Discover and read the best of Twitter Threads about #greatfinancialcrisis
Most recents (11)
Home ownership is the American dream: not only do you get a place to live, free from the high-handed dictates of a landlord, but you also get an asset that appreciates, building intergenerational wealth while you sleep - literally.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/05/11/ugl…
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pluralistic.net/2023/05/11/ugl…
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Of course, you can't have it both ways. If your house is an asset you use to cover falling wages, rising health care costs, spiraling college tuition and paper-thin support for eldercare, then it can't be a place you live.
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When students of statistics are introduced to creating and interpreting models, they are introduced to George Box's maxim:
*All models are wrong, some are useful.*
It's a call for humility and perspective, a reminder to superimpose the messy world on your clean lines. 1/
*All models are wrong, some are useful.*
It's a call for humility and perspective, a reminder to superimpose the messy world on your clean lines. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/04/03/all… 2/
pluralistic.net/2023/04/03/all… 2/
Even with this benediction, modeling is forever prone to the cardinal sin of insisting that complex reality can be reduced to "a perfectly spherical cow of uniform density on a frictionless plane." 3/
For many #ConstitutionalLaw scholars, last years' #Dobbs decision on #AbortionRights at the #SupremeCourt came as a dismaying shock, because it showed conclusively that #conlaw wasn't a realm of ideologically consistent intellectual foment, but rather, a matter of *politics*. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/25/con… 2/
pluralistic.net/2023/03/25/con… 2/
Writing for @CreditSlips, the #FinanceLaw scholar #AdamLevitin admits to feeling a bit of schadenfreude in that moment. The "blue collar" law scholars in "grubby" banking and money fields have always treated the conlaw set as "slightly clueless toffs":
creditslips.org/creditslips/20… 3/
creditslips.org/creditslips/20… 3/
As tech reaches terminal #enshittification, so hollowed that they're barely able to keep end-users or business customers locked in, capital's running the final #rugpull, where all value is transfered from those who make things for a living to those who own things for a living. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/21/tec… 2/
pluralistic.net/2023/03/21/tec… 2/
"#ActivistInvestors" have triggered massive waves of tech layoffs, firing so many #TechWorkers so quickly that it's hard to even come up with an accurate count. The total is somewhere around *280,000* workers:
layoffs.fyi 3/
layoffs.fyi 3/
Seven years ago, I called #LeonardCohen's *Everybody Knows* "the perfect anthem for our times."
> Everybody knows the fight was fixed
> The poor stay poor, the rich get rich
> That’s how it goes
> Everybody knows
memex.craphound.com/2016/11/11/leo… 1/
> Everybody knows the fight was fixed
> The poor stay poor, the rich get rich
> That’s how it goes
> Everybody knows
memex.craphound.com/2016/11/11/leo… 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/16/com… 2/
pluralistic.net/2023/03/16/com… 2/
That was just after Cohen died, and while the world seems to want to settle on *Hallelujah* as his totemic song, *Everybody Knows* keeps inserting itself into the discourse, in the most toxic, hope-draining way possible. 3/
The Biden administration keeps proving that personnel are policy. Biden himself is a kind of empty vessel into which different wings of the Democratic party pour their will, yielding a strange brew of appointments both great and terrible. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/06/per… 2/
pluralistic.net/2023/03/06/per… 2/
On the one hand, you have progressive appointments like #JonathanKanter at @JusticeATR and @linakhanFTC at the @FTC, leaders who are determined to challenge and curb corporate power:
pluralistic.net/2022/01/10/see… 3/
pluralistic.net/2022/01/10/see… 3/
#FuneralHomes were once dominated by local, family owned businesses. Today, your local funeral home is likely owned by #ServiceCorporationInternational, who bought hundreds of funeral homes (keeping the proprietor's name over the door), hiking prices and reaping vast profits. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2022/12/16/sch… 2/
pluralistic.net/2022/12/16/sch… 2/
Funeral homes are now one of America's most predatory, vicious industries, and SCI uses the profits it gouges out of bereaved, reeling families to fuel more acquisitions - 121 more in 2021. 3/
I remember giving evidence to a @HouseofLords2 (?) committee in the 1990s, with Lord Lawson in fine fettle. He knew next to nothing about climate science or economics, despite having been Chancellor. He is still in the House of Lords, but quiescent. We all can wonder why.
The @GWPF_org has traduced climate science and scientists & economists who don’t agree with him. Lawson is responsible for the Big Bang of financial deregulation in London, which quickly spread to Wall St. He has actively, with aforethought, denigrated climate change mitigation.
The #Financialization started by the Big Bang should have ended with the #GreatFinancialCrisis of 2007 onwards. But the banks were bailed out, & the govt took on their debt. Lawson & his Foundation are the 1980s UK version of modern neocons. Antediluvian. @KevinClimate knows.
I’ve glanced at the paper so far. It looks to be a way forward for a severely compromised global banking system. Shadow banking is a cancer on the body politic, & must be cut out or reigned in. The turmoil following @budget2022 involved unprecedented central bank intervention.
#PostTruthEconomics as practised by Trump & Truss, clearly provokes the financial sector, with @CentralBanking_ picking up the pieces. But the risks of destabilising the system are high and rising as interest rates climb. Reform is urgent.
Reform of the global banking system is an urgent task for the @BIS_org before there is another Lehman or #GreatFinancialCrisis. The crypto collapse is ongoing, oil&gas prices are gyrating, currency/bond markets are only just being managed.
Conference ends. Truss at a twisted podium paints #TheGrowthPlan in more, unconvincing detail. @Conservatives turned into a pale, English version of MAGA neocon extremism. First they were infiltrated by the Brexit Party, now they’ve been taken over by UK followers of a US elite.
It’s as if the UK economy were a plaything for a right-wing experiment, enacting tax cuts and deregulation, attacking the woke, politics as entertainment. They don’t need any data or economic expertise. They know it all. Disrupt and hope for the best. #PostTruthEconomics
The UK establishment has been systematically undermined and damaged by these neocons grabbing the levers of power. Whitehall mandarins sacked, mocked, or broken. Lickspittles promoted as negotiators. The unwritten constitution tested and twisted to malign ends. Brexit. Clowning.
A brief 🧵 on why @LHSummers is an arrogant buffoon who, despite a long track record of being massively wrong, still seems to command the respect of policymakers
We can start with #BrooksleyBorn, the prescient head of the @CFTC, who loudly warned of the dangers of the over-the-counter (OTC) #Derivatives market in the 90s: en.wikipedia.org/wiki/Brooksley…
The powerful cabal of @LHSummers, #RobertRubin, and #AlanGreenspan pushed hard against the regulation of derivatives, paving the way for massive financial and human carnage of the #GreatFinancialCrisis pbs.org/wgbh/pages/fro…
