David Dayen Profile picture
10 Feb, 4 tweets, 1 min read
Here we have the trotting out of the old myth that you just couldn't stop 10 million people from losing their homes because of mortgage trustee permissions.
That all the paper was fraudulent doesn't enter into the consideration.
The foreclosure fraud settlement was unconscionable but it did order (meager) relief on first-lien mortgages that puts the lie to this idea that you couldn't modify loans because the permissions were so tangled. It's a lie sold by people like Michael Barr who failed homeowners.
Barr also failed the financial system by weakening prop trading and derivative reform, using the self-fulfilling prophecy that it would become loophole-ridden.
Ip is not wrong that the OCC fight is a proxy fight about Obama-era technocracy in bank regulation. He's wrong about who should win that fight.

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More from @ddayen

11 Feb
Read the thread, but I'd say payday lenders & debt collectors & drug manufacturers & minimum wage employers & muni bondholders who don't like public banks all had plenty to lose right now from policies recently advanced in the state. But we're both talking around something-
The biggest advance in recent state policymaking was ending worker misclassification, a groundbreaking law codifying the principle that workers deserve benefits.
And Uber, Lyft & Doordash spent $200 million to evaporate it and literally create their own labor law.
They could do that because of the ballot measure system, which is at the root of most of California's problems, including the housing-related issues Ezra is right to decry.
Read 8 tweets
11 Feb
It's very in vogue to bash California and this doesn't even reach to some things that deserve scorn, like the continuing control of the Western States Petroleum Association and the state Chamber of Commerce in policymaking. And yet-
nytimes.com/2021/02/11/opi…
Thanks to progressives who dragged a reluctant Jerry Brown to tax the rich, the progressive income tax that properly tracks the nature of national inequality has saved the state from post-pandemic fiscal ruin.
the 100% renewable standard is a precedent rivaling anywhere in the world on the only long-run issue that matters for planetary survival. It could be faster but literally the whole world is slower.
Read 8 tweets
6 Feb
Here's a great story with a Hollywood ending.
The last couple pages of my book Monopolized noted this fight against rapidly consolidating talent agencies, stuffed with private equity cash, who were getting rich while their own clients were losing money. (1/)
Unlike other parts of the economy where private equity pushes around workers, writers in Hollywood had a union. And the writers decided to leave their agents in protest. That story is here (from April 2019)
prospect.org/culture/privat…
The writers had two main concerns. First, "packaging" fees, where studios pay talent agencies a commission for employing their clients. This comes out of a show budget, so the agent was vying with their own clients over the same pot of money.
Read 9 tweets
1 Feb
So I took a look at why Katie Porter got bumped from the Financial Services Committee, based on the makeup of the committee and the legislative output in the last Congress. It's very clear she was singled out and Maxine Waters is to blame. (1/)
prospect.org/politics/why-k…
First of all, Waters shrunk the committee from 60 to 54 members, creating the conditions for someone to be bumped.
Even with that, 4 committee Democrats lost or didn't run for re-election, another got 4 separate committee assignments, and another traded Financial Services for Appropriations. So there would be room.
Read 7 tweets
31 Jan
We won't have numbers until tomorrow but based on what's in here we can make some guesses. (1/)
Vaccine $ is defined at the $160bn level.
Substance abuse prevention: $4bn
"More targeted" payments probably at the $50k level that's been discussed, I'd guess least half of what's been proposed, let's say $200bn
extending UI "at the current level" i.e. $300, less than the $400 Biden calls for. If it's through Sept., that comes to $260bn
"fully funding your request" for nutrition assistance: $4bn + $6bn to extend the 15% increase to Sept. So $10bn
Read 7 tweets
29 Jan
Here's @alex_sammon on the early jockeying for position in 2022 Senate races. Will Schumer and the Dems pick more self-funders or stand-for-nothing candidates, or lean into the Ossoff/Warnock victories predicated on populism and organizing?
prospect.org/politics/are-d…
Then, we have @Marcia_Brown9 with another thing Biden can do on Day One (OK, Day Nine): allow DACA recipients to receive Medicaid or CHIP or purchase health insurance on the Obamacare exchanges, where they are currently barred. prospect.org/health/biden-c…
Also at @TheProspect today, here's a tribute to Hank Aaron from Derrick Jackson:
prospect.org/culture/hank-a…
Read 4 tweets

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