, 10 tweets, 7 min read Read on Twitter
@saikatc @RaulACarrillo Hi Saikat, I’m Raúl’s co-author so I figured I’d jump in while he’s “out”, as it were. Have you read our Op Ed? I’d be interested in your responses to our concerns about these specific tools for “unlocking private capital”. 1/N
@saikatc @RaulACarrillo The first thing I’d say to your points is I don’t see any reason to presume that the federal government, given the right institutional structures, can’t “get the money” out the door fast enough. Federal funding does not mean federal micromanagement. 2/N
@saikatc @RaulACarrillo For example, if this is really a big concern, we can provide grants to local democratic bodies who can in turn fund other entities. I'm not sure why a speedy process needs to involve for-profit businesses. Or loans. 3/N
@saikatc @RaulACarrillo But more generally, speed was not a problem during WWII (which I commend you for keeping in focus). The Defense Plant Corporation managed to fund the construction of plants as necessary.I don’t see any reason to assume the USG can’t fund the mobilization of our resources well 4/N
@saikatc @RaulACarrillo Now, our op-ed does not suggest “banning” private investment. Our point is that remaining private investment that may or may need to happen should not fall under the rubric of the GND. In fact, we should be *restricting* private investment, especially “brown” inv. and 5/N
@saikatc @RaulACarrillo restrict private debt. We want our entire economy deleveraging and the great thing is this deleveraging can be a “non-fiscal payfor” for the Green New Deal. 6/N
@saikatc @RaulACarrillo It’s also relevant to point here that the Green New Deal includes a Job Guarantee and the big advantage of that program is being federally funded but having lots of local input and thus funding local “place based initiatives”. To return to the earlier point, 7/N
@saikatc @RaulACarrillo restricting equity investment in new business and providing grant funding instead is in society’s democratic interest. As I’ve written elsewhere with coauthor @sanjuktapaul, our society’s bias to firms is radically magnified by private finance ssrn.com/abstract=34262… 8/N
@saikatc @RaulACarrillo @sanjuktapaul Finally, I’m confused by your final tweet. It seems to contradict your focus on how much labor time big chunks of the GND will  involve, since it suggests we’ll be in a situation of chronic low demand where any private spending to employ resources will be welcome. 9/N
@saikatc @RaulACarrillo @sanjuktapaul In our view, the GND will  lead to a very tight full employment economy, where the difficulty will not be finding things to devote our resources to, but managing order backlogs throughout the economy and trying to speed up the resource creation process as much as possible.10/10
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