Conservatives have been making the same bad, facile arguments about M2 for 13 years now—inflation’s eventually going to come, just you wait!—and have been massively wrong for 13 years now.
There isn’t even a problem, let alone a “serious problem” here.
My God. Do you know how stupid you have to be to believe that daytraders executing a short squeeze against a few hedge funds while the rest of Wall Street makes money is a populist revolt against Wall Street?
Or that deregulating daytrading is a way to get back at Wall Street?
Glenn Greenwald thinks that socialists are sellouts if they don’t try to ally with fascists, because he’s a moron. This incredibly stupid GameStop saga is just another example of that. theintercept.com/2020/06/25/sho…
This, from @lionel_trolling, gets at the key dynamic of the Greenwald left. They’re just anti-Democrats who think their must be something to the far-right because Democrats hate them so much. johnganz.medium.com/gramscians-vs-…
I know what WallStreetBets is doing seems pretty hilarious, but they’re just reinventing pyramid schemes.
Short squeezes can also be a good strategy—it’s made WallStreetBets a lot of money!—but going after short-sellers as a general matter isn’t good. Markets need them. Short sellers were the ones ringing the alarm bell about Enron and the housing bubble.
GameStop, like Hertz back in April, is an especially ironic bubble: everyone knows that it can’t last, but they just want to show that they can make it happen for the lulz (and make some money in the meantime).
Thinking you’re in on the con is the easiest way to get conned.
The way the system is biased towards Republicans—gerrymandering, the Senate, & the Electoral College all overrepresent rural/exurban voters who strongly lean GOP—is what Daniel Ziblatt calls “constitutional welfare.”
There’s *a lot* to like in Biden’s $1.9 trillion rescue package, but $415 billion more for vaccines, testing, and tracing would have the most ridiculous ROI.
The Biden plan will also have bigger and expanded UI, probably the most important thing right now other than the vaccine, and important boosts to the tax-credit safety net—the Child Tax Credit & EITC—that will hopefully become permanent
I'm 36 years old. The two other times in my lifetime that a Republican administration committed serious crimes—Iran-Contra and torture—nothing happened. We looked forwards, not back, etc.
It's not good enough. How will elites learn there are consequences if there never are any?
Democrats need to impeach Trump again, and they need to impeach him today. Inciting a coup, no matter how pitiful it might have been, is as bright as bright red lines get. If Democrats *don't do anything* in response, then Republicans will try it again.
The President told his supporters to march on the Capitol and "show strength," they broke in, and tried to stop the counting of votes to overturn the results of the election. And Democratic leaders want to do ... nothing? I try not to curse here, but ARE YOU FUCKING KIDDING ME?