David Dayen Profile picture
Executive editor, @TheProspect. Author, Chain of Title and Monopolized. Tips/pitches at ddayen at prospect dot org.
eDo Profile picture The Lady Red- the night is dark and full of terror Profile picture sally paddles Profile picture Junior_prompt_engineer Profile picture rue de la Coussaye Profile picture 8 subscribed
May 10 5 tweets 2 min read
Judge Pittman (Trump judge in Texas) got the Chamber's challenge to CFPB credit card late fees.
He said it wasn't germane to Texas, sent it to DC
The 5th Circuit said no, sent it back to Pittman
And now Pittman put it on hold.
accountable.us/wp-content/upl… Pittman clearly seems mad about how the process went and mad at the Chamber. He even added this graph of the winding timeline of the case.
But that didn't stop him from ruling for big banks. Image
Feb 22 7 tweets 2 min read
The $138 billion in student debt that's been relieved by Biden has nothing to do with his "Plan B" for debt relief after the Plan A was shot down by the courts. It's just about Biden's Education Department running existing forgiveness programs with a modicum of competence. Today's announcement, for example, involves the speedy implementation of the updated income-driven repayment (SAVE) program, which promised that people paying 10 years with less than $12,000 in debt would get it forgiven.
Sep 15, 2023 7 tweets 1 min read
The UAW's selective strike strategy is new for UAW, but it's been very successful for one other union. So much so that they trademarked the practice.
That would be @afa_cwa's CHAOS strategy. 🧵 CHAOS stands for Creating Havoc Around Our System. It began at Alaska Airlines in 1993. There was a protracted strike with the flight attendants, despite the airline earning record profits. Negotiations had dragged on for 3 years.
Sep 8, 2023 4 tweets 2 min read
I read @FranklinFoer's Biden bio The Last Politician, and found this disconnect between a peripatetic presidency of action and the public perception that nothing's happening. What accounts for it? Maybe it's the White House's theory of politics.
prospect.org/culture/books/… Reading the accounts of Biden directing meetings and horse-trading with Congress—the work of politics—is so disconnected from this White House's extreme cloistering of the president that it called to mind the old SNL Reagan mastermind sketch:
Aug 22, 2023 7 tweets 2 min read
This whole story is quite something. Timeline goes like this: Aug 7: Josh Wright suddenly announces he's leaving GMU
Aug 7: Prof Laser releases Wright's attempt to turn a job interview into a date ()
Aug 8: GMU bids Wright a fond farewell ()
Aug 2, 2023 5 tweets 2 min read
Our business of health care series continues with a history of UnitedHealth, the largest insurer & the largest employer of physicians in the country, with so many subsidiaries that 25% of its revenues come from *itself*.
From @SaraLSirota & @KristaKBrown.
prospect.org/health/2023-08… We go through UnitedHealth's entire history, from its founding as a way around state laws that required HMOs to be nonprofits run by physicians to its serial acquisitions of just about everything in healthcare.
Aug 1, 2023 4 tweets 2 min read
OK I've got a #longread today for our health care series about the godfather of modern health policy, responsible for Medicare Advantage, Medicare Part D, risk adjustment, physician payment schedules & more.
His name is Tom Scully.
prospect.org/health/2023-08… Once out of government, Scully became a partner at the leading health-focused private equity firm (Welsh, Carson, Anderson & Stowe), using his unparalleled knowledge of a system he helped create to exploit pockets of government support.
Jun 30, 2023 13 tweets 4 min read
So according to the president's words, they're going to create a new program, I presume with the same parameters, under the compromise & settlement authority of the Higher Education Act that we discussed as the main way to cancel student debt 4 years ago: prospect.org/day-one-agenda… He mentioned that "it will take longer." I think this is what that means.
There are a couple regulatory hurdles. They are discussed in this letter:
Jun 12, 2023 6 tweets 2 min read
Breaking: 90% of the $4 trillion in Covid funding properly spent, and thousands of people who grabbed at the other (potentially) 10% have been arrested, with thousands more investigations underway
apnews.com/article/pandem… Also another $1 trillion has yet to be spent and therefore has yet to be stolen. So it's more like 8% (potentially) stolen, with many of those responsible arrested and that number probably maximized for sensationalism's sake
Jun 7, 2023 6 tweets 2 min read
NEW from me: student loan payments are going to restart in September. This is an impossible task made more impossible by the private loan servicers whose entire history has proven their incapability to do the job. A 🧵:
prospect.org/education/2023… As @millennial_debt told me, "I’m not aware of any instance where a creditor restarted a 40-million-account portfolio. That’s at a scale that finance doesn’t operate in, let alone government"
May 26, 2023 11 tweets 2 min read
If you're the White House this is a salable deal. That =/= a good deal, but they can sell it. The expectation is that McCarthy will never get his guys to pass an actual budget. That would then mean a continuing resolution at current levels for 2 years. With all the funding shifts, this is scheduled to be pretty close to that, with a 1% bump in year 2.
May 25, 2023 11 tweets 5 min read
I have a feature out today about the new industrial policy, and how it's designed to support the very groups that have been left out of past economic transitions, building the necessary coalition for long-term transformation. 🧵
prospect.org/economy/2023-0… The idea that America has forgotten how to build anything is silly. We went from zero LNG exports to the world's largest exporter in six years, through national policy, willing financing, and economic and political power.
prospect.org/economy/2023-0… Image
May 24, 2023 4 tweets 2 min read
Excited to bring you the cover story of our latest issue today, from @lukewgoldstein. It's the history of the farm bill, an object lesson of how in Washington, "bipartisan" usually means someone's getting rich. In this case, Big Ag.
prospect.org/power/2023-05-… Democrats fight in the farm bill for nutrition assistance (SNAP).
Republican fight for a baroque array of agricultural subsidies.
But the real function of the modern farm bill is to deliver windfalls to industry by subsidizing cheap commodity grains.
May 23, 2023 4 tweets 1 min read
We have a little more information now on the debt ceiling case that transpired today a Boston courtroom.
politico.com/news/2023/05/2… "If the emergency is as dire as you think it is, I would think that it’s within the power of the president to address it using executive branch authority," the judge said to the plaintiffs, who sought a faster hearing. (eyes emoji)
May 23, 2023 4 tweets 1 min read
So Joe Biden, who mumbles in public about "having the authority" to continue to pay the nation's bills, has signaled intention to file OPPOSITION to the case challenging the constitutionality of the debt ceiling statute.
storage.courtlistener.com/recap/gov.usco… It's not that Biden or the White House thinks there's not enough time or that the Supreme Court will stop any effort to end-run the debt limit.
By their actions, they are demonstrably opposed to challenging the debt limit. They believe in it.
May 19, 2023 16 tweets 5 min read
The National Association of Government Employees has today filed for an emergency injunction in their case challenging the constitutionality of the debt ceiling statute.
courtlistener.com/docket/6734475… I wrote earlier today that the failure to file for emergency relief has left the case docket bare for nearly two weeks.
May 18, 2023 4 tweets 2 min read
Michael Delaney is a controversial 1st Circuit nominee with red flags on reproductive rights, worker protections, the regulatory state, even sexual assault victims rights.
But it's hard to get Dems to publicly come out against him.
This story explores why:
prospect.org/justice/2023-0… Sens. Jeanne Shaheen & Maggie Hassan (whose husband is friends with Delaney) have zealously promoted their selection. Other Senators with judicial nominees don't want to cross them. National & NH Dems don't want to cross them. A conspiracy of silence.
May 13, 2023 4 tweets 1 min read
Huge win for the UAW in Georgia that begins to validate what Biden is trying to do with industrial policy
nytimes.com/2023/05/12/us/… Aaaand it's actually USW but just go with it
May 9, 2023 4 tweets 1 min read
We have had USSR-style shortages every day for the last decade in prescription drugs, thanks to monopoly middlemen and hospital market structure.
Keep reading those econ textbooks and darkly warning about letting the free market work
cc @huzzahmpls
prospect.org/culture/books/… You will never ever hear about these shortages from anyone who spends their life wedded to economic theory, and when they can't get their Adderall refilled the lack of curiosity continues
May 3, 2023 4 tweets 2 min read
So I read the great @StrikeDebt report on the Supreme Court's student debt case, and buried in there are some amazing facts. Like this: the loan servicer being used as the basis for standing is *barred from suing the Education Department* by contract:
prospect.org/justice/2023-0… This is the language. A servicer like MOHELA "waives and releases all current and future claims" if they lose loans for whatever reason
prospect.org/justice/2023-0… Image
May 2, 2023 5 tweets 2 min read
Democratic Leader Hakeem Jeffries, in a Dear Colleague letter, announces a discharge petition effort on the debt limit.
The timing of a discharge petition is such that this needed to start at the beginning of the Congressional session; probably too late now. ImageImage People are pointing to this article and it's good that there was a quiet effort initiated. Unfortunately you need to do more than have the bill sit in committee to get a discharge petition going.