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17 Dec, 4 tweets, 1 min read
I'm not used to having any policy recommendation of mine taken up, but what's happening now in Congress is precisely what I counseled a month ago: prospect.org/coronavirus/un…
Yes, the rescission of funds from the money cannon is a gimmick, because it wasn't scored as spending in the CARES Act. But it's bringing Republicans to the table and allowing them to say that virtually no new money is being spent, breaking the Gordian knot of negotiations
And substantively, the money cannon was obsolete now that markets are self-reinforcing with the vaccine. Any state/local aid (which the Fed wasn't giving through the cannon) can by done through 14(2) authority, and should. prospect.org/coronavirus/un…
So this is a very positive development, that the prop for asset prices will be gone, and that money will be for the most part transferred (not really but if the gimmick fits) to dollars in people's pockets. The cannon is retired. Good.

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More from @ddayen

David Dayen Profile picture
18 Dec
Unbelievable that Democrats would let this hold up a deal. The Fed facilities have almost exclusively fattened the wallets of the investor class, and the central bank has tools to undertake muni lending anyway. (which it won't as it's ideologically opposed)
The "Main Street Lending Program" Dems are trying to save is mostly an oil and gas lending program. bailoutwatch.org/analysis/mslp-…
The Fed officials in charge of state/local lending are completely conflicted with the muni bond industry, and the result is that it's made two (2) loans.
prospect.org/coronavirus/un…
Read 7 tweets
David Dayen Profile picture
18 Dec
Also today at @TheProspect: here's @alex_sammon on Ursula Burns, the former Xerox CEO being mentioned as a possible Commerce Dept pick. Who in her time there bought out the most corrupt student loan servicer in America. prospect.org/cabinet-watch/…
(not to mention service on the boards of Uber, Exxon, and "don't hold us accountable for child slavery" Nestlé)
Then we have Suzanne Gordon and Steve Early on new VA Secretary Denis McDonough and how the agency must restore its mission as a pre-eminent health system, not a bill-payer for private hospitals. prospect.org/cabinet-watch/…
Read 4 tweets
David Dayen Profile picture
17 Dec
Unsanitized today: Though easily forgotten, unemployment benefits are taxable. This is going to really hit those hurt the most economically from the pandemic. Congress can put a stop to it.
prospect.org/coronavirus/un…
The way this will work is that people who normally get refunds won't get them, and many will owe taxes instead. That throws off the long-held refund expectations of the working poor, and serve as a targeted anti-stimulus. prospect.org/coronavirus/un…
Congress has the authority, of course, to exempt all unemployment insurance since the beginning of the pandemic from federal taxation. They should go ahead and do it, or else the unemployed will be on the hook for billions at the worst possible time.
prospect.org/coronavirus/un…
Read 4 tweets
David Dayen Profile picture
16 Dec
Speaking of the #DayOneAgenda, we have three #D1A stories today, bringing the total to around 40.
First, I address Joe Biden's explicit reluctance, stated on a call with civil rights leaders, to use executive authority. I'm sorry he feels that way. prospect.org/day-one-agenda…
"The #DayOneAgenda is a way for the public to understand the options available to a president.. [Biden] might seethe at the unfairness of voters expecting them to do more than they say they can.. Nobody said life as the leader of the free world was fair." prospect.org/day-one-agenda…
Then, @Marcia_Brown9 has this story related to student debt cancellation: a former Ted Kennedy aide has figured out how to leverage that authority to produce something like free college, as a spur to get Congress to re-imagine higher ed finance prospect.org/day-one-agenda…
Read 4 tweets
David Dayen Profile picture
4 Dec
Here's a really good Cabinet Watch scoop from @rkuttnerwrites. Will Big Tech Take Over Trade Policy? prospect.org/cabinet-watch/…
It looks like Katherine Tai, a House staffer who is broadly liked and supported by labor, will get the job of US trade representative. That's the good news. But--
Two former Obama-era USTR officials who went right from there to Amazon to become lobbyists are poised to come back in top jobs. And--
prospect.org/api/amp/cabine…
Read 5 tweets
David Dayen Profile picture
4 Dec
Great day at @theprospect begins with a review of several monopoly books by the great @zachdcarter. prospect.org/culture/books/…
"For Lynn and Teachout, the rise of today’s monopolies is not woven into the fabric of capitalism. It is a relatively recent phenomenon, created by specific policies and a particularly lax attitude about antitrust laws." prospect.org/culture/books/…
Then we have @HaroldMeyerson with a #DayOneAgenda piece how the Biden administration can harness the power in an obscure agency—the Wage and Hour Division of the Labor Department. prospect.org/day-one-agenda…
Read 7 tweets

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