Tuesday, February 25, 2025

Firing bird flu scientists in this economy? That’s a choice

Eggs prices are skyrocketing — and DOGE isn't helping.
Bloomberg

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Today's Agenda

Cheaper By the Dozen No More

Eggs are multitalented. They play a starring role in breakfast. They often make an appearance during dinner. [1]  And dessert? They're all over the stage. [2]  Sometimes, they're even in non-edible stuff like fertilizer and face masks.

Without easy access to affordable eggs, I fear we may go insane. If that sounds hyperbolic, think for a moment about alllll the yolk-based condiments you currently take for granted. What are frites without garlic aioli?! What is Chick-fil-A without the sauce? What is girl dinner without — gasp! — Caesar dressing???

While Caesar salad isn't going anywhere anytime soon, bird flu is wreaking havoc on our food supply, says Patricia Lopez: Farmers are killing off egg-laying hens in droves. Restaurants like Denny's and Waffle House are rewriting their menus. Meanwhile, McDonald's is treating it like a PR stunt. Grocery stores are placing limits on how many cartons customers can buy. Border patrol agents are confiscating smuggled eggs. And a gallon of gas — typically the ire of the average American voter — looks cheap compared to a dozen eggs.

"In Wisconsin, for example, a carton of pasture-raised eggs can set consumers back $10," Patricia writes. As it stands, only about one-third of Americans are happy with the President Donald Trump's handling of prices. And Patricia says, "There will be political hell to pay if the bird flu mutates to become a human outbreak, something almost half of Americans are already worried about."

We can't blame the bird flu entirely on Trump — it's been around for a while, and he's only been in office for six weeks — but it is his problem. "So far, he has only made matters worse," Patricia writes. "The mass firings included an unconfirmed number of people working on the bird flu response — a stunning display of bureaucratic incompetence. Officials now are scrambling to find and rehire them."

Guess who oversaw those layoffs? Elon Musk, who Noah Feldman says is playing a dangerous game with DOGE. "The obvious lack of strategic planning in the haphazard firings and cuts means that sometimes, the Trump administration will eventually realize that what has been cut was necessary," he writes. In addition to firing those much-needed bird flu scientists, the administration erroneously laid off critical nuclear weapons experts, only adding to the feeling that Musk is moving too fast and breaking too many things.

Nia-Malika Henderson says over one-third of Americans worry Musk is cutting necessary programs, and Trump's reputation is suffering as a result. "Americans feel the impact of deep spending cuts," she writes. "National parks are reducing hours due to cuts. The US Department of Veterans Affairs fired, then rehired, health-care workers. (The agency was already beset by staff shortages.) It's hard to imagine, once the dust settles on this haphazard approach to downsizing and cost-cutting, that government will actually function better than it did when Trump took office."

You know what's not helping matters? The fate of the nation's food supply is now in the hands of Donald Jr.'s hunting buddy, 37-year-old attorney Kyle Diamantas. He hails from Miami, Florida — where else? — andVanity Fair's Katherine Eban says his LinkedIn profile "is a study in brevity." As the new acting deputy commissioner for human foods at the Food and Drug Administration, Diamantas is in charge of keeping 80% of our food safe from E.coli outbreaks, meth contaminationnatural disasters and, of course, avian influenza. He may have experience killing birds, but can he keep them alive and healthy? I wouldn't put all my eggs in his basket, that's for sure.

Bonus DOGE reading: Elon Musk shouldn't mess with deposit insurance. — Paul J. Davies

A Tale of Two Companies

Hmm. Why would you dump your CEO when the stock chart looks like this?

That's the question on everyone's mind after Unilever, maker of Hellmann's mayonnaise and Ben & Jerry's ice cream (eggs really are everywhere), announced that Hein Schumacher would step down as chief executive officer after less than two years. It's unclear exactly why, but we know the decision was mutual. "From the outside, it's suboptimal," Andrea Felsted writes. "At best, it looks clumsy. At worst, it is a blow to Unilever's already shaky credibility."

But Unilever isn't the only business at risk of a credibility crisis. On Wednesday, Javier Blas says BP will announce a highly anticipated Big Oil strategy update. "The most pressing question is seemingly contradictory: BP needs to reduce its huge debt pile, but it needs to do so while paying shareholders, if not more, then at least the same as they were accustomed to. It's the corporate version of squaring the circle," he writes. "As difficult as it is, it's possible. BP loves using its initials for branding wordplays. Once it was 'Beyond Petroleum.' Let's hope 'Big Payouts' will be the replacement for the current less-than-flattering moniker: 'Beyond Profits.'"

This is only a slice of our opinion coverage. To unlock every story and get full access to all our columnists, become a Bloomberg.com subscriber.

Telltale Charts

At the UN General Assembly this week, the US voted against its own resolution on Ukraine which condemned Russia's role in the conflict. Instead, the US chose to side with the likes of Belarus, North Korea and — you guessed it! — Russia. Although Marc Champion calls the vote "largely symbolic," it's a vivid illustration of just how serious Trump is about maligning Ukraine. European leaders may feel they need to stroke the president's ego and sidestep conflict, as French President Emmanuel Macron did in Washington, but Marc says they also must "show strength and teeth, because it's what Trump respects. In his world, the weak are roadkill, and it's only with other powerful Krishas, such as Russia's President Vladimir Putin, that any true negotiating takes place. Europe is rich enough to do this — but, for now, it's too fragmented and unprepared."

In his column about how to avoid the pitfalls of investing in Latin AmericaJuan Pablo Spinetto says Brazil "has the most sophisticated and developed financial markets of the region, with almost $1.3 trillion invested just by individuals." It also happens to be one of the biggest importers of Chinese solar panels, according to David Fickling: "Countries that have been trapped in energy poverty for generations due to the cost of imported fossil fuels may have a chance to grow faster, thanks to cheaper renewables." All that power translates to more money in Brazil's pockets.

Further Reading

To get its framework right, the Fed first needs to recognize what's wrong. — Bill Dudley

Conclave and A Complete Unknown offer viewers a hit — and a miss. — Frank Barry

Hong Kong banks are fighting against the crypto bros. — Andy Mukherjee

A Chinese alternative to the Magnificent Seven has arrived. — Shuli Ren

A trading exec at a bank will say her job is service, but her goal is monetization. — Matt Levine

Bank of England's governor should embrace his inner Winston Churchill. — Marcus Ashworth

Live Q&A

The so-called loneliness epidemic has been plaguing the world since long before Covid. Are AI chatbots a potential solution? Join Parmy Olson and Nicole Torres for a live discussion Wednesday, Feb. 26, at 11:00 a.m. EST.

ICYMI

RIP, Joann. I hope whoever runs their TikTok gets hired.

The story of Trump's "human printer" is incredibly strange.

Another day, another near-collision at the airport.

SpaceX is doing business with the FAA, conflicts be damned.

Kickers

Big week for TikTok songs about the government.

The Yankees' five-decade beard ban is over.

Ayo Edebiri + Barney + A24? Say no more.

All the planets are on display this week. (h/t Robert Karl)

What happens if you win the lottery with a stolen credit card? (h/t Lisa Jarvis)

Notes: Please send a great big hug and feedback to Jessica Karl at jkarl9@bloomberg.net.

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[1] Chicken parm! Fried rice! Meatballs! Pasta dough! Avgolemono! Croquettes! Carbonara!

[2] Macarons! Ice cream! Tiramisu! Chocolate soufflé! Pavlova! Cheesecake! Flan! Lemon meringue pie! Okay, now I'm hungry.

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