David Dayen Profile picture
14 Oct, 6 tweets, 2 min read
More important than living in the "take the deal" past is what can happen between now and February to mitigate the damage. There are a few options:
1- It's beyond clear that the Fed needs to dispense with its reticence and use Section 14(2) authority to distribute short-term, endlessly rolled-over debt to cities and states prospect.org/coronavirus/un…
2- A Biden transition can use a kind of "forward guidance" to detail explicitly what relief will be passed ASAP in the new Congress & create certainty. They should lean on banks to advance short-term, 0-interest advances on individual relief. Long shot but worth a try.
3- a top priority is wiping away all credit events from early March to the present. Should be jawboning the credit bureaus to do this voluntarily, with an eye to codifying later.
If the recovery is dependent on flush banks granting working capital to revived small businesses, their credit events during the pandemic should absolutely not be a factor.
That's not much but as I've said, we have a winter of our discontent coming.
prospect.org/politics/winte…

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More from @ddayen

8 Oct
I guess I missed this story when it came out but I lived this settlement fight and reported on it for 5 years and wrote a book about it, and I haven't found a single correct fact in here. theatlantic.com/politics/archi…
Against my better judgment I'll give an example. One scene says Eric Schneiderman got to be in the First Lady's box at the State of the Union & head of the mortgage fraud task force, because Harris turned it down. The text says Harris was in a hotel room, but not where.
Harris' hotel room was in *DC*, and she was there because SHE WANTED TO BE CHOSEN for the position Schneiderman got. There was a back and forth between the two, jockeying for position. Why else would she be in a hotel room and not at home?
Read 4 tweets
7 Oct
Here's our lineup at @theprospect today (with 1 to come):

A long piece from @rkuttnerwrites about Biden's choices on trade and China, with some intelligence on who might be the next US trade rep prospect.org/economy/where-…
Biden has laid out a plan for economic nationalism that is unable to be carried out under the current global trade regime. What will he do about that? Who will run this policy?

prospect.org/economy/where-…
Interesting that Gary Gensler is getting mentioned for USTR in a Biden administration prospect.org/economy/where-…
Read 5 tweets
6 Oct
Dude should have thought of that before he put Section 230 in a trade deal so now it can't be repealed or easily changed by him or anyone prospect.org/power/section-…
And every idiot dittohead screaming about social media bias should know that their guy Trump etched Section 230 into stone through the very globalist tactics he spent his 2016 campaign decrying
I don't like how Section 230 allows platforms to, for example, circumvent consumer product safety laws. But the Covid-infected moron running the country made this impossible to fix prospect.org/power/right-wa…
Read 4 tweets
29 Sep
Just one example of how to fix the terrible inequities in the tax code so it doesn't privilege the rich comes from the source of Trump's audit: the $72.9 million refund for carryback losses. Why was that refund given, and THEN checked out?
As the Times notes, the Joint Committee on Taxation reviews every refund of over $2 million to individuals. Why do we GIVE THE REFUND first and then review it?
JCT could review and only release the funds afterward. Anyone entitled to a refund of over $2 million is highly unlikely to need that refund quickly.
Read 6 tweets
27 Sep
The policy solution to #TrumpTaxReturns is to cap or ban carry-forward losses. Ordinary schlubs see parking meters reset, lest they get a break of 50 cents. For rich real estate developers the losses they conjure last forever. Easily fixed.
We have a tax code that is enormously favorable to real estate developers that can steal from their own companies and report dubious losses. Congress also has the ability to remedy that.
"He took advantage of a provision of the Great Recession bailout that allowed income from canceled debt to be completely deferred for five years, then spread out evenly over the next five"
Sadly #TrumpTaxReturns reflect the bipartisan mangling of the tax code to serve the rich
Read 6 tweets
24 Sep
So this is "off the news" but a very important piece, I think, from Mara Kardas-Nelson about Georgetown, Texas. (1/)

prospect.org/environment/wh…
Georgetown went "100% green" several years ago, getting a lot of acclaim as a red town in a red state. What they actually did was buy a bunch of green credits through Texas's deregulated energy trading system.
prospect.org/environment/wh…
This locked in prices. They even bought excess energy that they thought they'd be able to sell back to the grid.
Then the fracking boom came. The trading stopped. Georgetown was stuck. And they're no longer 100% renewable. prospect.org/environment/wh…
Read 4 tweets

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