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, 3 tweets, 1 min read
While we're on the subject of "returning capital to shareholders" ... I wonder if PG&E would have invested more in property, plant & equipment if they weren't a publicly-traded company with a dividend to hit?

THEY DAMN SURE COULDN'T HAVE INVESTED LESS.
wsj.com/graphics/calif…
Privately-owned public utilities are a great deal for management and the I-got-mine-jack rentier class. They are an unmitigated disaster for everyone else.

BTW, healthcare insurers are privately-owned public utilities.
Seems like a good day to RT my 2020 campaign platform.
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Ben Hunt
@EpsilonTheory
The other day I said that I'm ok with a wealth tax on the very rich, for which I was caned by libertarian-twitter.

My apostasy: I’m supporting wealth redistribution by a bad-intentioned central gov’t, and that slippery slope will ultimately get us all.

I get it. Honestly, I do.
People, that ship of wealth redistribution sailed years ago, but not in the direction you think.

Through oligarchic capture of monetary policy, trade policy, antitrust law, mass media and the tax code, we have endured *decades* of wealth redistribution TO the very rich.
Wealth redistribution TO the very rich accelerated post-GFC with ZIRP and QE, accelerated again with Trump, and is now at insane levels with the 2017 Tax Cut and (LOL) Jobs Act and rampant self-dealing masked by stock buybacks.

Yes, the 2017 tax cut IS wealth redistribution.
Read 11 tweets
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Ben Hunt
@EpsilonTheory
I have zero problem with a big wealth tax on billionaires.

Not because they don't "deserve" the wealth or it's "unfair" in an economic sense. Not because it "pays for" M4A. All BS arguments IMO.

But because wealth of this magnitude creates permanent and unjust POLITICAL POWER.
Sadly, the “shrink gov’t to reduce oligarchs’ political power” narrative has been COMPLETELY hijacked by oligarchs to mean tax cuts and deregulation - both of which increase their power, not decrease it.

Sadly, we’re back in a Teddy Roosevelt world.

Break up the modern trusts.
It’s weird to me that everyone who owns a home pays a wealth tax without complaint, but god forbid someone wants a wealth tax on freakin’ billionaires.

I think it’s because your property taxes are built into your monthly mortgage payment and so you never think about them.
Read 5 tweets
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Ben Hunt
@EpsilonTheory
Welcome to the Long Now, where in economics we are presented with constant stimulus and in politics we are presented with constant fear.

It’s entirely intentional.

It’s highly effective.
The Long Now is personal.

Tick-tock.
epsilontheory.com/the-long-now-p…
The Long Now is political.

Make. Protect. Teach.
epsilontheory.com/the-long-now-p…
Read 5 tweets

Related threads

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Alfred Twu
@alfred_twu
Now that lots of Californians are calling for a public takeover of PG&E, as the public, let's do what any investor would do before buying a company - review its financial statements. investor.pgecorp.com/financials/ann… Thread 1/
First, how much would it cost? The market currently values PG&E at $4.12 billion dollars. For comparison, that's two Transbay Terminals, or about 3,000 homes in San Francisco. For comparison, the Salesforce Tower is valued at 1.3 billion. 2/
Part of the reason PG&E is valued so low - around 10% of its 2017 value - is that in 2018 it lost more money per year than Uber and WeWork combined, due to over $11 billion in wildfire-related claims. 3/
Read 21 tweets
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Ugo Obi-Chukwu
@ugodre
Good evening everyone and happy new year. Welcome to our first @Nairametrics Corporate News thread for the year. This thread is BTU by @BluechipTechNG

Thread Starts here.
On this thread, we are going to be reviewing some of the major corporate deals that took place in 2018 from a Nigerian perspective. We will also provide relevant links for those who may want to have a deepdive.
Please feel free to comment, retweet and contribute as the tweets roll in. It might be a long night so please be patient. If you can't wait then subscribe to our Newsletter to get an even more comprehensive report with more background info. This will be out before Friday.
Read 144 tweets
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Christophe Barraud🛢
@C_Barraud
🇨🇳 #CHINA Q3 GDP Y/Y: 6.5% V 6.6%E (slowest growth since Q1 2009)
*NBS spokesman Mao Shengyong said that the international situation was bringing “downward pressure” on China.
*Link: bloom.bg/2RVX1ZA
🇫🇷 🇪🇺 🇨🇳 French tire maker Michelin warned of declining sales in Europe and #China in the second half of the year, dragging down shares of its competitors in the U.S. and Europe - Bloomberg
*Statement: bit.ly/2EujhqH
🇺🇸🇨🇳🇪🇺 In a volley of filings, the EU, #China and the U.S. this week escalated disputes over new U.S. metals tariffs, the European response to those levies, and Chinese intellectual property practices - Bloomberg
bloomberg.com/news/articles/…
Read 634 tweets
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Ugo Obi-Chukwu
@ugodre
Hello everyone. Welcome to @Nairametrics corporate news roundup for the week ended May 26th 2018.

This thread is made possible by @BluechipTechNG

Thread Starts here.
This thread is a compilation of some of the top business news from Corporate Nigeria.

Kindly indulge us by retweeting the first tweet of this thread.
If you subscribe to our Newsletters then you must have received this compilation in your email box by now.

You can also get this by subscribing here; See link...

eepurl.com/dvNcb5
Read 81 tweets

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