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Mineral, Virginia, where yesterday’s earthquake originated, just so happens to be in Eric Cantor’s district. Eric Cantor just so happens to get gotcha’d every time a disaster happens and the media starts looking for budget cuts that look short-sighted from the view inside the rubble. He’s figured out how to handle this:
House Majority Leader Eric Cantor assured his constituents on Wednesday that Congress “will find the monies” to assist earthquake victims in Mineral, Virginia – but the Republican lawmaker noted that “those monies will be offset with appropriate savings or cost-cutting elsewhere.”
One factor that’s been misunderstood in today’s weird Krugman discussion is whether or not Keynesians think natural disaster = growth. Not necessarily — they tee up the conditions under which government and industry will spend new money. They may even create an environment for temporarily deregulation. You want as much relief as possible, followed by as much commerce as possible.
Cantor’s promising… well, for now, disaster relief that will be funded by cuts somewhere else. This is exactly what Faux Krugman was afraid of.
Rather than being redundant with a report about the quake here, I’ve decided to list some sites that are doing excellent reporting on the phenomena…
- Twitter explodes as 5.9 magnitude earthquake hits Virginia, Washington D.C., NYC (digitaltrends.com)
- Quake rocks Washington area, felt on East Coast (seattletimes.nwsource.com)
- Quake rocks Washington area, felt on East Coast (sfgate.com)
- Quake Hits Virginia, Shakes Eastern US, Briefly Perturbs Markets (blogs.wsj.com)
- DC quake turns off two nuclear reactors (rt.com)
- Earthquake Rocks Virginia, DC, NY and Much of Eastern US (livescience.com)
- Earthquake Hits East Coast of US, 5.9 in DC, Capitol and Pentagon Evacuated (inquisitr.com)
It’s 2:32 EST and I’m watching the reports on MSNBC…
TOKYO – Japan was struck by a magnitude-8.9 earthquake off its northeastern coast Friday, triggering a 13-foot (4-meter) tsunami that washed away cars and tore away buildings along the coast near the epicenter.
In various locations along Japan’s coast, TV footage showed severe flooding, with dozens of cars, boats and even buildings being carried along by waters. A large ship swept away by the tsunami rammed directly into a breakwater in Kesennuma city in Miyagi prefecture, according to footage on public broadcaster NHK.
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Officials were trying to assess possible damage from the quake but had no immediate details.
The quake that struck 2:46 p.m. was followed by a series of aftershocks, including a 7.4-magnitude one about 30 minutes later. The U.S. Geological Survey upgraded the strength of the first quake to a magnitude 8.9.
The meteorological agency issued a tsunami warning for the entire Pacific coast of Japan. National broadcaster NHK was warning those near the coast to get to safer ground.
The Pacific Tsunami Warning Center in Hawaii said a tsunami warning was in effect for Japan, Russia, Marcus Island and the Northern Marianas. A tsunami watch has been issued for Guam, Taiwan, the Philippines, Indonesia and the U.S. state of Hawaii. More…