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Rohan Grey
@rohangrey
, 4 tweets, 1 min read Read on Twitter
It's funny watching finance twitter's heads explode about the 'politicization' of the Fed. As though SCOTUS was 'less political' back when everyone thought 9 white dudes from privileged backgrounds somehow represented the pinnacle of technocratic benevolence.
How do you think judges (and Fed governors) get appointed today? Everyone sits a magical economics/legal SAT-style test and the best candidate wins? For god's sake, grow up.
The question isn't whether politics can, should, or will come into these institution's decision-making processes. Of course they do. The question is *who's* politics - what class background, what cultural/ideological commitments, what stakeholder accountability, etc.
Must we continue to act like the Merrick Garland approach to critical institutional appointments is somehow brilliant 11th-dimensional chess rather than a combination of shitty and neoliberal politics? How many more times must we lose before we realize this is the fight.
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Rohan Grey
@rohangrey
@katiecannon2 @adam_tooze @DavidpStein @DanielaGabor @M_C_Klein @edwardnh @shawnsebastian @StevenAttewell @SandyDarity @FadhelKaboub @GChamedes I'd add, from my vantage point as someone who came into this space with no prior allegiance to MMT or the MMT 'high priests', that it was clear to me early on that MMT was fighting for big stakes - if they ended up achieving their goals, it would mean nothing less than a 1/x
@katiecannon2 @adam_tooze @DavidpStein @DanielaGabor @M_C_Klein @edwardnh @shawnsebastian @StevenAttewell @SandyDarity @FadhelKaboub @GChamedes reorientation of entire field of macro and providing a social narrative to explain/justify necessary anti-austerity policies as well as other important policies to achieve social justice (ie the Job Guarantee). So when confronted with critics or ostensible 'fellow travelers' 2/x
@katiecannon2 @adam_tooze @DavidpStein @DanielaGabor @M_C_Klein @edwardnh @shawnsebastian @StevenAttewell @SandyDarity @FadhelKaboub @GChamedes who, rather than supporting that ambitious goal and supporting the developing of MMT from within, chose instead to dismiss, undermine, nitpick, delegitimize, and/or try and divert/reduce MMT to something more aligned with their more narrow/minor goals, it was clear to me why 3/x
Read 8 tweets
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Rohan Grey
@rohangrey
One of the funniest things that has come out of having to take seriously Henwood's "sound finance socialism" schtick is the notion MMT is an apologist for "paying rich people to lend to the government". MMT advocates for zero interest on government debt! The whole point is to 1/x
euthanize the bondholder class and eliminate the massive subsidies interest payments represent. But when you point that out to Dougie, his response is "ZIRP is incompatible with capitalism so it cannot work". Well, I'll happily stipulate to the first part of that! But wait, I 2/x
thought the whole problem with MMT was that it *wasn't* challenging the underlying power relations of capitalism, either through asserting the superiority of public finance over private finance or through the JG which would eliminate the reserve army of unemployed. So which 3/x
Read 6 tweets
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Rohan Grey
@rohangrey
@paulkrugman doubling down on a willful misunderstanding of MMT's critique of the neutral rate of interest. It's not, as he asserts, that the neutral rate is merely "hard to determine, or ... unstable". It's that there is no guarantee that there exists a particular rate 1/x
consistent with full employment at any point in time. Interest rate adjustments have potentially contradictory effects on different aspects of the economy and there's no guarantee that if reducing rates by 1% is stimulatory today, reducing rates by 5% today or tomorrow is also
stimulatory. It depends! Under some conditions, some effects outweigh others, and overall some effects may only have a capped impact on broader macroeconomic conditions. I describe this argument in more detail here:

binzagr-institute.org/working-paper-…
Read 9 tweets

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✨LadyQanuck 🇨🇦✨
@LadyQanuck
That moment when Q drops the most intel he has in weeks, and you're on the road travelling all day! 😩
I know I'm late to the party folks, but I'm back and ready to rock! 🤓🙏🏻😎

This will be my QThread for January 6th.
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3. Ruth Bader Ginsburg is an Associate Justice of the Supreme Court. RBG was appointed by Bill Clinton and took the oath of office on August 10, 1993.
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Tim Hogan
@TimInHonolulu
1. I had to turn @MSNBC off when @AlexWitt put Sam Nunberg on. @CNN was worse. Heard them say no federal officer can be charged with a crime. See 28 U.S. Code § 1442 - "Federal officers or agencies sued or prosecuted."
2. Now that Sam the Sham is off I was back to @MSNBC and the panel was discussing whether President can be indicted. There is something that happens on TV when attorneys talk about this. They all forget states prosecute too and DOJ 2000 memo only dealt with federal prosecutions.
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Zoe Tillman
@ZoeTillman
Judge Brett Kavanaugh's #SCOTUS hearings kick off this morning. Dems are furious at the number of docs being withheld re: his time in the White House under W. Bush. Republicans are defending the extent of disclosures. @chrisgeidner has been on it -->
The Kavanaugh hearing just got started and there's already chaos. Dems are interrupting Grassley as he starts to read his opening statement to protest the latest production of docs right before the hearing. Blumenthal is moving to adjourn. Grassley says they will proceed.
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Andrew Cuomo
@NYGovCuomo
Brett Kavanaugh is an extreme conservative who would deliver a devastating blow to our values.

New York will not stand by as President Trump attempts to use #SCOTUS as the political arm of the presidency to advance his extreme conservative agenda of division.
The progress of this nation will not be rolled back without a fight. I urge New Yorkers to make their voices heard and call on the Senate not to confirm Brett Kavanaugh. #SCOTUS
And no matter what happens in Washington, I promise you this: I will fight like hell to do everything in my power to protect the rights of the people of the State of New York. #SCOTUS
Read 3 tweets
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Hugh Hewitt
@hughhewitt
Joining @PowerLunch at 2 PM EST to talk #SCOTUS and 6 month anniversary of tax cuts. My “line” on nominees is a clear distance between Judges Kavanaugh and Kethledge and everyone else. Both have long, reliable histories of originalism on federal questions. 53 and 51 respectively.
Kethledge is a @UMich Law grad and Kavanaugh Yale. (Both attended the same school undergrad and law school.) Both r great judges. Kethledge from swing state, one w/ a Senate race, is avid hunter/fisherman. Both great writers though Kethledge gets extraordinary praise re opinions
Kavanaugh has White House experience (a big plus) and independent counsel experience (mixed?). Others in the mix —Judges Barrett, Larson, Stras,Thapar, @JusticeWillett @SenMikeLee— all have different strengths but 2 get the “must get it right” nominee who can endure the process?
Read 4 tweets
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Josh Blackman
@JoshMBlackman
1/ Three Important admin law developments in Epic Systems. First, #SCOTUS applies the so-called Major Question doctrine to another context--labor relations. I discuss this doctrine in my @HarvLRev article on Zubick/Texas papers.ssrn.com/sol3/papers.cf…
2/ Second, though #SCOTUS declined to revisit Chevron--no one asked it to--it rejects deference because NLRB does not administer the Arbitration Act. That would not have been Congress's intent.
3/ #SCOTUS rejects "accountability" argument in light of #PresidentialReversal. Deference "becomes a garble when the Executive speaks from both sides of its mouth, articulating no single position on which it might be held accountable." Cite to @DanielJHemel and @Aaron_L_Nielson
Read 5 tweets

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