also, it's incoherent to talk about growth while ignoring distribution. that was what Ken Arrow was first on about when he came up with the Impossibility Theorem. growth means more value, what value means depends on who has purchasing power and what they want drafts.interfluidity.com/2023/03/06/e...
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I was making the case from the other direction contemporaneously. Yglesias at the time was wishy washy, forgiving of the Obama Administration but also willing to acknowledge there were paths not being taken a lot of us considered necessary. He's hardened like crust around Obamaphilia. 1/
Here's a piece I wrote when Dodd-Frank was about to be the response, describing why FDICIA failed, and why Dodd-Frank was insufficient. 2/ www.interfluidity.com/posts/125815...
Here's a good 2009 piece by Bill Black, who prosecuted the S&L crisis that led to the law. www.huffpost.com/entry/why-is... /fin
Why Is Geithner Continuing Paulson's Policy of Violating the Law?
Link Preview: Why Is Geithner Continuing Paulson's Policy of Violating the Law?: Paulson and Geithner's refusal to comply with the law has already cost the taxpayers scores of billions of dollars in unnecessary costs. Geithner indicated Friday that he would continue to flout the l...
Under black-letter law, the Obama Administration was supposed to promptly take undercapitalized banks into receivership. They considered it. They did not. www.federalreservehistory.org/essays/fdicia
Text: The prompt corrective action provision requires federal banking agencies to take progressively severe, corrective, supervisory actions as an insured depository institution's capital declines. The agencies must assign individual institutions to one of five capital categories – well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, or critically undercapitalized – as determined by selected capital measures. When a bank falls into any of the last three capital categories, its primary federal regulator must take certain mandatory supervisory actions and may supplement these with discretionary actions. Banks that become critically undercapitalized must be placed in conservatorship or receivership within ninety days unless they restore their capital or their federal regulator and the FDIC believe other actions are warranted. These prompt corrective action provisions are among the most important features of the FDICIA (Spong 2000). In essence, these provisions require the FDIC and other federal banking supervisors to intervene earlier and more vigorously when a bank gets into financial trouble, with the ultimate goal of minimizing the losses of all involved parties.
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how fair or unfair is this characterization of Paul, Weiss and its relationship to the erstwhile Democratic establishment? (i'm not interested in opinions on the piece's author, @matthewstoller.bsky.social. i know those are colorful.) www.levernews.com/how-big-law-...
How Big Law Killed The Democrats
Link Preview: How Big Law Killed The Democrats: A group of elite lawyers is playing for all sides — and it’s costing the American people.
this is a date to which one really ought attach the year.
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“Right wing accelerationism is not a backlash *against* globalization and its combination of exit and constraint, but an argument that its logic should be extended downwards into the nation state.” @himself.bsky.social www.programmablemutter.com/p/the-reacti... ht @williamcb.bsky.social
The reactionary right is not a monolith
Link Preview: The reactionary right is not a monolith: J.D. Vance is trying to cover the cracks
the law in its majesty permits rich and poor alike to hand out million dollar checks to buy votes.
Elon Musk is a man who cheats at everything, and so presumes any adversary is cheating extravagantly against him, and he's fucking morally outraged about it. 1/
Wilhoit's Law to him is not merely descriptive. It is the first and only commandment on a tablet set down by God. And he is the definition of the in-group. /fin
is WHCA pronounced Vichy?
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a silver lining of Trump’s election is they can’t call you antisemitic or accuse you of a double standard for (correctly) describing Israel’s current government as fascist when you are also (correctly) describing America’s government as fascist.
(it’s good to see you!)
there are the alarmists and "everything's probably fine" types. the "probably fine" types have the better track record in retrospect. but that's largely because of the work of the alarmists. relying on empirical track record to decide which attitude to take may not be wise. depending on ones goals.
it's remarkable how quickly "tren de aragua" went from something i had never heard of to a crisis so urgent centuries-old safeguards of liberty and due practice had to be cast aside, even at the acknowledged cost of some innocents getting pressed into indefinite detention and enslavement.
* due process (grrr.)
yeah, the usual complaint with business is an overemphasis on sales, but here they are decimating the part of the organization closest to revenue.
and the only thing that can drive those projects through are people expert and passionate in those projects "irrationally" devoted to making them real, despite the beckoning call of more straightforward near-term opportunities. McKinsey would say redeploy the resources.
one distinction, is because efficient markets, profit maximization has been replaced by share price maximization. which in theory is the same thing, forward looking, but in practice is, um, not.
the worst thing about being in your mid 50s is that you are very, very aware it won't last long.
oh, i agree, i don't advocate the stakeholder approach. i advocate a mission-driven approach. bsky.app/profile/inte...
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ultra vires, motherfuckers!