Shareholders, living in other countries, are fine with this.
Gen X phd, thrown into the briar patch of commerce. Have a wonderful day. Pseudonym.
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Shareholders, living in other countries, are fine with this.
Hakeem is just a jukebox. If you don't like the song he's playing -- put in money of your own. It's absolutely nothing personal with this guy. If socialist revolution pays him better than AIPAC, he'll wear a Che beret.
Ironically, I may have picked up that language from Federici: “there can be no doubt that he (Marx) viewed it (primitive accumulation) as a necessary step in human liberation.” (P.12)
That is a great book. It also powerfully corrects Marx’s view that capitalist primitive accumulation was a natural and necessary economic development. She shows that it was just mass killing and stealing. Still is, of course.
I think that's the dilemma. Schumer's suburban strategy really did bring in the $100k/year income voters.
Can Dems square the 401k circle? Most of the high-wage working population saves for retirement with the stocks of the corporations that are crushing labor. Doctors, lawyers, university faculty - generally have their bread buttered on the side of oligarchy. These are the moderates MLK warned about.
Asset prices went up with national debt. Dollar debt bonds are collateral for everything. If the government cut and taxed away that deficit — what would private assets be “worth”? You could argue that Mr. Market is a welfare queen. He should very be thankful for entitlements.
You are right about all of this, but I can’t imagine the US doing anything that would undermine asset prices. The ruling elite is completely strung out on free cheese.
The capital inflows mostly prop up consumption by asset holders. This is trickle-down economics. Most Americans are left behind in this system, and that creates real instability. But again, fascism may keep the lid on this inequality. Asset holders like what they see so far — number go up.
But all you’re really saying is that American asset prices should go up forever — regardless of the productive (earning) power of the people who actually live in the USA. The resulting class inequality has fueled fascist rage. So, “number go up” has its own costs.
More choices again: In classical economics, currency-exchange gives a net-importer nation a manufacturing price advantage — as its money devalues. USA instead chose to open its capital markets to speculation — allowing the currency to remain strong — as the trade situation worsened. Choices.
The change in the balance of power between capital and labor was the result of NAFTA and other off-shoring policy choices. But I get the counter-argument: ungovernable “market forces,” determined that America had to become an overpriced dump run by a narrow-minded oligarchy.
How would one ever separate policy from economics? America destroyed its industrial core for stock market gains. Throwing a generation of labor away was a choice. It’s the choice that made America the happy place it is today — for asset holders.
Every Euro/Dollar debt on the CB books is an extra Euro/Dollar of wealth on the books for asset holders. The Fed and ECB have done a great job of making housing much more expensive -- thus increasing private wealth.
The entire, the only, purpose of American fiscal and monetary policy is to make asset prices go up.
The Atlantic is a collection of some of the worst ghouls and fools that America has produced in the last forty years.
Why should she care what these people think? She’s held the seat since 1997.
It’s a nasty country run by a criminal oligarchy — and has been for a very long time. Trump just says the quiet parts out loud.
America deregulated the futures markets. So, now, it’s really hard to tell if these prices are mapping anything more than financial speculation/flows. Previously, only producers or bulk consumers could participate in these commodity trades. Now any sweaty pervert with some cash can speculate.
That de minimis “loophole” was part of Herbert Hoover’s original Smoot-Hawkey Tariff Act of 1930.
What’s it worth as PSA10?
My doctor told me to speak quickly because Kaiser evaluates her per-patient time allotment.
America's nameless rage is on one of its periodic walkabouts.
Do the people of Maine just pee themselves and run around in circles?
Mike’s not afraid of the people of Louisiana.
In language, AI occupies the position of the pervert — its enjoyment is a mechanical derivative of the user’s enjoyment. That’s why you shouldn’t ask perverts for advice.
I remember a show where they played an entire set in front a huge video screen video of a sex change operation.
A general sense of unease is the only qualification for statewide office in Maine.
Yoga mom Nazis love him.
That’s a superb article. I suppose it’s not written in a Big Book anywhere that America has to have a middle class. Lots of countries are just rich and poor.
He’s just a proxy for Peter Thiel and Alex Karp.
Couldn’t hurt to frame that with Gillian Rose’s classic, Hegel Contra Sociology.
Worm-brained shaman sees all.
Common goods (water, air) cannot be stores of private wealth until they are sold off and made private (and scarce). For decades, England has been destroying itself by getting rich in this self-immolating fashion -- also known as the Lauderdale Paradox.
Abundance is a fairy tale book for educated professionals who own the stocks of absolutely monstrous corporations in their 401s "portfolios." These people will burn the earth for a buck.
I’ve grown old saying that.
This has to be someone’s idea of a joke.
Capital can work with fascism, always has.
In America, the circuit of value production (M-C-M) is always in danger of breaking down. The state absorbs debt and refuses to default. This effectively forces America workers to complete a form of the C-M circuit. It’s a beautiful system for asset holders that also leads to social collapse.
Abundance is just a fairy tale for educated professionals who have all kinds of monstrous things in their 401k stock portfolios.
And then right back up. Capital can work with fascism -- always has.
That nihilism metastasized back when Bush and Obama gave the bank fraudsters a free pass. Those folks own the Democratic Party.
Stock market seems pretty happy with fascism.
At the rate the Americans are going, heroin is going to be a vegetable soon.
That’s the England that former colonial subjects the world over know and love.
Except it’s a lot easier to get excommunicated. Herem is rare, like Spinoza rare.
This was decades in the making. I remember a savvy colleague in 1999 telling me: “This will collapse, but we can probably make it to retirement.”
Nothing says "Chicago School of Economics" better than losing all your real hard money investing in fake soft money.
Dust Storm of the Vanities.
That’s a good summary of the last 30 years.
I was using Third Way as a shorthand for the corporate monotone, not the think tank itself. Deindustrialization and deregulation was a team effort of Democrats and Republicans.
Hakeem Jeffries: “Water is wet and I stand by that. This is the fight Democrats are prepared to have.”
I’d like to see a debate between Adams and Cuomo. The winner gets to know Hakeem Jeffries.
Third Way Democrats were responsible for passing much of the deregulation legislation and still control the party today. But there’s nothing in her article about what to do about that….
He’s in a different room. It’s warm there and filled with money. 💰
The idea that politics shouldn't be fun is just something Democrats beat into their constituents. It can be unlearned.
Mario was a decent guy, Andrew is a scumball. NYT dry-humping redemption narratives for Andrew isn't going to change the outcome -- but it will contribute to making the NYT a laughing stock. So, keep at it.
After decades of that preachy market bullshit — it’s kinda delicious.
Totally. The American way is corporate bailouts, at taxpayer expense.
The entire premise of America is that stock and housing prices only go up. 100% of government financial policy is devoted to this goal.
Merrick Garland reminds everyone to respect the process.
The bottom 50% of wage earners in the US have an average savings of $4805, in China it’s $9760. So, 50% of Americans have nothing at all. These folks need radical change and fast. I don’t think corporate Dems grasp the urgency of this level of inequality — it destroys democracies.
“Good billionaires” and educated professionals don’t constitute a majority of anything.
Miller is right about one thing: this is the end of the 1967 Summer of Love. Trump is the last Boomer President.
If people actually learned from suffering, America would have had a class revolution long ago.
Life has taught me that, when people don’t do what I want them to, blaming them is seldom helpful for later getting the result I want. Your results with that strategy may have been better than mine.
The bottom 50% of wage earners in the US have an average savings of $4805, in China it’s $9760. So, 50% of Americans have nothing at all. These folks need radical change and fast. I don’t think corporate Dems grasp the urgency of this level of inequality — it destroys democracies.
Blaming the voters is the sine qua non of a failed political party. People were freaked out by inflation and Democrats didn’t have a national primary — so they gambled on a candidate who had never won a primary.
Possibly the only technology that started out at its zenith.
Let’s see if these folks ever form an actual class consciousness.
This doesn’t even happen in Texas. UK is laying down its bonefides for admission into the USA as the 51st state. Fair warning, though, the national anthem is awful.
Cuomo is a comic ghoul and a good reminder to us all to be better people.
If there's no free market solution, the only alternative is to drink poop. Well done.
The US bankruptcy code was modified in 2005, to make MBS pristine safe-harbor collateral for all types of loans. The collateral (use) value of the MBS pulls the underlying prices up. People say they want affordable housing but that’s bs. High asset prices are all that America has left.
Fascism is neoliberalism's only legitimate heir.
Super easy: Pull MBS from the safe-habor collateral provision of the bankruptcy code. But you don't really want affordable housing do you?
It’ll be interesting to see if elites can just cheat paranoiacs out of their savings. These prepper and crypto folks look like easy marks for a heist.
America respects the rights of the corporate healthcare shareholders. Those folks are people too: people with needs.
I forget, what accomplishment did Obama win for?
AIPAC doesn’t represent Jews, it represents Israel, thus the name. If it was a Jewish lobby, it would be AJPAC. But it’s not, so it isn’t.
The administration also reminds the faculty to stay off the lawn.
Vote blue unless AIPAC tells you not to.
The anal cavity search is still free.
Hakeem just wants blood money. It’s nothing personal.
Jeffries is bought and paid for. He honors his contractual commitments.
Hakeem knows who owns America. And he’s working for the man.
That's a sad story generally, but an appropriately ironic finale for the Chicago School of economics.
Good piece. It might be helpful to point out that anti-fusion voting laws (passed by the two parties) essentially force DSA to build power through the Democratic Party.
All this risk will just be socialized onto taxpayers at the next crash. It is the way of our people. Americans just can’t stop “saving the system.”
JPM doing historical research on wildcat banking law -- they know. It seems like we are back into the nihilism of the 1840s/50s. But where is our Melville, our Confidence Man?
The Democratic Party represents “good billionaires” and educated professionals with large gains from the stock market. The stock market is doing great. So, don’t expect anything from these folks.
That’s good enough to keep the New York Times readers excited.
Best advice: try to blend in with the existing furniture. Universities making lifetime hires aren't interested in any form of disruption. Be creative, but in a nice orderly way.
Crypto Schiff for the people. 😂
America was a corporate totalitarian state long before Trump showed up.
Pete is a nicer version of Andrew Cuomo -- lost souls turning forever in the wreckage of corporate neoliberalism.
I hope this doesn’t mean the end of Cuomo demeaning himself in public.
Watching Andrew Cuomo be repeatedly humiliated is one of 2025's unexpected pleasures. It just doesn't get old. Do another one!
Crypto Schiff for the people. 😂
Isn’t an export fee just a form of capital control? How’s that unconstitutional?