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18 Oct, 4 tweets, 2 min read
A reminder that every member of the Federal Reserve board is a millionaire. mattstoller.substack.com/p/every-federa…
The Federal Reserve should be run directly by members of Congress, with a Congressional committee setting interest rates and monetary policy. Enough of the absurd priesthood of economists and private equity ghouls.
Also, chalk another one up for Elizabeth Warren. She was right about Jay Powell, and Biden is wrong.
And yes, the Federal Reserve is out of control and subverts democracy. I found that the Fed secretly bailed out Mexico so as to get Congress to pass NAFTA, and kept that hidden for five years at which point the offshoring had happened. salon.com/2014/02/07/ana…

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Matt Stoller Profile picture
19 Oct
This article is a useful summary of the philosophy of inevitabilism that colors elite discourse around dominant firms. It goes, 'Multinationals are too big and clever and are their own sovereign power.'

The reality is these firms are creatures of state policy.
If big tech firms cannot be governed because they are too powerful, then it's neither our fault nor responsibility to govern them. If they can be governed bu tit's our libertarian philosophy of governance that makes big tech firms dominant, then it's our responsibility to do so.
The Chinese government is governing their big tech firms. The U.S. is starting to do so but is hindered by legacy libertarianism. Europe is making a big show of it while failing for the same reason. @vestager and their various bureaucrats do not actually want to govern.
Read 4 tweets
Matt Stoller Profile picture
18 Oct
If you want to subscribe to BIG, there are just 23 early reader discounts left. mattstoller.substack.com/subscribe?coup…
There were 23, now there are just 18 early reader discounts left... mattstoller.substack.com/subscribe?coup…
There were 23, then 18, and now just 5 early reader discounts left... mattstoller.substack.com/earlyreader
Read 4 tweets
Matt Stoller Profile picture
16 Oct
Covid's a bullshit excuse for higher beef prices. We pay $1.23/lb more for beef than we should because of meatpacker monopoly tax. mattstoller.substack.com/p/economists-t…
Underlying data compiled by Paul Hammel and Henry J. Cordes of the Omaha World-Herald, drawn from USDA sources. nptelegraph.com/agriculture/th…
A different way to see the same data. Here's the retail price of a pound of beef, allocated between the rancher, the packer, and the retailer. The blue line is the packer and it starts going up in 2015 when alleged price fixing starts,
Read 4 tweets
Matt Stoller Profile picture
13 Oct
1. My newsletter BIG on monopoly power just went paid. You should subscribe. I'm surprised by the outpouring of support, but I shouldn't be. People hate monopolies because we hate being dependent on another's will. It's the humiliation. It's this image.
mattstoller.substack.com/p/a-big-announ…
2. We've felt an inchoate sense of frustration for years, at inequality, polarization, or just being put on hold with an automated phone tree and a customer service rep who is equally powerless. My goal is to show the source of the problem. Monopolies. mattstoller.substack.com/p/a-big-announ…
3. So much of what's going wrong with our commerce and politics is analyzed in isolation. A lot of it is traceable to one upstream cause - the consolidation of economic power. For instance, I've shown that monopolies induce shortages. mattstoller.substack.com/p/counterfeit-…
Read 17 tweets
Matt Stoller Profile picture
12 Oct
I have a big announcement. I'm taking my Substack on monopolies paid. I'll explain more tomorrow, but the gist is that the newsletter has been so much more successful at addressing monopolies than I ever could have dreamed. mattstoller.substack.com/p/a-big-announ…
There's a lot of cynicism in politics, and for good reason. But over the last two years, our government has filed five antitrust suits against Google, two against Facebook, and one against Amazon. And a lot more is on the way, in sectors beyond tech.
mattstoller.substack.com/p/a-big-announ…
What a lot of people don't realize is that the business of politics is polarization, so as to disguise power. Anti-monopoly politics thrives on doing the opposite - patient teaching about our laws and history. And it works. mattstoller.substack.com/p/a-big-announ…
Read 5 tweets
Matt Stoller Profile picture
12 Oct
What makes this conversation difficult among Dems is they can't internalize that they *haven't* delivered. Obamacare is still sort of good instead of a broken promise and the foreclosure crisis was inevitable. Much easier to talk messaging than admit we harmed a lot of people.
A lot of people ask me why I'm so hard on Obama. It has nothing to do with Obama, it has to do with how most people experienced *our policies* that facilitated foreclosures and GoFundMe-driven health care. The goal is to understand how we failed, so we can change.
It's also why I'm so assertive about rejecting socialism or saying the problem is capitalism. There are specific policy choices we made that harmed many people. Either holding up Obama or focusing on abstract forces is the same thing - refusing to admit what we did.
Read 5 tweets

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