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…
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.”
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?
Bitcoiners are taking a victory lap because its price is back to where it was three years ago. This supposedly proves that it's a better store of value than other assets that don't regularly experience extreme volatility.
It's worth pointing out, though, that the original pro-bitcoin arguments people were making years ago—either that it was a superior payment system, or that it would actually replace fiat currencies—haven't and won't come true.
If bitcoin really was going to change the world, it'd be in the middle of exponential growth right now. Instead, the number of transactions it's used for each day hasn't increased in the last three years.
If Joe Biden picks Janet Yellen as his Treasury Secretary, she will be the only person to have ever held all three of the most important economic policymaking positions in government: Fed Chair, CEA Chair, and Treasury Secretary.
G. William Miller is the only person right now to have been both Fed Chair & Treasury Secretary. Both Alan Greenspan and Ben Bernanke were CEA Chair before becoming Fed Chair.
Nobody has done the trifecta, though. At least not yet...
I like to imagine that Janet Yellen and her husband George Akerlof debate which of them has a more impressive CV. First female Fed Chair, and potentially the first female Treasury Secretary too vs the Nobel Prize in Economics.
It's probably not too surprising, but it's still striking how much US & UK politics have mirrored each other the last 40 years: laissez-faire with Reagan & Thatcher, Third Way-ism with Clinton & Blair, right-wing nationalism with Trump & Brexit...
... and left-wing populism as a possible antidote to that right-wing nationalism with Bernie & Corbyn, both of whom were old-school socialists who resisted their parties' moves to the center in the 90s & found their parties coming back to them in 2016
The similarities broke down with the 2020 Democratic primaries, though. Instead of Bernie taking over the Dems like Corbyn did with Labour, Biden and the more moderate wing of the party did—and we were lucky they did
Younger Dems tend to be frustrated with the way older Dems, who came of age during Reagan, operate out of a constant defensive crouch, and I get it. I am too. But younger Dems need to learn how to talk about policies the way some of those older Dems—Clinton, Obama, and, Biden—do
Younger Dems want to be more ambitious because the party is consistently strong on the national level. The problem, though, is that that isn't enough. The way the Senate & EC give disproportionate power to small, rural states means Dems have to win in conservative places too.
Older Dems understand how to sell a more active government to more moderate voters, i.e., "a hand up, not a hand out". Younger Dems tend to emphasize universal rights—to healthcare, education, etc.—that the government should guarantee. Totally different political dialects.
Trump’s top covid adviser, a Fox News radiologist with no training in epidemiology who has been telling Trump that masks don’t work and to slow down testing, is insulting Fauci’s throwing arm after Fauci criticized him.
Meanwhile, the virus is spreading faster than ever.
College presidents are endangering their students, their staff, their faculty, and the communities around them all so that they can justify charging full tuition before sending everyone home again in a few weeks.
UNC and the rest of the ACC are still trying to play college football this fall. Are football players going to be the only students on campus? The idea that they’re normal student-athletes is already laughable, but this would end any pretense.
This entire article is based on false premises, and presents a very misleading picture of what the Fed is actually doing. Complaining that the Fed is doing QE is just right-wing derp masquerading as a left-wing critique. thenation.com/article/econom…
There are so many basic factual errors that it should almost be retracted.
It originally said the Fed’s entire $7 trillion balance sheet was how much it had spent bailing out big banks since March...
Then it was changed to imply that the Fed had spent $7T since March on Treasuries & mortgage-backed securities, then it was changed again to just say trillions, because that is what actually happened.
The $7T was the Fed's cumulative balance sheet, not what happened since March.