We develop a parsimonious model to study the effect of regulations aimed at reducing counterparty risk on the structure of over-the-counter securities markets. We find that such regulations promote entry of dealers, thus fostering competition and lowering spreads. Greater competition, however, has an indirect negative effect on market-making profitability.

Introductory remarks (by videoconference) by Mr Luis de Guindos, Vice-President of the European Central Bank, to the Committee on Economic and Monetary Affairs of the European Parliament, Frankfurt am Main, 7 May 2020.

Daily data on monetary policy rates have been updated. This covers 38 central banks with the earliest data starting in 1946.

Are financial intermediaries inherently unstable and, if so, why? To address this, we analyse whether model economies with financial intermediation are particularly prone to multiple, cyclic or stochastic equilibria.

Long-term interest rates have remained low despite a surge in the issuance of sovereign debt to mitigate the economic impact of the pandemic.

At a time of conflicting narratives, a range of markets from equities to energy to gold may persist in volatility until one narrative gains the upper hand.

See volume, open interest, and other trading highlights for Fertilizer swaps and futures markets offered by CME Group.

A look at support and regenerative policy initiatives by the Federal Reserve and the Government as more than 20 million jobs were lost in April 2020.

Bank of Italy Working Papers by Giorgio Albareto, Andrea Cardillo, Andrea Hamaui and Giuseppe Marinelli

Bank of Italy Working Papers by Luca Metelli, Filippo Natoli and Luca Rossi

Bank of England Working Papers by Aydan Dogan and Ida Hjortsoe

Bank of England Working Papers by Cristiano Cantore and Lukas Freund

Bank of England Working Papers by Cristiano Cantore, Filippo Ferroni and Miguel León-Ledesma

Bank for International Settlements BIS Working Papers by Francesca Carapella and Cyril Monnet

European Central Bank Working Papers by Marien Ferdinandusse, Maximilian Freier and Annukka Ristiniemi

Bank of Spain Working Papers by Henrique S. Basso and Juan F. Jimeno

European Central Bank Working Papers by Fabian Eser, Peter Karadi, Philip R. Lane, Laura Moretti and Chiara Osbat

Central Bank of Chile Working Papers by Benjamín García and Juan Guerra-Salas

Central Bank of Chile Working Papers by Tomás Gómez, Alejandro Jara and David Moreno

“If people saw this, they would stay home.” What the war against the coronavirus looks like inside two Bronx hospitals.

These causes will make great use of your money or your time.

“I just went down on my knees,” his mother recalled later. “I just implored God for mercy.”

The Penn State Mont Alto campus held its annual Academic and Leadership Awards Ceremony online on Sunday, April 19. Eighty-eight students were recognized for their academic achievements and campus leadership during the 2019-20 academic year. Three faculty members and one staff member were also recognized for their above-and-beyond contributions to the learning environment at Penn State Mont Alto.

Billions for oil, nothing for nurses and teachers.

The only fiscal thing to fear is deficit fear itself.

Beware men who never admit having been wrong.

Penn State’s PROmoting School-community-university Partnerships to Enhance Resilience (PROSPER) project is continuing to connect and engage Pennsylvania families and keep schools informed during the COVID-19 pandemic.

The 2020 "Expanding Empathy" lecture series has moved online and added a lecture on "The Altruistic Brain," as well as a panel discussion on empathy in the time of COVID-19, both to be held on April 29 via Zoom.

Five members of the Penn State football team were selected in this past weekend's NFL Draft, marking the third straight year that the Nittany Lions have had at least five draft picks.

Apple has been hit with a class-action lawsuit claiming that the company concealed the so-called "stage lighting" issue experienced by some 2016 MacBook Pro owners.

Apple's higher-end 13-inch MacBook Pros are equipped to take advantage of 87W power adapters, though users won't see any charging speed benefits from the change.

Apple has reopened all of its operational Apple Stores in Australia, following their closure because of the coronavirus outbreak. Each of the stores has introduced social distancing and temperature checks.

Early Thursday morning, Apple announced it is awarding $10 million from its Advanced Manufacturing Fund plus manufacturing machinery design assistance to COVID-19 test kit collection equipment manufacturer COPAN Diagnostics.

Apple's Jeff Williams says that supply chains are running well and that the company is optimistic about the future for the economy both for itself and for America as a whole.

Several European countries, including Switzerland and Germany, are demanding all user data generated by coronavirus contact tracing apps be stored on-device, rather than aggregated on a centralized server.

Digital camera specialist DxOMark on Thursday released a comprehensive review of the front-facing selfie camera on Apple's iPhone 11, finding the device to offer good, if not great, performance compared to competing smartphones.

Apple has now launched a new shop front online which is expressly for making it easier to buy, and get technical help, from home.

Eight years after it released tools to make what were then called iBooks, Apple has launched Apple Books for Authors, a new effort to get writers publishing on its platform.

Local people notice the unity in Christ of OM Montenegro as the team work and relax together.

At 33, Igor, from Serbia, was sick, jobless and homeless. But one winter night he met Jesus. Now he serves God with OM in Montenegro.

After making friends at OM's English Cafe, Igor shares with them how he came from a similar background but was freed from despair when he met Jesus.

Washington, D.C. Newsroom, May 7, 2020 / 07:55 am (CNA).- Pope Francis has accepted the resignation of Bishop Joseph Binzer, Cincinnati's auxiliary bishop, who was accused in August of failing to act on allegations made against a priest. 

A statement from the Holy See press office May 7 said the pope had accepted the 65-year-old bishop’s resignation but gave no reason for the decision. 

In a statement released by the Archdiocese of Cincinnati, Archbishop Dennis Schnurr said the pope accepted Binzer’s resignation after conversations between the bishop and the Holy See. 

The archdiocese also included a brief statement from Binzer in which he said he was “deeply sorry for my role in addressing the concerns raised about Father Drew, which has had a negative impact on the trust and faith of the people of the Archdiocese of Cincinnati.”  

“In April, having studied this matter since last summer, the Holy See informed me that it agreed with this assessment. As a result, and after much prayer and reflection, I offered my resignation from the Office of Auxiliary Bishop of the Archdiocese of Cincinnati,” said Binzer. ”I believe this to be in the best interest of the archdiocese.”

Archbishop Schnurr said that although retired, Binzer will continue to serve in the archdiocese with the title of “Auxiliary Bishop Emeritus.” 

“What exactly that ministry will look like will be determined after discussions between Bishop Binzer, the Priest Personnel Board, and me,” Schnurr said. “In this difficult and unfortunate time, please keep Bishop Binzer and all the people of the archdiocese in your prayers.”

Archbishop Schnurr removed Binzer from his position as head of priest personnel in August, after CNA presented officials with its investigation into claims that Binzer failed to pass on reports that a priest had engaged in inappropriate behavior with teenage boys.

In August last year, Schnurr told CNA that “We obviously made serious mistakes in our handling of this matter, for which we are very sorry.”

While Schnurr’s public comments did not address Binzer’s role directly, senior sources in the archdiocese told CNA in August that Schnurr had “gone nuclear” when he discovered the situation.

“The archbishop was as mad as I have ever seen him. When he was told that Bishop Binzer had withheld information, well, he used words I have never heard him use before,” one senior source told CNA, saying Schnurr called Binzer’s actions a “firestorm” for the archdiocese.

In September, 2019, an archdiocesan spokesperson told CNA that Schnurr had sent a "full report to Rome on the whole case and he is waiting for the Vatican’s response,” and he expected "a full investigation” to be conducted by the Vatican.

Binzer later resigned as a member of the U.S. bishops’ conference committee for the protection of children and young people, on which he represented Region VI.

CNA reported in August last year that Binzer was told in 2013 about allegations concerning a recently suspended priest, Fr. Geoff Drew, and failed to disclose them to Cincinnati Archbishop Dennis Schnurr and other archdiocesan officials.

While the archdiocesan victims’ assistance coordinator, who reported to Binzer, was aware of the allegation, the information was not made known to the diocesan priest personnel board or Archbishop Schnurr. 

In 2015, similar allegations were again made against Drew. The matter was forwarded to Butler County officials, who determined that the activity was not criminal. Again, Binzer reported neither the complaints nor the investigation to the archbishop or informed the priest personnel board.

Sources in the archdiocesan chancery told CNA in August that Binzer met with Drew twice, was assured by him that he would reform his conduct, and considered this sufficient.

In early 2018, Drew applied for a transfer to St. Ignatius of Loyola Parish in Green Township, which is attached to the largest Catholic school in the archdiocese.

As head of priest personnel, Binzer was in charge of the process that considers requests and proposals for reassignment, in conjunction with the priest personnel board.

Neither the board nor the archbishop were made aware of the multiple complaints against Drew, and the transfer was approved.

The allegations were also reportedly not recorded by Binzer in the priest’s personnel file that would have been available to the archdiocesan personnel board as part of the process.

A month after Drew’s arrival at St. Ignatius, a parishioner at Drew’s former parish resubmitted the 2015 complaints about the priest, but this time it was also brought to the attention of Archbishop Schnurr.

Also in 2018, Binzer received an additional complaint of similarly inappropriate contact by Drew, dating to his time as a high school music teacher, before his ordination as a priest. 

Following a diocesan investigation, Drew was ordered to attend counselling with a psychologist.

On July 23, Drew was removed from ministry, when it emerged that he had sent a series of inappropriate text messages to a 17-year-old. 

Chancery sources told CNA in August that it was only after the recent incident at St. Ignatius that archdiocesan officials discovered that the otherwise undisclosed complaints about Drew had been made to Binzer, and that the auxiliary bishop had failed to report them to other diocesan officials, or raise them during the decision to approve his transfer in 2018.

Washington, D.C. Newsroom, May 7, 2020 / 10:48 am (CNA).- A Catholic nurse said the coronavirus pandemic has presented challenges she has never encountered before—and that a prayer life is critical to get her through her shift.

“If I don’t have my faith in me, I cannot give what I don’t have,” said Maria Arvonio, a registered nurse for almost 40 years and a board member of the National Association of Catholic Nurses. 

As the current night shift supervisor at Virtua Willingboro Medical Center in southern New Jersey—a COVID-19 “hot spot,” she says—Arvonio told CNA she and her colleagues were facing a new kind of disease.

Over the decades she has had experience treating previous diseases including the AIDS epidemic, before which nurses didn’t wear gloves. “I’m still standing—that is God,” she said.

Yet the new coronavirus pandemic is something unprecedented, she admitted. “It’s different in that it appears that no matter what we’re doing, it seems to just multiply,” she said.

As she treats COVID-19 patients, Arvonio told CNA that she leans on her prayer life to lead the team of nurses at the hospital.

“I cannot help those other nurses stand strong, if they look at me and I look afraid. Why would they want us to continue to work? I cannot show fear,” she said.

“I start my job with prayer. Before I even go into the workplace, I’ve already been either doing the rosary with someone, praying ‘Jesus, come and seal me in your most Precious Blood, Blessed Mother help me,’” Arvonio said.

Arvonio was one of several nurses to appear at the White House on Wednesday for National Nurses Day, and told President Trump of her experience treating patients in a COVID-19 “hot zone.” New Jersey has been one of the hardest-hit states by the virus, with nearly 132,000 confirmed cases and more than 8,500 deaths.

Treating the person, and not just the sickness, is part of the mission of nurses, she said at the event. “It’s not just our science, it’s our compassion.”

In an interview with CNA after her White House appearance, Arvonio said she pressed an official close to the President on the need for the administration to push for more access to COVID patients by hospital chaplains.

The U.S. Centers for Disease Control has reportedly been working on guidelines for restarting religious services as states begin to loosen stay-at-home restrictions. CNA reported that on April 28 and 29, officials from the White House domestic policy council and the CDC had discussed the matter with four Catholic bishops who are resuming public Masses.

New Jersey, Arvonio said, has allowed golf courses and liquor stores to be open, but Catholics do not have public Mass. “That’s a problem,” she said.

The spiritual needs of the COVID-19 patients are just as real as their physical needs, she said. As a board member of the National Association of Catholic Nurses, U.S.A., Arvonio says that organization’s mission is critical now more than ever, to emphasize caring for the spiritual needs of patients. 

In the case of one patient who was heading to hospice, a priest could only talk to her remotely, on Zoom.

“She was in tears, an elderly woman worried to leave on hospice because her priest wasn’t there to give her the last rites. This is wrong! This is our right as a Catholic!” Arvonio said.

For some hospitals, chaplains cannot administer the sacramental anointing because of a shortage of personal protective equipment (PPE) available for them. Yet, Arvonio said, she has seen staff wearing PPE in situations where it’s not necessary.

“Look at how we’re using our equipment and give it to the essential personnel, which is the priest,” she said. “We need him in the hospital more than ever.”

“We need to start thinking about getting the spiritual care back to these patients. They need their priests, they need their pastor.”

She has started making care packages for patients to provide something tangible in the absence of the sacraments; for one patient she assembled a care bag with holy water, blessed oil, and plastic rosaries. “I said ‘he’s not alone. God always has somebody for every person,” she said.

Washington, D.C. Newsroom, May 7, 2020 / 02:40 pm (CNA).- The governor of Illinois has said he will continue to ban public gatherings of more than 50 people—including religious services—until a vaccine or treatment for coronavirus is available.

The announcement comes as the White House is reported to have shelved guidance from the Centers for Disease Control on gradually reopening sections of the American economy and society.

Illinois governor J.B. Pritzker announced Wednesday that gatherings of more than 50 people in the state would not be allowed until a coronavirus vaccine “or highly effective treatment” is “widely available.”

Public health officials, including Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, have cautioned that a COVID-19 vaccine is at least 12 to 18 months from being developed and made available.

According to Pritzker’s five-part plan for reopening the state, gatherings of ten or fewer people are not even allowed until phase 3, the “recovery” phase that can begin, at earliest, May 29. However, following a lawsuit last week, the governor has allowed citizens to leave their homes for religious services as long as ten or fewer people are gathered for worship.

Previously, religious services of any kind in the state—including drive-in and in-person services—were curtailed during the pandemic, and even other forms of sacramental practice such as drive-in confessions were not allowed.

The Archdiocese of Chicago announced on May 1 that public Masses with 10 or fewer people would resume.

Other dioceses across the United States have already begun rolling back total suspensions on the public celebration of Mass. 

Last week, CNA reported that the White House Domestic Policy Council held a series of conference calls with bishops who had begun the process of reopening churches in line with local public health orders.

During the calls, administration officials expressed their hope to be able to support faith communities with “sensitive and respectful guidance” to help restore public worship “as soon as it is feasible.”

The bishops were told that the Centers for Disease Control hoped that issuing guidance could help inform state and local leaders about the “essential” nature of religious practice, while still allowing for localized responses to the coronavirus and provide “helpful parameters” for state and local governments who are trying to safeguard public health. But, on Thursday, AP reported that the Trump administration had shelved a 17-page report titled “Guidance for Implementing the Opening Up America Again Framework.”

That document included a section on “Interim Guidance for Communities of Faith.”

According to AP, CDC officials expected the guidance to be released at the end of last week but were instead told it “would never see the light of day.” 

Peter Breen, executive director of the Thomas More Society,  told CNA that “policymakers that are making plans based on the development of a vaccine or other cure to this coronavirus are engaging in magical thinking.”

“While there is always a possibility that some miracle cure may emerge, that is entirely uncertain and should not be the basis for setting policy, especially policy in relation to our communities of faith,” Breen stated.

On April 30, the Thomas More Society filed a lawsuit on behalf of The Beloved Church in Lena, Illinois, and by that night, attorney Peter Breen told CNA, a paragraph had been added to an executive order of Pritzker’s allowing for people to leave their home for religious services.

“He [Pritzker] has at least brought churches out of the abyss of ‘non-essential,’ but he has not fully elevated them to the heights of being an ‘essential’ business or operation,” Breen told CNA on Wednesday, noting that businesses deemed “essential” to remain open were not subject to the 10-person rule.

Denver Newsroom, May 7, 2020 / 05:29 pm (CNA).- A Notre Dame sociologist is using data to challenge a Harvard Law professor’s assertions that homeschooling is “dangerous”, and detrimental to society.

The controversy stems from a recent paper by professor Elizabeth Bartholet in which she calls for a presumptive ban on homeschooling in the United States.

Bartholet, as quoted in a Harvard Magazine piece based on her paper, points to unspecified “surveys of homeschoolers” to assert that “up to 90 percent” of homeschooling families are “driven by conservative Christian beliefs, and seek to remove their children from mainstream culture.”

“Some” homeschooling parents are “‘extreme religious ideologues’ who question science and promote female subservience and white supremacy,” she writes.

David Sikkink, associate professor in the Department of Sociology at the University of Notre Dame, analyzed surveys of homeschooling families— including a 2016 government survey—  and found that these families are not overwhelmingly Christian nor religious, and are not as universally closed-off to the outside world as Bartholet asserts.

In the analysis Sikkink conducted, just 16% of homeschooling parents said they were homeschooling primarily for religious reasons. The number one reason homeschooling parents cited was a concern about school environment, such as safety, drugs, or negative peer pressure.

Eleven percent of parents reported homeschooling because their child has special needs.

While approximately half of the homeschooling parents surveyed mentioned religion as a factor in their decision to homeschool, Sikkink notes that the parents who cited religion as a reason were, on the whole, more highly educated than those parents who did not.

In terms of Bartholet’s assertion that some homeschooling parents “believe that women should be totally subservient to men and educated in ways that promote such subservience,” Sikkink’s analysis did not find evidence that religious households oppose higher education for girls.

Among the homeschooling families in the survey who use a religious curriculum, there was no difference in their self-reported educational expectations— i.e., what education level they expected their children to reach—  for their male children vs. their female children.

Several past studies have shown that homeschool students typically outperform their public and private school counterparts on things like standardized tests and college performance. A 2016 study from the National Council on Measurement in Education showed that, when adjusted for demographic factors, homeschool students were on par academically with their demographically-similar peers.

Moreover, the data Sikkink analyzed suggests that after family background and demographic controls are accounted for, about 64% of homeschoolers “completely agree” that they have much in life to be thankful for, compared to 53% of public schoolers.

On feelings of helplessness, or lack or goals or direction in life, homeschoolers do not substantially differ from their public school counterparts, the analysis suggests.

In the Arizona Law Review, Bartholet argues that while homeschool children may perform as well as their peers on standardized tests or in college, they are also often isolated from their peers and denied experiences and exposures that would make them more productive citizens.

Bartholet claims in her article that “a very large proportion of homeschooling parents are ideologically committed to isolating their children from the majority culture and indoctrinating them in views and values that are in serious conflict with that culture.”

“Isolated families,” she asserts, “constitute a significant part of the homeschooling world.”

In contrast, Sikkink’s analysis found that among the schooling groups surveyed, homeschooling families had the highest level of “community involvement” of all school sectors.

“Community involvement” activities included attending sporting events, attending concerts, going to the zoo or aquarium, going to a museum, going to a library, visiting a bookstore, or attending an event sponsored by a community, religious, or ethnic group.

Homeschooling graduates are almost identical to their public school counterparts in likelihood to vote in federal and local elections, Sikkink found.

Furthermore, the total number of volunteer and community service hours for homeschooling graduates is very similar to or slightly higher than public school graduates, the analysis found.

Bartholet asserts that some homeschoolers “engage in homeschooling to promote racist ideologies and avoid racial intermingling.”

In contrast: “The reality is that about 41% of homeschooled children are racial and ethnic minorities,” Sikkink writes.

“When asked about four closest friends, about 37% of young adult homeschoolers...mention someone of a different race or ethnicity—exactly the same as public schoolers.”

This diversity also extends to schooling practices— increasingly, Sikkink says, homeschooling adopts new forms, including “hybrids” that combine the benefits of home and institutional schooling.

“About 57 percent of homeschoolers are using some form of instruction outside the family,” Sikkink told CNA in an email.

“That includes using tutors, private or public schools, colleges or universities, or homeschooling coops. That percentage would be higher if we included those who reported obtaining curriculum from formal institutions, such as public schools.”

Moreover, about a third of homeschooling parents obtain their curriculum or books from a public school or school district.

“Altogether, 46% of homeschoolers have some pedagogical relationship with public schools,” Sikkink asserts.

Bartholet argues that homeschooling puts children at risk of abuse by their parents, while if children were in public schools, they would be among teachers who are mandatory reporters of any suspected abuse that may be taking place.

“The issue is, do we think that parents should have 24/7, essentially authoritarian control over their children from ages zero to 18? I think that’s dangerous,” Bartholet asserts in the Harvard Magazine piece.

“I think it’s always dangerous to put powerful people in charge of the powerless, and to give the powerful ones total authority.”

Sikkink says Bartholet’s image of a child confined to the home “24/7...from ages zero to 18” is not consistent with the data.

“When we look at the use of homeschooling for each year of the child's upbringing, we only find a small percentage that report that the child was homeschooled for all their years of schooling,” Sikkink told CNA in an email.

Many of these students are part-time public schoolers— about 25% of homeschoolers receive some instruction in public schools during their school-age careers, he wrote.

Homeschooling regulations vary widely by state. Sikkink told CNA he hopes future studies will examine the effects of state-level variation in regulation on homeschooling quality.

“The question of schooling oversight remains, of course, but it would be short-sighted not to keep homeschooling and other creative schooling options in the mix, including the hybrid models that cross sector boundaries,” Sikkink concludes.

 

Subsequent to the publication of this story, Sikkink told CNA he had revised his assessment of the percentage of homeschoolers using instruction outside the family, from 64% to 57%. The story has been updated to reflect that assessment.

Denver Newsroom, May 7, 2020 / 06:01 pm (CNA).- A young Catholic artist has drawn an image of the Blessed Virgin Mary on her parents' driveway bringing religious art to her local community during the quarantine.

The Diocese of Fargo posted on Facebook May 4 an image of Our Lady of Lourdes drawn by Maria Loh, a 17-year old who grew up in Fargo. She said it was an enjoyable experience to share her faith and art with her neighborhood.

“Being able to interact with people when they walked by was very moving in a way because a lot of people have never really seen sidewalk art done like that locally. So being able to share in that kind of experience, it was very, very good,” she told CNA.

Loh has recently been inspired by chalk art and pastels, which, she said, have vibrant and beautiful colors. She has drawn on the sidewalks a few times, including two images of Mary - Madonna of the Lillies and the Pieta by William Adolphe-Bouguereau.

Her most recent chalk drawing was Our Lady of Lourdes by Hector Garrido - an image she had seen as a magnet on her grandparents' refrigerator growing up. The picture has always been an inspiration, she said, noting that she decided to replicate it after Our Lady of Lourdes Shrine in France had temporarily closed due to the coronavirus pandemic.

“I heard that the shrine had been temporarily closed off to the public, and I remember … thinking that's really sad because especially in this time, we’re really looking for healing in more ways than one, like physically and mentally and spiritually,” she said.

“It really felt like people wouldn't be able to go to experience that. So I felt like drawing this image of Our Lady of Lourdes would be a good way to remind people that Our Lady is still with us even if we can’t go to her shrine.”

Loh, the oldest of five, has been involved with art projects and drawing for her entire life. She said, growing up in a Catholic family, she has been inspired by her faith and the religious art in churches.

“I see our faith as so precious... Especially in the form of the Eucharist - the actual body and blood of Christ, I've seen that we are very blessed to have that in our faith. It's something that has impacted a lot of my life growing up,” she said.

While she was working on the piece, Loh said, a majority of passersby did not know who the lady in the image was. She expressed hope that the picture would help remind people of Mary and the beauty of the Church, which, she said, is a powerful attraction to the faith.

“One thing that I hope this kind of art and image will evoke is a desire to come to know who Mary is and how rich our faith is. … All the beautiful art that can be seen in Catholic churches, especially like in Rome, there's almost a transcendental beauty to them that draws people into the faith to come to know things that they've never dreamed of before,” she said.

As Loh finishes her junior year of high school, she expressed the possibility of art school after graduation, but, while she is still uncertain of the future, said art will not be dropped anytime soon.

“I can definitely see [art school] being a possibility. I’ll have to spend some time, especially with God trying to figure out what he wants me to do. But, I don't think art is going out of my life anytime soon,” she said.

Denver Newsroom, May 7, 2020 / 08:19 pm (CNA).- A Christian ethic of service and solidarity must be an important feature of the business response to the coronavirus epidemic and its economic impact, Catholic business educators have said.

For Karel Sovak, associate professor in the University of Mary’s Gary Tharaldson School of Business, two of the biggest skills that business can bring to recovery efforts are self-awareness and empathy.

“A business needs to help the community identify who they are, which may have been lost during this time of stay at home,” he told CNA. “Businesses need to help communities focus on what makes it viable in the first place, which are the people. Business can be used as a force for good only if they understand what that ‘good’ means. Being aware of those strengths can help transform a community as they seek to overcome any devastating tragedy, natural or otherwise.”

He cited the symbolic unity and mutual support shown by individuals and businesses, whether by showing hearts in windows, purchasing gift cards for businesses, or taking meals to essential personnel.

Over 75,000 deaths are attributed to Covid-19 in the U.S., with over 1.25 million confirmed cases, John Hopkins University said Thursday. Efforts to prevent the spread of infection led to public officials’ orders to close businesses, with the exception of some businesses deemed essential services.

Millions of people have been left unemployed due to the closures, while those with essential jobs worry that their places of employment are newly dangerous.

Sovak emphasized the importance of trust as a business skill, but noted that low trust and polarization were problems even before the epidemic. Community is about bringing people into communion, and business has a role to play in that community building.

“Business can reassure families, non-profits and churches that they are there for them. Solidarity is the word that comes to mind when determining how to establish trust,” he said. The social and spiritual nature of the human being means people will need to come together once again “to use the gifts God gave to each person to meet the needs of others.”

Laura Munoz, associate professor of marketing at the University of Dallas’ Satish and Yasmin Gupta College of Business, said her business school emphasizes both a skill-based and a virtue-based education that can help respond to the crisis.

Business professors aim to help students become resilient and adaptable. They must become critical thinkers “aware of multiple stakeholder perceptions in an ethical way,” she told CNA. These skills can also help in the service of others, as in the case of a business student who used her business skills to fund raise for an Argentine orphanage on social media.

“Yes, skills are needed but they cannot come if the ‘business person’ is not aware of the needs of the environment and does not have love, charity, for others,” said Munoz. “Businesses that acknowledge that serving a community is give and take, not just take, will probably receive more community support as well.”

For Sovak, Catholic business education focuses on virtues, “servant-leadership,” and upholding the tenets of Catholic social teaching.

“There is no proof that any instruction can adequately prepare anyone, let alone young minds, for such a large-scale disruption as this pandemic has caused,” he said. However, teaching students the cardinal virtues of prudence, courage, justice and temperance is a good path in both strong economies and in economic downturns.

Such an education helps students “to understand that life is not about them; it is about serving others who are in need, which is what we are called to do.” Students should be prepared “to recognize their vocation is more than a job and they are called to greatness, ‘magnanimity,’ especially in dire times.” This helps them to “focus less on self and more on the situation at hand” and to bring about “true humility.” This path helps students be optimistic and trusting in innovative ways and help contribute to solutions

“Life is full of disruptions, simply because we can’t predict the future,” Jay Wesley Richards, assistant research professor at the Catholic University of America’s Busch School of Business, told CNA. “I think two of the most important business skills are simply virtues. One is courage—which means you’ll act even if you might fail. The other is resilience or anti-fragility—which means you learn from disruption and failure. The pandemic, and more precisely, the shutdown in response to it, is a historic and massive disruption. But disruption itself is part of life.”

Richards said one of his classes this semester had been discussing looming disruptions from technology and “the need to develop virtues and skills that humans will always do better than machines.”

“The discussion was mostly abstract until spring break, when the semester itself was disrupted by the pandemic shutdown, and we had to move online,” he said. “Suddenly, we were using disruptive (if imperfect) video-conferencing technology! At that point, students started asking more questions about disruption in the economy.”

Economic downturns in the business cycle are a standard topic in business education. Munoz said a pandemic is one of many possibilities taught through case studies, role playing, business planning, and discussions.

“We focus on going beyond a disruption and thinking ‘so what? How do we continue?’”

“Instead of the business coming to a stop, we think: ‘and what else can we do? How else can we do it?’” she said.

Michael Welker, an economics professor at Franciscan University of Steubenville, reflected on the need for creativity given the conditions of a pandemic event.

“Such an event, in our lifetimes, is one that is unprecedented, complex, and so widespread, that there is a need for courage, openness to failure, iteration of ideas and experiments, and a need for management decisions to frame their enterprise cultures to engender this powerful way that human beings image the Creator,” Welker said.

Efforts to re-open businesses and other social venues, including places of worship, have come to be the focus of debate, planning, and activity.

Welker said the focus on “restarting the economy” means a focus on “a critical aspect of human life--a prudent and wise engagement with the world in many dimensions.” These dimensions include work, leisure, community, worship, and recreation. He suggested any approach to “restarting” the economy should take place in a context that recognizes “the great dignity of work” with the added sense of “the essential things, which are beyond just ‘making a living’.”

“This disruption has brought much multi-dimensional damage to people,” he said. “I believe authorities are attempting to walk the fine line between a serious and known risk and the need to get people into ‘normal’ living and acting, with the heightened concerns for safety and health.”

Sovak said that while there was indeed economic disruption, in part the economy “never really stopped.” Consumers continued to purchase, many people found different ways to trade, and the government infused additional money seeking a positive impact.

“If we are discussing how to get people back into the mix of work, travel, or play, again, much of that never stopped with work at home, it just got more creative,” he said.

At the same time, Sovak said that a too cautious approach to re-opening business will mean many businesses close, unable to adapt to the coronavirus epidemic.

There is also another risk.

“The risk of being too reckless means this thing (the epidemic) will come back around in a couple of months and bring about an even more devastating grind to the economy,” he added. “Again, the virtue of prudence comes to mind on how to tell what the times call for.”

“This isn’t a one-size fits all solution – what is controllable and what is predictable will be two ways to view the danger,” Sovak continued. “How much certainty does one have in the situation? The more certainty there is, the less risk and easier the decision that can be made.”

Richards similarly said there is no one right answer for a business response.

“Every business will have specific, even unique challenges, depending on where it is and what it does,” he said. “But the same general rules apply for businesses as for everyone else: Treat every person with respect and dignity, and that includes employees and customers.”

“It’s a serious mistake to present the current debate as if it were between the ‘economy’ on one side, and ‘lives’ on the other,” Richards said. “We should care about the economy precisely because we care about human lives and well-being. Really families, real companies, employers, and employees. Real lives.”

Richards cited the massive unemployment in recent weeks. The unemployment rate was at an historic low of 3.5% in February. Since mid-March, 33.3 million people have filed unemployment claims, making the unemployment rate higher than 20%, BBC News reports.

“There’s no such thing as a zero-risk option this side of the kingdom of God,” Richards continued. “Any challenge, like the coronavirus, involves a multi-side risk: Lives were at stake no matter what path we took,” he said. “The path of wisdom lies in understanding what the real risks are, and how likely various outcomes are. Only then do we have much chance of responding so that the benefits are greater than the costs.”

In the coronavirus epidemic, policymakers face the challenge of making “far-reaching decisions without having very good information to work with.”

“A response that puts 30 million people out of work isn’t just an economic inconvenience. It leads, and will lead, to loss of life and well-being,” said Richards. “The president understood this from the beginning. This is why he worried on Twitter that the ‘cure’ not be worse than the ‘disease’.”

“The question we will be asking for the next several years is this: Did the government response, and in particular, the shutdown of businesses and shelter-in-place orders for healthy people, save more lives than, in the long run, it will have cost?”

Sovak told CNA there are signs that tell whether a business mentality is dominating a discussion or or being neglected. When there is “negativity, pessimism or placing blame,” a conversation is likely headed in a wrong direction, whether a business community is being criticized or is offering criticism.

“Business certainly can’t solve every issue or does it have all the answers; however, there can be many benefits in taking a business approach to address any situation,” he said.

At the same time, a business analysis may not appeal to many, given the human cost.

“People are acting on emotion more today than facts and reason. Thirty million people are unemployed – putting a business touch on that doesn’t help that situation,” Sovak said. “Supply and demand means prices will rise, and inflation will come about but that doesn’t mean we have to bring that approach into the conversation when many people’s lives have been disrupted both financially and health-wise. This is where empathy has to come into play.”

Denver Newsroom, May 8, 2020 / 02:59 am (CNA).- On Sunday, March 15, Nebraskans in the Diocese of Lincoln still had a choice of whether or not they wanted to attend Mass and risk possible exposure to coronavirus.

By the next day, they didn’t. Public Masses in the diocese were canceled, as they soon were throughout the country due to the pandemic.

Now that curves of infection are “flattening” and hospitals have had a chance to ramp up their capacity and supplies, many dioceses, including Lincoln, are slowly reopening Masses to the public. What exactly that will look like varies a lot depending on each parish's unique spaces and limitations. 

Archbishop George Lucas, currently serving as acting bishop of Lincoln, has followed guidelines from Governor Pete Ricketts in issuing some general guidance for re-starting public Masses. Ultimately, however, he left the decision to reopen up to each individual parish.

One place that has been offering public Masses as of Monday, May 4, is St. Wenceslaus parish in Wahoo, Nebraska, a town of 4,500 people located in the Diocese of Lincoln.

Fr. Joseph Faulkner, the pastor of St. Wenceslaus in Wahoo, said he decided to reopen public Masses at his parish after meeting virtually with the other priests in his area. The Masses, of course, will look quite different than normal - with limited capacity, social distancing, and precautions like no holy water, no hymnals, and no sign of peace.

And in many ways, Faulkner said he is encouraging his parishioners to act like it’s the weekend of March 14-15 again.

“From the get-go, we're telling people - you need to make a decision. I even put in my message (to parishioners), think back to - it's March 14th and you're trying to make a decision. Whatever decision you made then is probably still the right decision. If you need to be extra careful for yourself, for your family, for your parents, for your coworkers, for your patients you see in the nursing home, stay away,” he said.

Parishes in the cities of Lincoln and Omaha decided to wait to reopen, Faulkner said. Lincoln has a re-opening date of May 11 for non-essential businesses, and the size of Omaha parishes made re-opening at this point very difficult. Although Wahoo sees a lot of traffic from Lincoln and Omaha and other surrounding towns, Faulkner said he thought he could use appropriate precautions to make reopening safe at his parish.

“St. Wenceslaus specifically is lucky. We've got a nice big basement, so that gets you another 30%-40% seating room. We've got three priests, which is really lucky. So from five weekend Masses, we're going up to eight, so we can do more to spread our people out.”

Faulkner said he has even offered to other parishes with just one priest that he can send someone to help them out if they are offering extra Masses for social distancing and are feeling burned out.

For attendance and seating, Faulkner said he is blocking off every other pew and is going to stagger families in order to maintain six feet of distance. Instead of having people call or sign up online, Faulkner said he is hoping that the extra Mass times, the use of the basement space, as well as the people who choose to stay home, will be enough to maintain an appropriately staggered congregation.

Faulkner said he has been grateful to have public weekday Masses before the weekend to work out some of the kinks of the new restrictions. For example, he’s still working on his communion line protocol, he said. He tried a method using the side aisles and then the center aisle at his first Mass on May 4th, and “it was horrible. So I'm going to fix that tomorrow.”

Masks during communion have also been tricky.

“It's really hard to say Mass with a mask on, and then I have to make my Communion, I have to receive,” Faulkner said. The priests were donated some N95 masks, which Faulkner tried to use on Monday, but the straps made it hard to quickly receive communion and readjust the mask without touching his face or his glasses, he said, so he’s hoping to find a different kind of mask by the weekend.

From his parishioners, Faulkner said he has seen a variety of attitudes toward the closing, and now re-opening, of public Masses.

“There's really three camps,” he said. “There's the, yes, amen, be safe, meditate-on-the-saints-who-didn't-have-the-Eucharist-for-years group.”

“Then there's definitely the middle group, which is like, I don't want to take any risks, but I want the first available ‘okay’ to go to Mass,” he said.

“And then there's the, ‘I'm 85. If I die because I went to Mass, thank God’ crowd. Literally the people who are most cavalier are the older ones,” Faulkner said.

A bishop’s perspective: Oklahoma

Archbishop Paul Coakley, the bishop of Oklahoma City, told CNA that Catholic parishes throughout the state will start celebrating public Masses again on May 18th, with their first public weekend Masses on May 23-24, the Feast of the Ascension.

In a May 7 letter to Oklahoma Catholics posted on the archdiocese’s website, Coakley recognized that while the past two months without Mass have been a painful time for many, God never abandoned his people.

“The gift of the Holy Spirit assures us of God's continued presence in our lives. No matter the circumstance, he is with us. Perhaps the greatest sacrifice for the lay faithful these past few months has been fasting from Christ’s body, blood, soul and divinity given to us in his real presence in the Eucharist. We pray that in this time of Eucharistic fasting, God has graced you with a profound hunger for this communion with Jesus and the members of his Body, the Church,” he stated.
 
The timing of reopening public Masses was chosen just before the feasts of the Ascension and Pentecost “to remind us of God’s faithfulness and to prepare to celebrate the birth of our beloved Church on Pentecost,” he added.

The decision was reached through consultations with Bishop David Konderla of Tulsa, priest councils in the state, and medical experts, “including a prominent infectious disease specialist,” Coakley said.

“It won't be business as usual,” he said.  “We will be celebrating public Mass and people will be able to come and they will be able to receive Holy communion, but the churches won't be full. In fact, we're limiting it to 33% of the occupancy capacity,” he noted.

“We've been very cautious watching the numbers and putting in place pretty strict guidelines to ensure that we were able to maintain social distances and practice the appropriate kind of hygiene,” he added.

A five page document released by the state’s Catholic dioceses details the exact guidelines, such as including 6-foot social distancing between pews, the recommendation that all attendees wear masks, and the recommendation that priests have plenty of hand sanitizer readily available throughout the church.

Coakley said the document offers guidelines for pastors while still giving them the flexibility to implement the recommendations and requirements in the way that works best for their unique parishes.

“If the church fills beyond capacity, we’re asking them to consider using other space in the parish, perhaps the parish hall, to be able to put overflow crowds and continuing to social distance properly, parking lots, things of that sort,” he said. “We're going to have to rely upon the creativity of our pastors and they have been demonstrating a great deal of creativity up to now, so I'm sure they'll continue to do so.”

Coakley said he is asking priests to also continue offering livestream Masses for people who will choose not to come to the public Masses at this time. He noted in his May 7 message that the dispensation from the Sunday obligation still stands for all Oklahoma Catholics at this time.

“We are dealing with an invisible threat to people’s lives, a virus that our brightest doctors and scientists are still figuring out. The ever-present temptation in our American culture is to want solutions immediately and to act quickly, because we want what we want, and we want it now. As a Church, we must proceed more deliberatively,” he said.

Coakley told CNA that while he understands Catholics’ fear, anger and frustration during these past two months of suspended Masses, he also encouraged them to think of their time away as a way of serving others.

“We’re really living through a health crisis, a time of severe challenges, and it's impacting us in so many ways economically, and in terms of social isolation, loneliness, the liturgy also. But I think we need to think beyond individual rights and consider also our responsibilities toward one another, especially the responsibility to love and serve one another, to be mindful of one another's needs.”

Wichita, Kansas

On May 3, Bishop Carl Kemme of the Diocese of Wichita announced plans to reopen public Masses starting on Wednesday, May 6, following recommendations of the county’s local public health authorities.

Phase one of the guidelines will last until May 20, and they stipulate that parishes may hold Masses at no more than 33% capacity. Churches will use only one entrance, so that the number of people coming may be properly counted and seated, and six foot spacing should be clearly marked so that people can maintain social distance.

Mass attendees are encouraged to wear masks, and priests are required to wear them while distributing communion. Parishes are also encouraged to keep hand sanitizer available at entrances, and parishioners are “strongly encouraged” to receive communion in the hand.

Fr. Clay Kimbro is the parochial vicar at St. Anne’s parish in Wichita. Kimbro said he and the other priests of the diocese have been having weekly virtual talks with the bishop about when to re-open Masses and what that might look like, and so priests were able to give feedback as to what guidelines they thought would work well.

At St. Anne’s, which has 1,200 families, Kimbro and his leadership team have been meeting and working on logistical things, like roping off every other pew so that Mass attendees can maintain proper distancing.

He said he has also had extra meetings with his ushers, who on the weekends will “seat everyone so that they can make sure that the distance is maintained. That's a lot more responsibility than our ushers are normally given.”

Kimbro said the parish is not having parishioners sign up for Masses online. Instead, if more people show up than the allowed 33%, the overflow congregation will be directed to the school’s auditorium, where a second priest - either Kimbro or his pastor - will celebrate a concurrent Mass, also with social distancing protocols in place.

“We were a little leery of (adding Mass times), because when you add Mass times, it's hard to take them back,” Kimbro said. “Also, it's hard to turn people away. They come to the door at 10 a.m. for Mass, and we say, ‘Come back at 1:00 p.m.’ Well, it's a lot easier to say, ‘Go over to the auditorium.’”

Kimbro said the parish is working on decorating the auditorium to make it an appropriate place to have Mass, and they are also putting down tape lines to direct traffic and to mark distances.

“There's a lot of work in planning, and it can be a little overwhelming, but we're overall just really excited to see people again,” he said.

St. Anne’s parishioners have been “all over the map” in terms of their eagerness to return to Mass at this time, Kimbro said. Some have been signing up to read at Mass, or to usher or distribute communion, because they miss Mass so much and they want to be involved.

Others are a bit more anxious, Kimbro said, and he has encouraged those people to attend weekday Masses, where there are likely to be fewer people.

He also added that the Sunday obligation continues to be dispensed for everyone, as Bishop Kemme made clear in his May 3 announcement.

“I do want to emphasize that the current pandemic is far from over. Medical experts tell us that this health crisis remains a very serious threat to the lives of many people,” Kemme stated.

“Because of this, I want to urge all those in the high risk population and others who so choose to continue to use the general dispensation I am giving from the obligation to attend the Sunday celebration of the Mass, which continues indefinitely during this crisis. Please do not put yourself or others at risk by attending the Masses once they resume. This is my urgent appeal to all in our Catholic Community: use extraordinary caution and good judgment in determining if you should attend Mass. No mortal sin is committed if you decide that you and your family should not attend.”

Kimbro said that he is looking forward to having parishioners come back to Mass, even though it might not be the triumphant return that some may have envisioned just yet, with everyone packing in the pews like normal.

“I think everybody was hoping it would kind of be like this post-9/11 experience, where churches are packed and everybody recognizes that need (for God), but we're tempering that, and it's kind of like everything in this virus, right? Our expectations versus our reality - having to live in the reality of the moment and what we're given and just go with that,” he said. 

“But then I looked at the Gospel for this Sunday that we're back, and the first line is: ‘Do not let your hearts be troubled.’ So that's perfect.”

Washington, D.C. Newsroom, May 8, 2020 / 03:10 pm (CNA).- The Diocese of Springfield, Illinois, said that the Church must return to “normal life” after the governor announced plans to ban large gatherings until a COVID-19 vaccine or treatment is available.

Earlier in the week, the state’s Governor JB Pritzker unveiled a five-phase “Restore Illinois” plan that bans gatherings of more than 50 people until a vaccine or treatment is available, or the virus has stopped spreading for a sustained period of time. Health officials have said that a vaccine for the new coronavirus (COVID-19) might not be available for 12 to 18 months. 

Currently, people in the state are allowed to attend religious services of 10 or fewer people, but no gatherings of more than 10 people are permitted until phase 4 of Pritzker’s plan, and the state wouldn’t even be able to “advance” to phase 3 until May 29.

“The Church has certainly done her part in making great sacrifices to slow the spread of this virus,” Andrew Hansen, director of communications for the diocese of Springfield, Illinois, told CNA on Friday.

“That said, the Church must return to her normal life of liturgy and communal worship,” Hansen said, while emphasizing precautions such as social distancing “will likely be the appropriate path longer term for the return to some version of normalcy for the Church.”

Previously, in-person or drive-in religious services were banned in the state. The Thomas More Society filed a lawsuit on behalf of a church in Lena, Ill., on April 30. Later that evening a paragraph was added to the governor’s executive order allowing for people to leave their homes to attend religious services of ten or fewer people, the society’s president Peter Breen told CNA.

The next day, May 1, the archdiocese of Chicago announced it would be resuming public Masses with 10 or fewer people.

According to the “Restore Illinois” plan, there could not be any gathering of between 11 and 50 people in size until phase 4 of the plan—“Revitalization.”

That phase can start only when certain conditions have been met: the positivity rate of COVID tests is at or under 20% and doesn’t rise by more than 10 points over 14 days; hospital admissions don’t increase for 28 days; and hospitals have at least 14% “surge capacity” in ICU beds, medical and surgical beds, and ventilators.

Pitzker clarified in a Wednesday press conference that religious services would be part of this 50-person limit in phase 4, and schools would not be allowed to reopen until then, raising questions of how tuition-dependent Catholic schools might fare in the fall if remote learning is still widely utilized.

The state’s superintendent of education has said that at least some schools might have to begin the new school year with remote learning, or with students attending classes in-person only on certain days.

“So we continue to hope and pray schools will reopen next school year. Certainly, when our schools reopen, new measures and precautions will be in place,” Hansen told CNA.

The president of DePaul University, located in Chicago, announced earlier this week that the university already plans to “minimize our footprint on campus this fall,” and that an announcement of the fall plans could happen by June 15.

CNA Staff, May 8, 2020 / 04:15 pm (CNA).- As parishes and dioceses across the country deal with a drop in collections and the prospects of layoffs amid the pandemic, many parishes have managed to avail themselves of government loans designed to cover eight weeks of payroll expenses.

CBS News reported Friday that an estimated 12,000-13,000 of the 17,000 Catholic parishes in the U.S. had applied for Paycheck Protection Program (PPP) payroll loans from the Small Business Administration (SBA), and 9,000 so far had received them.

Guidance from the SBA on eligibility for the loans states that “no otherwise eligible organization will be disqualified from receiving a loan because of the religious nature, religious identity, or religious speech of the organization.”

Religious organizations are eligible for the loans as long as they meet the requirements of Section 501(c)(3) nonprofit and employ 500 or fewer people, the SBA said.

“The PPP isn't about the federal government assisting houses of worship or churches,” Pat Markey, the executive director of the Diocesan Fiscal Management Conference, told CBS News.

“PPP is about keeping people on payrolls, and a large segment of our society [in] the not for profit world...are churches and houses of worship. And they have people on payrolls too. So, if what this is about is keeping people on payrolls, then we all should have availability to do that.”

The Diocesan Fiscal Management Conference did not reply by press time to CNA’s request for additional comment.

Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act March 27 to help relieve the economy during the coronavirus pandemic.

The CARES Act initially authorized some $350 billion in loans to small businesses, intended to allow them to continue to pay their employees. The loans were given on a first come, first serve basis.

The second round of funding, with some $310 billion in additional funds available, began April 27.

The loans were capped at $10 million, were open to businesses with fewer than 500 employees per location, and were intended to cover two months of payroll costs.

The federal government promised to forgive the loans if a business used at least 75% of the funds to maintain its payroll at “pre-pandemic levels” for eight weeks after the loan is disbursed, the New York Times reports.

The remaining money could be used only to pay for certain expenses, such as a mortgage, rent, and utilities, according to the Times.

A survey of Protestant pastors by LifeWay Research found that about 40% had applied for PPP loans with more than half of them reporting being approved.

NPR reports that synagogues have also applied for government funding, though in a smaller proportion— of nearly 4,000 synagogues in the United States, about 250 were approved for PPP loans in the first round of lending, according to surveys by the Jewish Federations of North America and the Union of Orthodox Jewish Congregations of America.

The PPP has been subject to some criticism since its launch, including from those who say business owners with criminal records have been excluded from the program thus far.

In addition, several large companies, such as Ruth’s Chris Steakhouse, have received multi-million dollar loans through the program. Some of these large companies, such as Shake Shack, have since returned their loans.

Two New York dioceses— Rochester and Buffalo— are suing the Small Business Administration for access to PPP funds, after they were denied loans because of their bankruptcy status.

An SBA rule stipulated that the funds would not go to bankruptcy debtors. Both the dioceses of Rochester and Buffalo have filed for bankruptcy in the past several months, after being named in hundreds of clergy sex abuse lawsuits filed under New York Child Victims Protection Act.