minutes, the battery module is completely burnt out."
Their conclusion from tests: Fire departments familiar with
fires in conventional cars should be prepared to deal with this kind of fire,
and the tunnel or underground car park walls and pipes should not be put at
additional risk.
Experts in Germany said their fire brigades cannot
extinguish electric car fires easily since the lithium-ion batteries on board
continue to smoulder even when doused with water. In some cases the fire can
break out again.
The only way
to deal with an underground car park car fire is to let the vehicle burn out
since the roof of the car park is usually too low to allow heavy equipment to
drag out a blazing vehicle.
Another
complex method of extinguishing electrics which catch fire is to submerge them
completely a container of water. This prevents re-ignition and the emission of
toxic gases.
Although
electric cars do not burst into flames more often than those with combustion
engines, the blazes are usually serious.
In some
cases rescuers are unable to free passengers from a burning vehicle because of
the extremely high temperatures generated by burning batteries. A further
hazard are short circuits of up to 1,000 volts in the car's high-voltage
circuits.
After dozens
of initially unexplained fires, South Korean maker Hyundai recently recalled
thousands of three all-electric models on sale in the domestic market and
replaced their batteries. The maker acted after a report highlighted the
batteries as the cause of the blazes.
https://www.dpa-international.com/topic/fire-risk-prompts-ban-electrics-underground-car-parks-urn%3Anewsml%3Adpa.com%3A20090101%3A210220-99-524091
This weekend’s musical diversion. Approx. 7 minutes.
Domènec
Terradellas (1713-1751) - Sinfonia 'Sesostri, re d'Egitto' (1751) https://www.youtube.com/watch?v=DI1zmpVLJbw
Domènec
Terradellas Domènec Terradellas
(baptized 13 February 1713, Barcelona – 20 May 1751, Rome) was a Catalan opera
composer .
The birthdate is sometimes incorrectly given as 1711. [a]
Carreras i Bulbena did extensive research in contemporary documents, such as
baptismal records, and found that the correct date was 1713. All his works are
thoroughly Italian in style.
----- Terradellas was one of a group of
foreign-born composers who studied in Italy and adopted the Italian style. The
reason for this is that Italian
opera was by far the dominant genre of
opera at this time, attracting composers from all across Europe: ( George Frideric Handel ,
Johann Adolph Hasse ,
Johann Christian Bach
(all Germans), Thomas
Arne (an Englishman), Josef Mysliveček
(a Czech), and Vicente Martín y Soler
(a Spaniard).
More
https://en.wikipedia.org/wiki/Dom%C3%A8nec_Terradellas
This weekend something for the air
history followers. Approx. 10 minutes.
Germany's U-2
- WW2s Highest Air Combat https://www.youtube.com/watch?v=8WDkj0ZYuiA&t=525s
Finally, everything you ever wanted to
know about late WW2 super-prop fighters and why the lost out to jet aircraft. Great
detail. Approx. 26 minutes.
U.S.
"Super Prop" Fighters P-51H, XP-72, and more https://www.youtube.com/watch?v=fgIz5N11TZ8
Bob Hope -Chester Hooton : Am I dead?
Bing Crosby-Duke Johnson : I can't tell, you always look that way.
