Cornell Law School, Georgetown Business School, Westwood Capital LLC,
@NewConsensus
. Formerly FRBNY & IMF. Art, ideas, other offenses my own, not affiliates’.
@CornellLaw
: New book from Prof. Robert Hockett
@rch371
: Financing the Green New Deal.
Reviewer and Nobel Laureate
@RobertJShiller
says, “Anyone who wants a sustainable future will have to develop means of assuring it that are as creative and ambitious...as these.”
Supposing that the Postal Service should be 'profitable' is categorically strange. This is a form of collective provisioning that we have been doing since before the Declaration of Independence. Ask yourself why we don't demand 'profitability' of the police or the military.
Further confirmation of something we see every day. Unless you are one of 'the 1%' - or, more strictly speaking, the 5% - you are better off in almost any 'developed' country than you are in the UK or US.
Tweet 1/2: “.
@AOC
's and
@BernieSanders
's Loan Shark Prevention Act could not be more timely. With gaping inequality come extractive and exploitative lending practices. And with those practices come (1) profound injustice (2) even worse inequality, & (3) financial instability.”
In 1994, I took a lot of heat for this speech warning that the American middle class was in danger. That was 29 years ago this week. Watch and tell me if I was wrong.
McConnell: "Looks like the majority is going to have us vote on the motion to proceed to the budget this afternoon. They've chosen a totally partisan path... We're off to a totally partisan start. I think that's unfortunate."
"Life is a series of choices, and they've chosen."
LOL - no, it's not. The time for him to 'come clean' was 1991. What it's time for now - and has been for decades - is to impeach and remove him.
#UnpackTheCourt
The primary source of post-Reagan income inequality in one nice graph, courtesy of the Bureau of Labor Statistics. The gap between red and blue is also the stuff of financialization and market volatility, as rentiers (cf. first reply below).
When Biden announces that he will ignore the illegal 'debt ceiling,' ...
(1) McCarthy might not sue, because optics of suing to force default are suicidal; or
(2) If he does sue, Supremes will certainly expedite review; and
(3) Biden will win 6/3 at worst, 8-1 or 9-0 at best.
'As the world heats up, our benchmarks are becoming increasingly useless — as useless as the notion that there are any places to move to avoid climate change.'
- Nowhere to run, nowhere to hide.
Shortly after polls opened on Election Day, Republicans in Pennsylvania filed a new lawsuit in federal court challenging the Montgomery County officials' process for handling absentee ballots that arrived before Nov. 3.
#CNNelection
Yet another 'establishment' interviewee this morning - in this case, Doug Jones on NPR - replies to a 'what about Biden's constant lies?' query with, 'Trump lies too.' Has it really come to this in this party?
Finally a national government get serious about private equity's invasion of housing markets. Rent-caps will ultimately not be enough, though. What we MUST ultimately do is flatly PROHIBIT hedgies and PE funds presence in these (and healthcare) markets.
I've been doing some television on the
#GreenNewDeal
and noticed that I'd become shaggy, so I went for a haircut. I told my friends what it's for and they exploded with joy. Yolette, to the left, is a voting
@AOC
constituent, but ALL of us cheer at the mention of her.
@adamdavidson
I'd reluctantly oppose that. I fear we reinforce all 'norm erosion' of the past 5 years if we don't prosecute to the fullest extent of the law. It is almost certainly the case that most of the Trump Admin and family belong in prison for decades. Let the legal process determine.
@marcorubio
What the f-ck is your point? If you have an accusation to make, MAKE it, you sniveling little creep - make it explicitly and forthrightly. EVERY vote being counted this week has been cast BEFORE its state's deadline. If you believe otherwise, say so and prove it.
We hear inflation is (temporarily) running higher than at any time since Reagan's presidency in 1982. What we don't hear is unemployment is running lower than at any time since Johnson's presidency in 1967. Why is that? And how much more unemployment do 'conservatives' want?
Greene: LBJ is very similar to Biden. They are both Democrat Socialists. LBJ’s big socialist programs.. to address education, medical care, rural poverty, Medicare, Medicaid, food stamps, and welfare.
Yesterday, IMF. Today, ECB. Your move, Jay Powell - please admit tomorrow, in your official capacity as Fed Chair, that the current inflation is supply- and profiteer-driven, not wage- or salary-driven. Then lower rates and take Summers off speed-dial.
@dcpetterson
Maybe you're cool with more polite reactionaries than Trump. We're not. We're pushing non-reactionaries. YOU get the fuck behind US for a change. If you don't, we'll conclude that you'd rather have Trump.
'The Biden administration’s efforts to revive U.S. manufacturing appear to be succeeding, with some business sectors plowing in almost 20 times the investment in new U.S. manufacturing projects versus only a few years ago.'
My latest in Forbes is on what 'backs' the Dollar. The answer is: PRODUCTION. And this is the key to non-inflationary Fed 'money-printing.' Direct new Fed money to productive Main Street investment, not Wall Street speculation, and we're 'good as gold.'
My latest in Forbes is on the common source of all current money theories - from Austrian, through MMT and other Post-Keynesian Schools, to the regrettably ignored Swedish School. Here's how to understand contemporary money - and what to do with it.
@MalcolmNance
Joint Chiefs, please just remove this POS. There seems literally no convincing reason to let him sit around the WH lighting matches for the next two months.
Worked with the Bloomberg buddies for a month on this one. Rather remarkable story. Vulgar pre-'33 securities scandals are apparently being crudely recapitulated across the crypto space now.
There is a misconception that 2/3 of each House of Congress must vote for Trump to be removed under the
#25A
. Not so. Pence and a majority of the Cabinet suffice. For while Trump can contest in Congress, resolution takes 25 days, during which Pence is acting President.
@marcorubio
Are you insane or merely a liar? When did legal accountability for insurrection in which cops are killed and Vice Presidents are threatened with hanging become 'radical'? And how does a regular guest on Fox 'News' come to pretend to fret about 'political entertainment'?
NB: This is more opportunity than outrage. The haste guarantees there will be all manner of irregularity and illegality, as in the Kavanaugh case. Hence they're affording us justification to reopen EVERY Trump appointment - including Kavanaugh - and to cleanse accordingly.
What James Carvile was to 1992, self-described Tex/Mex Redneck
@ChuckRocha
will be to 2020. And unlike Carville, Chuck is both BRILLIANT and 'brown.' Pls follow him (there's lots of vid), listen, and share. You'll learn more in five minutes from Chuck than in hours of punditry.
'“You mean, just say we don’t have a debt limit?” Biden said. “No. That would be irresponsible.”'
- The single greatest blunder, alongside siding with the railroads against their workers last autumn, of his Presidency. Please, Joe, no more of this.
Good to see actual
#Expulsion
from the House and Senate now taken seriously by Congress as a live option. Cruz, Hawley, Gaetz, and several others directly incited the
#Insurrection
. So, less directly, did ALL who trafficked in '
#StopTheSteal
.' Congress,
#EXPEL
them.
@IsabellaMWeber
was way out ahead of the curve on this. Again, stop talking 'wage-price spiral' and start talking 'profit-price spiral' and 'share-buyback-price spiral' when you speak of inflation.
The four largest banks in America—Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo—are on average 80 percent larger than they were before they were bailed out by American taxpayers.
Our job is to break them up.
Coup Watch: I still think, two weeks in, that it's a mistake to push only the 'gang that couldn't shoot straight' take on what the Trump team is doing. Trump has summoned Michigan state legislators to the White House and they are going. This is an ongoing, slow-rolling coup.
'“We mostly see a predatory model similar to what we saw in the run-up to the 2008 financial crisis,” Hays said. “We hope the report finds a way to communicate the scale and severity of that potential harm.”'
President Biden is said to be considering Jamie Dimon as Yellen's successor at Treasury. My latest in Forbes argues the present moment cries out for the President to reverse President Obama's first major blunder by asking
@SheilaBair2013
to take the post.
Your two forgotten Constitutional powers for today:
(1) House Speaker Pelosi can decline to seat the 106 'Republicans' who have tried to undo the election.
(2) Vice President Harris can overrule Mitch McConnell to get legislation to the Senate floor.
Very disturbing. And a helpful reminder that 'trusting the science' is viable only when trusting the 'scientists' is possible. How this conflict of interest went unreported in The Lancet and elsewhere is beyond me.
The US could have won the '60s' domestic wars on poverty, disease, & Jim Crow, but was sidetracked in Vietnam. The US at the turn of the millennium could have resumed and won those domestic wars but was sidetracked in the Islamic world. Let's nation-build our own nation now, OK?
Um, no. I have said that we appear to have been referring to different documents, as it turns out there were multiple documents being discussed yesterday with no one person having a handle on them all. Might we now discuss the Resolution?
LOL. In other words, the bank made the 'elementary error' of BEING A BANK. Might someone tell me again why this boob is considered 'smart,' or how in Hades he ever found his way into the Treasury Department, let alone Jay Powell's ear?
#BankingIsMaturityTransformation
SVB committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term. When interest rates went up, the assets lost their value and put the institution in a problematic situation.
A 'game-changing' opportunity has just opened with the Fed's Section 13(3) announcement. In effect federally DEPUTIZED as disaster response agencies, our cities now will be federally FUNDED as such agencies too. Time to lever-up our ambitions accordingly.
Because they are not 'scientists,' but labor-'tamers.'
This was once widely understood.
They are the official ideologists of the tiny minority who own nearly all of the capital.
They are for this rentier minority what the Church was for the feudal landlords.
#AllYouNeedKnow
Hear hear. Those 'warning' that a challenge of this sort would be 'unprecedented' are on all fours with those warning that indicting a serially criminal 'president' would be unprecedented. If the *wrong* is unprecedented, so must be the *remedy* - on pain of unremedied wrong.
The
@washingtonpost
seems to think an unconstitutional law like the one demanding default must be obeyed just because it’s old (like the laws banning interracial marriage?!) and has never bound anyone in its 106-yr history!
How dumb can smart people get?
@RichardGrenell
Fani Willis isn't Joe Biden, and 'third world tactics' describes Trump's coup-attempt. Yet AGAIN a sick 'Republican' accusation turns out to be a projective confession.
1/6 An MLK Day Story: When I was 10, growing up in New Orleans, my young mom was an airline exec. One spring morning she put me on a plane to NYC to visit some family friends. I found myself seated beside a remarkably beautiful woman, a bit older than my mom, who exuded ...
1/2 Another unarmed sibling of color was shot dead yesterday in his own home by police. He heard a sound in his garage, stepped into it with a light to ascertain the sound’s source, and was instantly shot. The police had their body cams turned off at the time of the ...
Spoke at length with the Globe's terrific Jim Puzzanghera about both the Boston suit and the DC suit that I and a colleague have in process against the debt ceiling. We're not stopping. Stay tuned.
InvestAmerica: My latest in Forbes is on how the Biden-Harris Administration can democratically work massive productive and infrastructural renewal with or without retaking the Senate this January - in literally every Congressional District in the country.
@jentaub
If only you would consider bleaching your hair, wearing more 'revealing' clothes - preferably bright red in color - and somehow erasing about 150 IQ points' worth of intelligence from your face, you might be hired by Fox.
@JohnDelaney
What 'scares' them is rightwing Republican health insurance investors who pretend to be Democrats and do not disclose conflicts of interest.
ALL money is 'created from nothing' - or rather, from promises. Inflation emerges only when there's too much promising in relation to too few goods. As Fed cannot seem consistently to reach its inflation target of 2% FROM BELOW, your alarmism is premature.
Wrong remedy. You must bring a RICO action against the Trump crime family, the RNC, Lyndsey Graham, Texas AG, etc. This is an organized criminal conspiracy, with felony election tampering, sedition, and incitement to political violence among the predicate offenses. Indict.
The battle to save our country is not Democrats vs Republicans. It is pro-democracy forces vs. pro-autocracy forces. It won’t go away on Jan. 20. It won’t be won easily and it will take a big tent to include all those who disagree on a bunch of things but agree on the big thing.
Spoke to Law & Crime's superb Colin Kalmbacher on Gov. Cuomo's latest threat against NY legislators. Thanks as ever to
@rontkim
,
@JuliaCarmel__
, and
@yuhline
, NY Legislative and national treasures, for pushing back.
1/7 'Economist' cover story tomorrow. What money can, should, and will come to include. Stateside this will effectively digitize and complete the nationalized monetary regime that we instituted sequentially in 1862, 1863, and 1864, then stupidly forgot about.
You seem to have come with a stunt and a back-stab well planned. This is not hope. Indeed you have dashed that of millions who believed you, including my own. All hope now flows to the Bern and the Squad.
I come here tonight with a heart filled with hope because this is our moment in history. Our moment when no one is left on the sidelines—our moment when we build the movement to make real change.
#DemDebate
FT calls on EU to embrace 'American Revolution' in global taxation of multinationals. The significance cannot be gainsaid. Biggest thing in many decades. Goodbye global tax havens and accounting gimmickry!
'Chief Executive of Collapsed Crypto Fund Hyperverse Does Not Appear to Exist.'
- Surely the best headline of the decade to date, and one altogether emblematic of crypto.
@SpeakerMcCarthy
When will you focus on real things? When will you notice we don't have the luxury at present to use Congress as a prop for lowbrow Jerry Springer shows?
My latest in Forbes argues that we must revive the old practice of maintaining strategic stockpiles of all essential inputs to production and even some critical products. The reasons, all urgent right now, are both economic and geopolitical.
“Unhinged from judicial standards, the court now roves through the policy landscape, overturning decades of law and reordering Americans’ lives and institutions. It upends women’s health, revamps college admissions, snatches student aid from millions and redefines public…
For anyone following, multiple people were talking about multiple documents yesterday, sometimes not realizing either (a) that there were so many, or (b) that they therefore were talking about different things. Might we now turn to the actual Resolution? It's kinda important.
No, dinosaur. Beliefs - willed or otherwise - are irrelevant to this case. If you rob a bank because you sincerely - or self-deceivingly - 'believe' that it owes you the money, you're going to jail. Try it and find out.
Had another outing on the Tucker Carlson Show. Again the subject was the Green New Deal. Praise Be for the bold and brilliant
@aoc
, her likewise bold and brilliant team, and all the other treasures whom we voted into Congress last November. Avanti! +
Spoke with the amazing - and astonishingly prolific -
@JStein_WaPo
at WaPo again. This is easily the most thorough brief narrative of the past week available!